LEGAL REGULATION OF THE VIRTUAL ASSETS MARKET IN THE CONTEXT OF INTERNATIONAL INTEGRATION

Abstract

The purpose of the article is to identify current problems of legal regulation of the virtual assets market in Ukraine under martial law and to substantiate the directions of its improvement taking into account international standards.

The article uses a complex of general scientific and special methods, in particular analysis and synthesis, comparative law, formal law, induction, deduction, analogy. In particular, the formal law method was used to analyze the national regulatory framework. The comparative law method allowed for its comparison with the practices of FATF, the EU, the USA, Great Britain and Switzerland, which regulate the virtual assets market. The methods of analysis, synthesis, induction, deduction, analogy were used to form conclusions and recommendations.

It was found that the development of the virtual assets market in Ukraine is constrained by a number of factors: the uncertainty of the legal status of individual transactions, the failure to enact the Law of Ukraine “On Virtual Assets”, insufficient coordination between regulators and a limited level of investor protection. Significant risks associated with the use of crypto-assets in money laundering schemes, sanctions evasion and other activities, as well as the impact of cyber threats and volatility on the stability of the financial system, were identified. The need to implement effective AML/CFT control mechanisms and transparent taxation of transactions with virtual assets was substantiated. The roadmap of the virtual assets market for 2026–2030 was analyzed, identifying key stages of reform implementation and a system of performance indicators.

It is proposed to introduce licensing of service providers (VASP), strengthen institutional interaction and adapt to the European legal space. It is determined that the formation of a holistic and balanced system of regulation of the virtual assets market is a necessary condition for ensuring the financial security of the state, increasing investor confidence and stimulating the development of an innovative economy. The implementation of the proposed measures will contribute to the harmonization of national legislation with international standards and increasing the transparency of the virtual assets market. Taking into account international standards and the anti-crisis context is critically important for the success of regulating the crypto market. The introduction of the VA law and its alignment with MiCA/FATF will provide clear rules consistent with foreign practice.