Legal Mode of Virtual Currency (Crypt Currency) in Ukraine

Abstract

The article deals with legal issues of virtual currency (cryptocurrency) in Ukraine. It describes its current legal status and legal regime, further ways of development and formation of a new regulatory environment. The trends in the cryptocurrency market, capitalization of major cryptocurrencies have been reviewed. The situation regarding the legal regime of cryptocurrencies in foreign countries is analyzed, and the existence of three basic approaches to the regulation of virtual currencies in the world practice is substantiated. The key prerequisites for the application of effective regulatory approaches to conducting cryptocurrency transactions, the directions of building the legislative and regulatory framework of such operations in Ukraine are identified.

Keywords

• legal regime
• the legal status
• virtual currency
• cryptocurrency
• fiat money
• mining
• bitcoin