Scientific discussion on the definition of a virtual asset in Ukraine: from software code and intangible asset to digital thing

This article explores the legal approaches to defining virtual assets in Ukraine, particularly their transformation from software code to digital things. The article aims to systematize and analyze the legal approaches to the definition of virtual assets in Ukraine, identifying problems and prospects for legislative development in this field. A comprehensive set of methods, including analysis, comparative, and historical methods, is utilized, allowing for an in-depth examination of the formation process of the legal concept of virtual assets. Key stages of legislative development are analyzed, highlighting changes in approaches to the regulation of cryptocurrencies from their initial classification as monetary surrogates, software code, and financial assets, to the ultimate recognition of virtual assets as a special type of property and digital things. The article examines legislative initiatives and their impact on the definition of virtual assets in detail, including Law No. 361-IX, which first established the legal definition of virtual assets as a digital expression of value that can be used for payment or investment purposes, and Law No. 2074-IX, which recognised virtual assets as objects of civil rights. Special attention is given to the implementation of MiCA provisions and the prospects for further harmonization of national legislation with the EU legal framework. The introduction of the concept of digital things in 2023 has solidified virtual assets among other objects of civil rights, marking an important step towards ensuring legal certainty in this area. However, the author notes that despite the progress made in regulating virtual assets, questions regarding their legal nature and regulation remain open, creating space for further scientific research and discussion.

cryptocurrencies, virtual assets, crypto-assets, digital things, property, MiCA