LIABILITY FOR VIOLATION OF REQUIREMENTS FOR THE CIRCULATION OF VIRTUAL ASSETS IN UKRAINE

Abstract

The article considers the issue of the level of responsibility established by the state for violation of the requirements for the circulation of virtual assets. When states and their national currencies are weak, virtual assets can even completely replace local currencies. Such states will try to protect themselves from such a prospect. If countries are large, their currencies are used internationally, then cryptocurrencies will not be able to move national currencies. Therefore, without this fear, large states will quickly develop the cryptocurrency market, introduce opportunities for settlements in cryptocurrencies, banks will open accounts in them. Small and medium-sized countries also do not go anywhere and catch up with large ones, but still lag behind them. One of the general trends will be increased transparency of transactions. Control will be established for those who transfer funds as the transfer takes place. The EU is already working on the openness of cryptocurrency wallets. In the beginning, cryptocurrency was massively used by criminal elements. However, this trend is already declining. Criminals realized that all transactions in the blockchain remain forever. If it turns out that the wallet belonged to a certain person, law enforcement officers will be able to collect all the information that operations passed through it. Even if after these operations the wallet was inactive for several years. The Parliament of Ukraine adopted on 17.02.2022 the Law of Ukraine “On Virtual Assets” No. 2074-IX (hereinafter referred to as the Law 2074) [4], which was signed by the President of Ukraine on 15.03.2022, after the changes were taken into account, according to his previously submitted proposals. In addition, the Parliament of Ukraine on 13.03.2022 registered the draft law No. 7150 “On Amendments to the Tax Code of Ukraine on Taxation of Transactions with Virtual Assets”. The purpose of the article is to conduct a study aimed at establishing the level of responsibility and mechanisms for its application, for violation of the requirements for the circulation of virtual assets, which are reflected in the Law of Ukraine “On Virtual Assets”. According to the results of the study, a number of conclusions were made. State regulation of the virtual assets market takes place in the person of the NBU – in relation to the SVA (CV) and the NSSMC – virtual assets other than SVA (CV). The procedure for inspections and liability for different categories of virtual asset circulation service providers is different, and is regulated by various regulatory legal acts of Ukraine. Based on the variety of regulatory adjustion controling the procedure for inspections and the variation of sanctions for violations in the sphere of circulation of virtual assets, there is a possibility of imposing several sanctions by various subjects of inspections (NBU and NSSMC) for the same offense. There are also facts of non-proportional empowerment, where such proportionality should be, between the NBU and the NSSMC.