№ 12/2022

Fìnansi Ukr. 2022 (12): 56–73https://doi.org/10.33763/finukr2022.12.056

DIGITALIZATION OF ECONOMY AND FINANCE

DMYTRENKO Tetiana ¹

¹Organization for Security and Co-operation in Europe
OrcID ID : https://orcid.org/0000-0002-2632-2986

Features of the implementation of the European directives regarding the circulation of virtual assets in the national legislation of Ukraine

Introduction. With Ukraine's acquisition of the status of a candidate for membership of the European Union, the legalization of the virtual assets market, taking into account FATF international standards, became a component of the necessary steps for our country's membership in the European community. The consciously chosen direction of future development of our country requires harmonization of legislation and state regulation approaches. Therefore, in order to speed up the pace of legalization of the crypto market, effective interaction of legislators, state and law enforcement agencies, the judicial system and the private sector is required.
Problem Statement. Taking into account the European taxonomy of virtual assets and the legislative basis for the regulation of the virtual assets market, Ukraine has faced several tasks regarding the implementation of the European directives on the markets of financial instruments (MiFID II), on electronic money (EMD) and on crypto assets that do not belong to financial instruments and electronic money under the name Markets in Crypto Assets (MiCA) and anti-money laundering legislation.
Purpose. To provide justification for the need to implement all directives of the European Union regarding the regulation of the virtual assets market, ensuring compliance with national legislation on combating money laundering (AML/CFT) and improving the effectiveness of the National AML/CFT System
Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical.
Results. Attention was focused on the urgent need for our state to implement European standards in the field of countering the use of proceeds of crime and the financing of terrorism and European Directives on the circulation of virtual assets.
Conclusions. For the restoration and modernization of Ukraine and its integration into the European community, harmonization of not only national and European legislation is necessary, but also modern and effective systems of state regulation and the construction of public-private partnerships. This is especially necessary for legalization and development of the transparent market of virtual assets. New technologies, digitization of state and business activity require effective interaction and joint solutions.

Keywords:virtual assets, service providers related to the turnover of virtual assets, military aggression, evasion of international sanctions, risk-oriented approach, crypto assets, cryptocurrency

JEL: E42

Dmytrenko T. . Features of the implementation of the European directives regarding the circulation of virtual assets in the national legislation of Ukraine / T. Dmytrenko // Фінанси України. - 2022. - № 12. - C. 56-73.

Article original in Ukrainian (pp. 56 - 73)

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