International regulation of the turnover of virtual assets: basic provisions and principles

The dynamic development of virtual assets and their introduction into everyday human life and the economy require the world community to build symmetrical international legal regulation. Currently, the world still does not have a unified approach to regulating this financial phenomenon. However, most countries and international institutions do not ignore it and try to create an appropriate legal field to regulate all possible types of these assets. The article analyzes the legal regulation of relations in the sphere of circulation of virtual assets in some countries of the world and identifies the most favorable norms for their possible implementation into Ukrainian legislation. The experience of regulating virtual assets in the United States of America is singled out, in particular, it is determined that at the federal level of the country, digital assets are considered as property. The general principles of taxation that apply to transactions with property also apply to transactions with virtual assets. It has been studied that the system of regulation of virtual assets in the USA is in the process of development, but the fundamental principles have already been formed. The legal field of regulation of virtual assets in Great Britain is analyzed. The announced intentions of the government in 2017 to make the United Kingdom the best place in the world for the development of digital business are becoming a reality, the confirmation of this is the high level of regulation of the sphere of circulation of virtual assets. The experience of Germany is singled out, where virtual assets are not considered a means of payment, currency or foreign currency. Regulators classify them as a financial instrument or asset, subject to securities and investment-related rules and laws. The country’s legislation contains both detailed regulation of the activities of service providers, users and investors, as well as a system of tax benefits and exemptions. The legal regulation of virtual assets in Singapore, which is one of the most loyal to virtual assets in Asian countries, is analyzed. The conclusion was formulated that when developing a mechanism for legal regulation of virtual assets and blockchain technologies in Ukraine, it is necessary to take into account the international experience of countries where relevant regulatory acts already exist and there is experience in law enforcement.