The article is devoted to the study of the problem of harmonization of Ukrainian legislation in the field of crypto-asset market regulation in the context of the implementation of the provisions of the new European Regulation 2023/1114 of May 31, 2023. Given Ukraine’s status as a candidate for membership in the European Union, the task of unifying legal approaches to the definition and classification of digital assets is becoming increasingly relevant. The article provides a comparative analysis of the evolution of the conceptual and categorical apparatus in the European Union, using the provisions of Directive 2018/843, which focuses mainly on combating money laundering, and Regulation 2023/1114, and examines the transition from the term “virtual currency” to the systematic, expanded, and functionally oriented concept of “crypto-asset,” which includes both digital value and digital rights. Particular attention is also paid to the analysis of Ukrainian legislation and recent legislative initiatives, in particular the Law of Ukraine “On Virtual Assets” No. 2074-IX and draft laws No. 10225 and No. 10225-1. In the context of these documents, a detailed comparison of the definitions of “virtual asset” used is carried out and attempts to gradually adapt the Ukrainian conceptual framework to European standards are revealed, including by referring to the technological criterion (use of distributed ledger technology) and expanding the functional content of assets. Discrepancies between the Ukrainian and European approaches have been identified in both the basic terminology and the classification system for crypto-assets. A comparison of classification models has been carried out: the basic three-level structure enshrined in Regulation 2023/1114, which includes asset- referenced tokens, electronic money tokens, and other tokens, and the options proposed in Ukrainian draft laws, which attempt to adapt European categories to national specifics. Attempts to directly transpose the classification model of Regulation 2023/1114 into the Ukrainian legal system and the challenges associated with adapting certain categories of crypto-assets, taking into account the existing legal regime in Ukraine, are analyzed. Proposals are made on the advisability of revising the terminology and further work on the development of a national classification of crypto assets in line with European Union legislation.
G.I. Voievodina (Tue,) studied this question.
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