Virtual assets have become an object of civil law in Ukraine
Date: 2023-08-12 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The Verkhovna Rada adopted two draft laws, according to which virtual assets and digital content are recognized as objects of civil law and are subject to the norms of the relevant code of Ukraine. It is reported by Interfax-Ukraine.
At the plenary session on August 10, 271 and 277 votes were cast for bills No. 6447 and No. 6576, with the required minimum of 226.
“Before the adoption of the law, the system did not understand what a “virtual asset” is. Therefore, we worked on making "virtual things" the same objects as, for example, a mobile phone. And we succeeded, now we have explained what a “digital thing” is and what features it has, what legal regulation can be applied to it,” said Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development.
What falls under the definition of digital assets
According to the explanatory note to the first bill, it is proposed to supplement the article on the art of the Civil Code of Ukraine with the concept of "digital things". Digital things include virtual assets, digital content, online accounts, money and securities that exist solely in digital form.
In addition to defining digital things, the draft law highlights the main postulates of the legal regulation of the property turnover of digital things and establishes the possibility of extending the provisions that relate to things of the material world to digital things.
Ukraine wants to legalize crypto in the near future
Earlier it was reported that Ukraine could legalize cryptocurrency as early as September by introducing a tax of 18% on investment profits and a military tax of 1.5%. The draft law states that the tax rate will be applied to investment income: if an investor invested ₴10,000, and as a result of the investment, the amount increased to ₴11,000, then ₴1,000 will be taxed.
The bill is expected to enter into force as early as 2024 if the Verkhovna Rada passes it in September this year. The National Bank of Ukraine (NBU) and the National Commission for Securities and Stock Market (NKTSBFR) will act as regulators.
