ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ
The article analyses the legal basis of the European Union (EU) influence on the virtual assets market. It was found that the current EU legislation on the virtual assets is still full of legal gaps and does not ensure proper market regulation because of the early stage of its development. The absen...
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| Date: | 2021 |
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V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine
2021
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| Online Access: | https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1024 |
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Economics and Law| _version_ | 1856543759700852736 |
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| author | Kulyk, O.I. |
| author_facet | Kulyk, O.I. |
| author_sort | Kulyk, O.I. |
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| datestamp_date | 2021-04-29T20:08:39Z |
| description | The article analyses the legal basis of the European Union (EU) influence on the virtual assets market. It was found that the current EU legislation on the virtual assets is still full of legal gaps and does not ensure proper market regulation because of the early stage of its development. The absence of a unanimous position regarding the virtual assets market regulation forces the EU Member States to apply their own, sometimes contradictory, approaches to market regulation. It disaffirms the basic principles of the European Singe Market functioning, in particular the free movement of goods and services. It was found that according to the current EU legislation, virtual assets may be qualified as payment tokens, investment tokens and utility tokens. Payment tokens may be considered as electronic money or funds. They are covered by the Directive (EU) 2009/110 and the Directive (EU) 2015/2366. For the purposes of anti-money laundering, virtual assets may also be classified as virtual currencies under the Directive (EU) 2018/843. Investment tokens may be qualified as transferable securities or other financial instruments and will therefore fall within the scope of the Directive (EU) 2014/65. Utility tokens are not covered by EU legislation for now. Instead of merely addressing issues and challenges of virtual assets, the European Commission took a broader approach to the future development of the virtual assets market in the EU, and adopted on 24.09.2020 a new Digital Finance Package. At the core of the mentioned Digital Finance Package are the legislative proposals for an EU regulatory framework on virtual assets. This includes the proposal for a Regulation on Markets in Crypto-assets (MiCA) which is designed to provide a comprehensive bespoke regulatory framework for virtual assets in the EU. It was substantiated that MiCA is an ambitious EU legislative project that responds to an urgent policy need. However, further substantial revision of its detailed provisions will be necessary to provide a comprehensive regulatory framework of the EU influence on the virtual assets market.
REFERENCES1. A Digital Euro. European Central Bank. URL: https://www.ecb.europa.eu/euro/html/digitaleuro.en.html2. Reshota O. Stanovlennia vnutrishnoho rynku Yevropeiskoho Soiuzu: peredumovy ta osoblyvosti. Demokratychne vriaduvannia. 2012. Iss. 9. URL: http://www.lvivacademy.com/vidavnitstvo_1/visnik9/fail/Reshota.pdf [in Ukrainian].3. Kapliuchenko T.V. Vnutrishnii rynok Yevropeiskoho Soiuzu: osoblyvosti ta ukrainski perspektyvy. Forum prava. 2014. No. 2. P. 188-195 [in Ukrainian].4. Zetzsche D., Annunziata F., Arner D., Buckley R. The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy. European Banking Institute Working Paper Series. 2020. No. 77. 28 p. http://dx.doi.org/10.2139/ssrn.37253955. Dinis Lucas M. Deciphering the European Financial Regulatory Framework of Cryptoassets. August 15, 2019. 67 p.http://dx.doi.org/10.2139/ssrn.35084156. Ferrari V. The regulation of crypto-assets in the EU — investment and payment tokens under the radar. Maastricht Journal of European and Comparative Law. 2020. Vol. 27(3). P. 325-342. https://doi.org/10.1177/1023263X209115387. Ustymenko V.A., Polishchuk N.Iu. Pro stan pravovoho zabezpechennia obihu kryptovaliut v Ukraini: pohliad kriz pryzmu zarubizhnoho dosvidu. Ekonomika ta pravo. 2018. No. 1. P. 60-65. https://doi.org/10.15407/econlaw.2018.01.060 [in Ukrainian].8. Derevianko B.V., Turkot O.A. Pro vyznannia vydobutku ("maininhu") kryptovaliuty vydom hospodarskoi diialnosti. Ekonomika ta pravo. 2018. No. 1. P. 52-59. https://doi.org/10.15407/econlaw.2018.01.052 [in Ukrainian].9. Hrebeniuk M.V., Lukianchuk R.V. Pravovyi rezhym kryptovaliut: dosvid YeS. Naukovyi visnyk Natsionalnoi akademii vnutrishnikh sprav. 2017. No. 4. P. 310-323 [in Ukrainian].10. Advice on Initial Coin Offerings and Crypto-Assets. European Securities and Markets Authority. URL: https://www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf11. Report with Advice for the European Commission on Crypto-Assets. European Banking Authority. 9 January 2019. 30 p. URL: https://eba.europa.eu/sites/default/documents/files/documents/10180/2545547/67493daa-85a8-4429-aa91-e9a5ed880684/EBA%20Report%20on%20crypto%20assets.pdf?retry=112. Predborskyi V.A., Harin B.B., Kukharenko V.D. Ekonomichna teoriia: Pidruchnyk. Za red. V.A. Predborskoho. Kyiv: Kondor, 2003. 492 p. [in Ukrainian].13. Grinberg R. Bitcoin: An Innovative Alternative Digital Currency. Hastings Science & Technology Law Journal. 2011. Vol. 4:1. P. 159-208. URL: https://ssrn.com/abstract=181785714. Bullmann D., Klemm J., Pinna A. In Search for Stability in Crypto-Assets: Are Stablecoins the Solution? ECB Occasional Paper № 230. 2019. URL: https://ssrn.com/abstract=344484715. Dell’Erba M. Stablecoins in Cryptoeconomics. From Initial Coin Offerings (ICOs) to Central Bank Digital Currencies (CBDCs). New York University Journal of Legislation and Public Policy, Forthcoming. 2019. URL: https://ssrn.com/abstract=338584016. Nabilou H., Prum A. Central Banks and Regulation of Cryptocurrencies. Review of Banking and Financial Law (Forthcoming), University of Luxembourg Law Working Paper. 2019. № 2019-014. 53 p. URL: https://ssrn.com/abstract=342141717. Anti-Money Laundering and Countering the Financing of Terrorism. European Banking Authority. URL: https://www.eba.europa.eu/regulation-and-policy/anti-money-laundering-and-countering-financing-terrorism18. Crosser N. Initial Coin Offerings as Investment Contracts: Are Blockchain Utility Tokens Securities? Kansas Law Review, Kansas Law Review Inc. 2018. Vol. 67 (2). P. 379-422. https://doi.org/10.17161/1808.2748619. Lyandres E., Palazzo D., Rabetti D. Are Tokens Securities? An Anatomy of Initial Coin Offerings. May 2019. URL: http://52.76.234.106/media/abfer-events-2019/annual-conference/corporate-finance/30-P1-Are-Tokens-Securities.pdf20. Huang Sh. Regulation of Fintech Development: A Critical Analysis with a Case Study of Crypto Assets in the UK and EU: Doctoral dissertation, Bangor University, United Kingdom. 2020. URL: https://research.bangor.ac.uk/portal/files/28976743/Huang_PhD_2020.pdf21. Burilov V. Regulation of Crypto Tokens and Initial Coin Offerings in the EU: de lege lata and de lege ferenda. European Journal of Comparative Law and Governance. 2019. Vol 6(2). P. 146-186. https://doi.org/10.1163/22134514-0060200322. Digital Finance Package. European Commission. 24 September 2020. URL: https://ec.europa.eu/info/publications/200924-digital-finance-proposals_en |
| first_indexed | 2026-02-08T08:07:05Z |
| format | Article |
| id | oai:ojs.economiclaw.kiev.ua:article-1024 |
| institution | Economics and Law |
| language | Ukrainian |
| last_indexed | 2026-02-08T08:07:05Z |
| publishDate | 2021 |
| publisher | V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine |
| record_format | ojs |
| spelling | oai:ojs.economiclaw.kiev.ua:article-10242021-04-29T20:08:39Z LEGAL BASIS OF THE EUROPEAN UNION INFLUENCE ON THE VIRTUAL ASSETS MARKET ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ Kulyk, O.I. The article analyses the legal basis of the European Union (EU) influence on the virtual assets market. It was found that the current EU legislation on the virtual assets is still full of legal gaps and does not ensure proper market regulation because of the early stage of its development. The absence of a unanimous position regarding the virtual assets market regulation forces the EU Member States to apply their own, sometimes contradictory, approaches to market regulation. It disaffirms the basic principles of the European Singe Market functioning, in particular the free movement of goods and services. It was found that according to the current EU legislation, virtual assets may be qualified as payment tokens, investment tokens and utility tokens. Payment tokens may be considered as electronic money or funds. They are covered by the Directive (EU) 2009/110 and the Directive (EU) 2015/2366. For the purposes of anti-money laundering, virtual assets may also be classified as virtual currencies under the Directive (EU) 2018/843. Investment tokens may be qualified as transferable securities or other financial instruments and will therefore fall within the scope of the Directive (EU) 2014/65. Utility tokens are not covered by EU legislation for now. Instead of merely addressing issues and challenges of virtual assets, the European Commission took a broader approach to the future development of the virtual assets market in the EU, and adopted on 24.09.2020 a new Digital Finance Package. At the core of the mentioned Digital Finance Package are the legislative proposals for an EU regulatory framework on virtual assets. This includes the proposal for a Regulation on Markets in Crypto-assets (MiCA) which is designed to provide a comprehensive bespoke regulatory framework for virtual assets in the EU. It was substantiated that MiCA is an ambitious EU legislative project that responds to an urgent policy need. However, further substantial revision of its detailed provisions will be necessary to provide a comprehensive regulatory framework of the EU influence on the virtual assets market. REFERENCES1. A Digital Euro. European Central Bank. URL: https://www.ecb.europa.eu/euro/html/digitaleuro.en.html2. Reshota O. Stanovlennia vnutrishnoho rynku Yevropeiskoho Soiuzu: peredumovy ta osoblyvosti. Demokratychne vriaduvannia. 2012. Iss. 9. URL: http://www.lvivacademy.com/vidavnitstvo_1/visnik9/fail/Reshota.pdf [in Ukrainian].3. Kapliuchenko T.V. Vnutrishnii rynok Yevropeiskoho Soiuzu: osoblyvosti ta ukrainski perspektyvy. Forum prava. 2014. No. 2. P. 188-195 [in Ukrainian].4. Zetzsche D., Annunziata F., Arner D., Buckley R. The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy. European Banking Institute Working Paper Series. 2020. No. 77. 28 p. http://dx.doi.org/10.2139/ssrn.37253955. Dinis Lucas M. Deciphering the European Financial Regulatory Framework of Cryptoassets. August 15, 2019. 67 p.http://dx.doi.org/10.2139/ssrn.35084156. Ferrari V. The regulation of crypto-assets in the EU — investment and payment tokens under the radar. Maastricht Journal of European and Comparative Law. 2020. Vol. 27(3). P. 325-342. https://doi.org/10.1177/1023263X209115387. Ustymenko V.A., Polishchuk N.Iu. Pro stan pravovoho zabezpechennia obihu kryptovaliut v Ukraini: pohliad kriz pryzmu zarubizhnoho dosvidu. Ekonomika ta pravo. 2018. No. 1. P. 60-65. https://doi.org/10.15407/econlaw.2018.01.060 [in Ukrainian].8. Derevianko B.V., Turkot O.A. Pro vyznannia vydobutku ("maininhu") kryptovaliuty vydom hospodarskoi diialnosti. Ekonomika ta pravo. 2018. No. 1. P. 52-59. https://doi.org/10.15407/econlaw.2018.01.052 [in Ukrainian].9. Hrebeniuk M.V., Lukianchuk R.V. Pravovyi rezhym kryptovaliut: dosvid YeS. Naukovyi visnyk Natsionalnoi akademii vnutrishnikh sprav. 2017. No. 4. P. 310-323 [in Ukrainian].10. Advice on Initial Coin Offerings and Crypto-Assets. European Securities and Markets Authority. URL: https://www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf11. Report with Advice for the European Commission on Crypto-Assets. European Banking Authority. 9 January 2019. 30 p. URL: https://eba.europa.eu/sites/default/documents/files/documents/10180/2545547/67493daa-85a8-4429-aa91-e9a5ed880684/EBA%20Report%20on%20crypto%20assets.pdf?retry=112. Predborskyi V.A., Harin B.B., Kukharenko V.D. Ekonomichna teoriia: Pidruchnyk. Za red. V.A. Predborskoho. Kyiv: Kondor, 2003. 492 p. [in Ukrainian].13. Grinberg R. Bitcoin: An Innovative Alternative Digital Currency. Hastings Science & Technology Law Journal. 2011. Vol. 4:1. P. 159-208. URL: https://ssrn.com/abstract=181785714. Bullmann D., Klemm J., Pinna A. In Search for Stability in Crypto-Assets: Are Stablecoins the Solution? ECB Occasional Paper № 230. 2019. URL: https://ssrn.com/abstract=344484715. Dell’Erba M. Stablecoins in Cryptoeconomics. From Initial Coin Offerings (ICOs) to Central Bank Digital Currencies (CBDCs). New York University Journal of Legislation and Public Policy, Forthcoming. 2019. URL: https://ssrn.com/abstract=338584016. Nabilou H., Prum A. Central Banks and Regulation of Cryptocurrencies. Review of Banking and Financial Law (Forthcoming), University of Luxembourg Law Working Paper. 2019. № 2019-014. 53 p. URL: https://ssrn.com/abstract=342141717. Anti-Money Laundering and Countering the Financing of Terrorism. European Banking Authority. URL: https://www.eba.europa.eu/regulation-and-policy/anti-money-laundering-and-countering-financing-terrorism18. Crosser N. Initial Coin Offerings as Investment Contracts: Are Blockchain Utility Tokens Securities? Kansas Law Review, Kansas Law Review Inc. 2018. Vol. 67 (2). P. 379-422. https://doi.org/10.17161/1808.2748619. Lyandres E., Palazzo D., Rabetti D. Are Tokens Securities? An Anatomy of Initial Coin Offerings. May 2019. URL: http://52.76.234.106/media/abfer-events-2019/annual-conference/corporate-finance/30-P1-Are-Tokens-Securities.pdf20. Huang Sh. Regulation of Fintech Development: A Critical Analysis with a Case Study of Crypto Assets in the UK and EU: Doctoral dissertation, Bangor University, United Kingdom. 2020. URL: https://research.bangor.ac.uk/portal/files/28976743/Huang_PhD_2020.pdf21. Burilov V. Regulation of Crypto Tokens and Initial Coin Offerings in the EU: de lege lata and de lege ferenda. European Journal of Comparative Law and Governance. 2019. Vol 6(2). P. 146-186. https://doi.org/10.1163/22134514-0060200322. Digital Finance Package. European Commission. 24 September 2020. URL: https://ec.europa.eu/info/publications/200924-digital-finance-proposals_en Проаналізовано правові засади впливу Європейського Союзу (ЄС) на ринок віртуальних активів. Виявлено, що віртуальні активи відповідно до законодавства ЄС можуть бути платіжними, інвестиційними та службовими. Платіжні віртуальні активи в ЄС розглядають як електронні гроші, фонди. Інвестиційні віртуальні активи кваліфікують як оборотні цінні папери, інші фінансові інструменти. Водночас службові віртуальні активи наразі не є об’єктом регулювання законодавства ЄС. У рамках комплексного підходу до заповнення прогалин та усунення неузгодженостей законодавства на рівні ЄС Європейською комісією розроблено проєкт нормативного акта щодо регулювання ринку віртуальних активів. Обґрунтовано, що окремі положення законопроєкту можна доопрацювати, проте його підготовка є правильним кроком на шляху розроблення належного правового підґрунтя впливу ЄС на ринок віртуальних активів. V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine 2021-04-15 Article Article application/pdf https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1024 10.15407/econlaw.2021.01.071 Economics and Law; No 1 (60) (2021): Economics and Law; 71 - 79 Экономика и право; No 1 (60) (2021): Economics and Law; 71 - 79 Економіка та право; No 1 (60) (2021): Economics and Law; 71 - 79 2523-4838 1681-6277 10.15407/econlaw.2021.01 uk https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1024/981 |
| spellingShingle | Kulyk, O.I. ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title | ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title_alt | LEGAL BASIS OF THE EUROPEAN UNION INFLUENCE ON THE VIRTUAL ASSETS MARKET |
| title_full | ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title_fullStr | ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title_full_unstemmed | ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title_short | ПРАВОВІ ЗАСАДИ ВПЛИВУ ЄВРОПЕЙСЬКОГО СОЮЗУ НА РИНОК ВІРТУАЛЬНИХ АКТИВІВ |
| title_sort | правові засади впливу європейського союзу на ринок віртуальних активів |
| url | https://economiclaw.kiev.ua/index.php/economiclaw/article/view/1024 |
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