Virtual Assets and Cryptocurrency in Ukraine: Current State and Prospects

Овчаренко, А.С.

doi:10.32782/2524-0374/2020-4/47

Cited by 5 publications

(4 citation statements)

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“…Він існує у вигляді цифрового програмного коду і не має фізичної форми. Право власності на віртуальний актив засвідчується шляхом внесення цифрових записів до реєстру цифрових транзакцій [2].…”

Section: Legal Regulation Of Virtual Assets Circulationunclassified

“…Як слушно зазначила Овчаренко А. С. з цього приводу, що ВА є об'єктивним економічним явищем, яке потребує правового регулювання. Невизначеність їхнього правового статусу може призвести до того, що власники ВА можуть зіткнутися з труднощами у захисті своїх прав у разі виникнення спорів [2].…”

Section: Legal Regulation Of Virtual Assets Circulationunclassified

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Щодо Окремих Питань Правового Регулювання Обігу Віртуальних Активів

Черваньова,

Баженов

2024

НТС

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Section: Legal Regulation Of Virtual Assets Circulationunclassified

Щодо Окремих Питань Правового Регулювання Обігу Віртуальних Активів

Черваньова,

Баженов

2024

НТС

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“…Moreover, there are also electronic mechanisms that can be used to obscure details of IP addresses, device identifiers or geolocation data to prevent the traceability of flows and identity of individuals. The decentralisation of VA also implies the involvement of cross-border transactions with distinct laws applicable to the online transaction which renders the prevention of illegal activities and law enforcement actions quite complicated (Ovcharenko, 2020). Another issue that increases abuses when resorting to VA is the uneven application of local AML/CFT policies.…”

Section: Literature Review and Imf International Standardsmentioning

confidence: 99%

Virtual assets and the prevention of money laundering: a critical and comparative analysis of the laws of Mauritius, Japan and South Africa

Beebeejaun,

Mahadew

2023

JMLC

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Purpose Due to their particular nature, virtual assets (VA) are vulnerable to financial crimes such as money laundering and if the appropriate legal mechanisms are not established, this may result in the financial collapse of various economies. To this effect, best practices and standards have been published by some international organisations such as the Financial Action Task Force and IMF which are now domesticated in the national laws of several countries. Therefore, the purpose of this study is to analyse the anti-money laundering (AML) legislative framework in the context of VA in three countries, namely, Mauritius, Japan and South Africa. Design/methodology/approach To achieve the research objective, the Mauritian AML laws in the context of VA were compared with the corresponding laws of some other countries, namely, Japan and South Africa. As such, a qualitative research method was adopted. In particular, the black letter approach was used to examine the relevant laws of these countries. A comparative analysis was conducted concerning the relevance of AML laws for each country when dealing with VA with the view of suggesting recommendations for Mauritian stakeholders to adopt to enhance the existing AML legal and regulatory framework. Findings The comparative study conducted has revealed that there are both similarities and divergences among the AML framework of the three countries further to which this research recommends that the Mauritian laws must be amended concerning the duration of information storage on VA, the definition of VA, advertisement by VA service providers and the electronic submission of annual reports. The Mauritian regulatory bodies also need to play a more active role in their joint collaboration to monitor suspicious VA transactions to combat money laundering. Originality/value At present, this study will be among the first academic writings on the efficiency of AML laws in the context of VA in Mauritius and also, because existing literature is quite scarce on assessing the adequacy of AML legislation in developing countries, this research aims at filling in the gap in literature. This study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

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“…Legal status of cryptocurrency and dipnyakmyb[ arnbdid: njnj;yjcni na dilviyyjcni Analyzing the scientific, legal doctrine, we state that there is no single approach to the concept of "virtual asset" content, and therefore there is a pluralism of scientific views. In particular, Ovcharenko (2020) defines a virtual asset as existing in electronic form, created using cryptographic means, living in the form of digital software code and not having a physical form, the ownership of which is certified by entering digital entries in the digital register transactions and has economic value. However, most scientific community members use a slightly modified understanding of the concept of "virtual assets," enshrined in their domestic law.…”

Section: Transactions With Virtual Assetsmentioning

confidence: 99%

Financial intelligence (monitoring) of the transactions with virtual assets: new legislation and best practices of foreign countries

Utkina

Samsin

Pochtovyi

2022

JMLC

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Purpose This paper aims to illustrate how virtual assets are used in such criminal offenses as money laundering and seeks to study the role of financial intelligence (monitoring) of transactions with virtual assets effectively in combating money laundering. Design/methodology/approach This research methodology includes system and structural methods that help analyze the theoretical, organizational and legal bases of the financial intelligence (monitoring) of transactions with virtual assets. The authors use the doctrinal legal research approach to analyze and describe the legislation connected to the financial intelligence (monitoring) operations with virtual assets. To identify critical issues of understanding the “virtual assets” and “cryptocurrency” essence, the peculiarities of the scientific community views on the given definitions, the authors use the method of terminological analysis and concepts operationalization. The authors use the extrapolation method to determine the possibility of implementing the analyzed best practices of foreign countries in the domestic practice of financial intelligence (monitoring) of transactions with virtual assets as an effective way in combating money laundering. Findings This study demonstrates the role of financial intelligence (monitoring) of transactions with virtual assets as an effective way to combat money laundering. Originality/value The article is devoted to comprehensively studying “virtual assets” and “cryptocurrency” concepts. The authors carried out a comparative analysis of these two concepts with the definition of their features and the main characteristics and features that separate them from each other. The authors also stressed the need for countries to strengthen the requirements for situations and activities with virtual assets, where there is a high level of risk in a risk-based approach.

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Virtual Assets and Cryptocurrency in Ukraine: Current State and Prospects

Cited by 5 publications

References 0 publications

Щодо Окремих Питань Правового Регулювання Обігу Віртуальних Активів

Щодо Окремих Питань Правового Регулювання Обігу Віртуальних Активів

Virtual assets and the prevention of money laundering: a critical and comparative analysis of the laws of Mauritius, Japan and South Africa

Financial intelligence (monitoring) of the transactions with virtual assets: new legislation and best practices of foreign countries

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