Virtual asset market participants
DOI:
https://doi.org/10.21564/2225-6555.2024.2%20(26).312466Keywords:
virtual assets, virtual assets market, market participant, provider of services related to the turnover of virtual assets, market infrastructure, state regulation of the marketAbstract
The relevance of the topic is due to the need to specify the circle of participants in the virtual asset market, since participants are an important element of legal relations in the virtual asset market. However, a clear circle of them has not yet been formed. With the development of the virtual asset market, new participants emerged, which explains the need to specify their circle at the current stage of market formation. The need for such specification is also due to the fact that the role and importance of the virtual asset market for the economy of Ukraine, including for its post-war recovery, require urgent certainty regarding the legal framework for the market functioning, which, in particular, should concern participants, which will allow to solve a problem of regulation of other legal aspects of the market functioning. The purpose of the article is to specify the circle of the virtual assets marker participants and to substantiate their place and role in this market by means of classification.
Based on the provided study, author specifies the circle of virtual assets marker participants, which are proposed to be divided into the following functional groups: 1) the main participants – virtual assets service providers, which, depending on the activities carried out, may be business entities, the range of which is presented in Article 55 of the Commercial Code of Ukraine, business entities established under the laws of foreign states, as well as decentralized autonomous organizations functioning as virtual assets service providers; issuers (including miners); offerors; consumers; and individuals conducting transactions with virtual assets in their own interests; 2) participants with auxiliary functions that provide the necessary conditions for the functioning of the virtual asset market by providing services (banking, insurance, legal, consulting, etc.); 3) participants with special functions related to state regulation of the virtual asset market and self-regulatory organizations.
The author suggests that the concept of “virtual asset market participant” should be properly enshrined in national legislation.
References
Dumas, J.-G., Jimenez-Garces, S., Șoiman, F. (March, 2021). Blockchain technology and crypto- assets market analysis: vulnerabilities and risk assessment. In 12th International Conference on Complexity, Informatics and Cybernetics. (pp. 30-37). Orlando: International Institution of Informatics and Systemics. Orlando, United States. Retrieved from https://hal.science/hal-03112920v2/file/HAL%20Version.pdf
Almeida, J. Gonçalves, T.C. (2023) A Decade of Cryptocurrency Investment Literature: A Cluster-Based Systematic Analysis. Int. J. Financial Stud., 11, 71. Retrieved from https://doi.org/10.3390/ijfs11020071.
Copestake, A., Furceri, D., & Gonzalez-Dominguez, P. (2023). Crypto market responses to digital asset policies. Economics Letters, 222, 110949. Retrieved from https://doi.org/10.1016/j.econlet.2022.110949.
Ustymenko, V., Dzhabrailov, R. & Hudima, T. (2023). Priority directions for the formation of a legal framework for post-war economic recovery in Ukraine. Law of Ukraine, 9, 9-23. Retrieved from https://doi.org/10.33498/louu-2023-09-009.
Hrytsai, S.O. (2022) Members of the virtual assets market in Ukraine. Dnipro Scientific Journal of Public Administration, Psychology, Law, 3. 152–157. DOI: https://doi.org/10.51547/ppp.dp.ua/2022.3.25.
Ankenbrand, T., Bieri, D., Kronenberger, T., Reichmuth, L. (2022). Crypto Assets Study 2022 An overview of the Swiss and Liechtenstein crypto assets ecosystem. Retrieved from https://www.researchgate.net/publication/374657489_Crypto_Assets_Study_2022_An_overview_of_the_Swiss_and_Liechtenstein_crypto_assets_ecosystem.
Stylianou, K, Carter, N. (2020) The Size of the Crypto Economy: Calculating Market Shares of Cryptoassets, Exchanges and Mining Pools. Journal of Competition Law & Economics, Volume 16, Issue 4, 511–551. Retrieved from https://doi.org/10.1093/joclec/nhaa016.
Shcherbyna, V.S, Reznikova V.V. (Ed.). (2023). Economic law (General part): textbook. Lira-K.
Polyukhovych, V.I. (2012). State regulation of the stock market of Ukraine: economic and legal mechanism. Kyiv. Retrieved from https://repository.ndippp.gov.ua/bitstream/handle/765432198/475/Polyukhovych%202012.pdf?sequence=1&isAllowed=y
Patsuriia, N.B. (2013). Insurance legal relations in the sphere of economic activity: problems of theory and practice. Nizhyn: «Vydavnytstvo «Aspekt-Polihraf». Retrieved from. https://library.nlu.edu.ua/POLN_TEXT/POSIBNIKI_2020/Patsuria_2013_mon.pdf
Kolohoida, O.V. (2016). Theoretical Issues of the Economic Relations Regulation in the Ukrainian Stock Market. Doctoral Thesis. Kyiv: Taras Shevchenko National University of Kyiv.
Mamutov, V.K. (Ed.). (2004). Scientific and practical commentary on the Economic Code of Ukraine. Kyiv: The National Academy of Sciences of Ukraine. Retrieved from http://www.iepd.kiev.ua/wp-content/uploads/2016/08/АКАДЕМІЯ-РџР%C2%A0РђР’РћР’Р%C2%98РҐ-РќРђРЈРљ-РЈРљР%C2%A0АЇНР%C2%98.pdf.
Ustymenko, V.A. (Ed.). (2019). The great Ukrainian legal encyclopedia. (Vols. 1- 20). Vol. 15: Economic Law. Kharkiv: Pravo.
Pavliuchenko, Yu.M. (2021). Economic and legal support of the agricultural market. Doctoral Thesis. Kyiv: State Organization «V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine».
Kerckhoven, S. V., & Chohan, U. (2024). Decentralized Autonomous Organizations (1st ed.). Routledge. Retrieved from https://www.perlego.com/book/4342056.
Chohan, U. W. (2017). The Decentralized Autonomous Organization and Governance Issues. SSRN Electronic Journal. Retrieved from https://dx.doi.org/10.2139/ssrn.3082055.
Nekit, K.G. (2021). The right to private property in the information society: civil theory and practice of its implementation. Doctoral Thesis. Odesа: National University «Odesa Law Academy».
Moxoto, A. C., Melo, P., & Soukiazes, E. (2021, January). Initial Coin Offering (ICO): a systematic review of the literature. In Proceedings of the 54th Hawaii International Conference on System Sciences (p. 4177). Retrieved from https://doi.org/10.24251/HICSS.2021.507.
Avanesova, I.A. (2022). Protecting the rights of financial services consumers. Kyiv: State University of Trade and Economics. Retrieved from https://www.researchgate.net/profile/Iryna-Avanesova/publication/370266923_ZAHIST_PRAV_SPOZIVACIV_FINANSOVIH_POSLUG/links/6449015f85d21c32da7e839b/ZAHIST-PRAV-SPOZIVACIV-FINANSOVIH-POSLUG.pdf
Bobkova, A.H., Pavliuchenko, Yu.M. (2017). Participants of relations in the field of ecological entrepreneurship. Entrepreneurship, economy and law, 9, 56-61. Retrieved from http://pgp-journal.kiev.ua/archive/2017/9/12.pdf.
Reznikova, V.V. (2011). Theoretical Problems of Mediation Regulation in the Sphere of Management in Ukraine. Doctoral Thesis. Kyiv: Taras Shevchenko National University of Kyiv.
Zakharchenko, A.M. (2017). State property management (economic and legal aspects). Doctoral Thesis. Kyiv: State Organization «V. Mamutov Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine».
Cappai, M. (2023). The Role of Private and Public Regulation in the Case Study of Crypto-Assets: The Italian Move Towards Participatory Regulation.” Computer Law & Security Review 49:105831. https://doi.org/10.1016/j.clsr.2023.105831.
Govorun, A.V. (2021). Self-regulatory organizations in the mechanism of legal economic order. PhD Thesis Abstract. Kharkiv: Yaroslav Mudryi National Law University.
Virtual Assets of Ukraine (VAU). (n.d.). Retrieved from https://virtual-assets.org/uk#whatWeDo.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Олег Кулик
This work is licensed under a Creative Commons Attribution 4.0 International License.
