The object, subject, purpose, and task of the dissertation "Cryptocurrencies as an object of civil rights: a comparative legal analysis" determined its following structure:
Section 1. The principles of DLT operation and the legal significance of reaching a consensus regarding its state at a certain point in time to solve the problem of double spending are disclosed; the author's version of the definition of "cryptocurrency" is provided, the proposals of other researchers are discussed; the correlation between the terms "virtual assets", "cryptoassets", "cryptocurrency", "virtual currency", "digital currency", "digital money", "electronic money" is revealed; the classification of cryptoassets is given; the classification scheme of money and quasi-monetary instruments in relation to crypto-assets is given; characteristic features of cryptocurrency as an object of civil rights are determined and it compared with traditional groups of objects; it was determined that until 2019, cryptocurrency met the characteristics of the "other property" category according to art.177 of the Civil Code of Ukraine (CCU); on the basis of the theory of Karl Menger, the classification of cryptocurrency among intangible goods is criticized; the position regarding the definition in the CCU of such an object of civil rights as digital private (non-fiat) money, in particular decentralized virtual currency is argued; a review of scientific research on the topic was carried out.
Section 2. A comparative analysis of the legal regulation of cryptocurrency in the EU, EFTA, CIS, Anglo-Saxon countries, countries of Asia, Africa, and Latin America is made. It has been found that the place of cryptocurrency in the system of civil rights objects is defined in different ways: as a legal tender, a reserve currency, a non-fiat tender (digital private money, digital currency), a foreign currency analog, a financial instrument (exchange asset) with the function of a means of circulation, an intangible (virtual) asset of an interchangeable nature with the functions of a means of circulation and payment (quasi-money) or without one or both functions; goods, property rights, securities, etc.
Section 3. Legal positions on the status of cryptocurrency and bills registered in 2017-2020 are reviewed; the current and prospective legislation regarding the status and circulation of cryptocurrency has been researched. It was found that the Virtual Assets Act is restrictive (it prohibits VA from performing the functions of a means of circulation and payment) and worsens the existing legal position of persons. On the examples of business and judicial practice (sales contracts, loans, creation of works to order, investment contracts, etc.), it is proven that the status of cryptocurrency as an intangible asset contradicts the real legal nature of this asset and does not provide participants in legal relations with effective means of legal protection.
The scientific novelty of the results:
1) for the first time: an author's classification of the forms and types of the existence of money, including cryptocurrency, is proposed; the need to define a new object of civil rights - digital private (non-fiat) money, in particular, decentralized virtual currency - is substantiated; the author's definition of cryptocurrency was developed; the conceptual fallacy of classifying cryptocurrency as intangible goods are substantiated; the need to review the legal status of BTC in connection with its announcement as a legal tender in several countries is justified; it is suggested that after Ukraine recognizes the monetary nature of cryptocurrency, it should be recognized as a permissible means of salary payment.
2) improved: the definition of the concept of information (the definition of art.200 of the CCU was supplemented by the designation of this object of rights); classification of objects of civil rights in art.177 of the CCU in the part of non-cash money and electronic securities.
3) received further development: classification of cryptoassets according to their legal nature; substantiating the difference between cryptocurrencies and electronic money; proposals regarding the regulatory strengthening of the role of UAH in the economy; proposals for improving the regulatory framework of Ukraine. New editions of art.177, 192, 533 of the CCU, art.198 of the Commercial Code of Ukraine, amendments to art.32, 34 of the National Bank of Ukraine Act, art.290 of the Civil Procedural Code of Ukraine, art.368-5 of the Criminal Code of Ukraine, art.46 of the Prevention of Corruption Act, art.1 of the Prevention and Counteraction of Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction Act have been proposed; substantiates the need for changes to the Payment Services Act, Currency and Currency Operations Act, and Virtual Assets Act.
