Work on Development of the Draft Law “On Tokenized Assets and Crypto-Assets” Was Completed
06.11.2020

Work on Development of the Draft Law “On Tokenized Assets and Crypto-Assets” Was Completed

Specialists of the Research Center of Economic and Legal Solutions in the Area of Application of Distributed Ledger Technologies (Research Center of Blockchain Solutions) together with representatives of various fields of academia of Ukraine have completed their work on the Draft Law “On Tokenized Assets and Crypto-Assets”. This Draft Law became the only alternative to the Draft Law “On Virtual Assets” No. 3637 previously submitted for consideration to the Verkhovna Rada of Ukraine and to which leading experts in legal, economic and other fields still have many comments.

The Draft Law introduced by the Research Center of Blockchain Solutions regulates relations arising out of use of virtual assets existing in data accounting system based on the distributed ledger technology — tokenized assets and crypto-assets.

The fundamental work conducted by the team of contributors to the Draft Law “On Tokenized Assets and Crypto-Assets” throughout 2020, allowed us to define subject-object aspects of such relations as well as to classify virtual assets. A comprehensive approach to regulation of legal relations arising out of use of different types of virtual assets, which was used in this Draft Law, will allow integrating known to date blockchain technology tools into existing legislative framework. There is currently no other country in the world where such an approach would be formed and enshrined at the legislative level.

The provisions of the Draft Law enshrine legal framework of virtual assets, which allows determining regulators of relations in the field of tokenized assets and crypto-assets.

With the support of the People’s Deputies, the Draft Law “On Tokenized Assets and Crypto-Assets” was registered in the Verkhovna Rada of Ukraine on November 5, 2020.

In the near future, the Research Center of Blockchain Solutions will announce the date of public hearing of the Draft Law “On Tokenized Assets and Crypto-Assets”.

This Draft Law is aimed at creating a favorable environment and conditions for the formation of a competitive economy of Ukraine through the widespread use of IT technologies and, in particular, blockchain.

The Draft Law “On Tokenized Assets and Crypto-Assets” No. 4328 dated November 5, 2020: https://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=70353