Mechanism for foreclosure of virtual assets of the debtor in the event of declaring them bankrupt
Keywords:
virtual assets, digital assets, digital things, crypto industry, cryptocurrency, tokensAbstract
In the study, the place of virtual assets in property and obligation relations and the possibility of their recovery in the event of declaring the debtor bankrupt were considered. Investigating the legal status of virtual assets, existing contradictions were established regarding: the form of existence of virtual assets; recognizing them as a means of payment on the territory of Ukraine or as an object of exchange for property (goods), work (services); determination of virtual assets that may be levied upon enforcement of decisions by bodies of the state executive service, etc. It is noted that the procedure for recovering virtual assets is partially determined by the Civil Code of Ukraine. It is emphasized that none of the articles of the GCU provides for the regulation of either the circulation of virtual assets or the mechanism of their recovery in the event of declaring a business entity bankrupt. KUzPB also ignored virtual assets. In civil law, virtual assets are recognized as an object of law and are subject to recovery in case of forced execution of decisions by state executive bodies, in economic law, as objects of law, they are completely ignored. It is substantiated that in order to ensure the timely, complete and impartial execution of court decisions and decisions of other bodies (officials), the provisions of the Law of Ukraine "On Virtual Assets" dated February 17, 2022 under No. 2074-ХХ need to be brought into compliance with the Law of Ukraine. About executive proceedings" dated June 2, 2016 according to No. 1404-VІІІ in the part of defining a clear and completed mechanism for foreclosure on virtual assets in a compulsory manner. A Roadmap has been proposed to ensure the possibility of recovery of virtual assets in the event of declaring the debtor bankrupt, the implementation of which will contribute to the creation of the legal field necessary for the settlement of transactions with virtual assets.
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