Features of entering into purchase and sale, exchange, or storage agreements using virtual assets

Abstract

The aim of this study is to analyze the legal features of entering into agreements using virtual assets in Ukraine, identify the main practical application issues of the legislation, and formulate recommendations for its improvement. The research employs methods of normative and comparative law, analysis of judicial practice, and current trends in the development of the virtual assets market. The study's findings indicate that the rapid development of digital technologies and the increasing popularity of cryptocurrencies necessitate the prompt adaptation of civil legislation. An analysis of legislative acts, particularly the Law of Ukraine "On Virtual Assets," revealed a number of legal uncertainties, especially regarding the conclusion and execution of purchase and sale, exchange, and storage agreements of virtual assets. The study explores specific risks associated with market volatility, technical failures, and legal uncertainty, as well as examines features of judicial and arbitration practices in other jurisdictions that may be beneficial for Ukraine. Based on the analysis, the study proposes the specification of requirements for virtual asset issuers, improvement of regulation mechanisms for decentralized exchanges, and strengthening the protection of participants' rights in the market. The study concludes that there is a need for further adaptation of legislation to technological realities, ensuring transparency and security in the circulation of virtual assets, and developing specialized judicial practice to enhance legal protection for market participants.