The article notes that due to the active integration of technological advances into various spheres of social life, among which stand out virtual assets (crypto-assets), the need for proper legal support of relations, the subject of which are such assets, together forming a market of virtual assets, becomes relevant.

It is noted that in the context of the implementation of the Association Agreement between Ukraine and the European Union, the need to take into account the approaches to legal regulation of the market of virtual assets (crypto assets), which are reflected in the Proposals for regulation of the European Parliament and of the Council on Markets in Cryptoassets and amendments Directive (EU) 2019/1937 (MiCA), is becoming more relevant. It is emphasized that the approaches laid down in the MiCA are certainly important for determining trends in the legal regulation of the virtual assets market in Ukraine. In particular, in February 2022 the Law of Ukraine “On Virtual Assets” was adopted, which substantially adopted certain legal structures laid down in the MiCA. Given that the Law of Ukraine “On Virtual Assets” has not yet entered into force, the above circumstance provides an opportunity at this stage to propose ways for the maximum possible implementation of MiCA norms into domestic legislation, which will be consistent with the concept of the Association Agreement between Ukraine and the European Union and the recently acquired status of the applicant country for membership in the European Union.

It is argued that the Law of Ukraine “On Virtual Assets” should get more detailed terminological apparatus, which is inferior to MiCA in detailing and taking into account thespecifics of certain types of virtual assets. The expediency of specifying the term “virtual assets” with a focus on the peculiarities of distributed registry technology is proved. It is suggested to specify the system and legal status of subjects of legal relations in the field of circulation of virtual assets, especially in terms of specifying the legal status of issuers of virtual assets, taking into account the peculiarities inherent to issuers of virtual assets.

Additionally, there are arguments for the implementation of measures to liberalize the controlled and safe part of the virtual assets market. The importance of establishing a guarantee mechanism in the Law of Ukraine “On Virtual Assets” to protect the rights and legitimate interests of buyers of virtual assets is substantiated.

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