Issues of virtual assets legal regulation: Possible social and economic consequences

The issue of legal regulation of virtual assets is highly relevant due to the growing role of virtual assets in the modern economy and financial system and given the challenges arising from their legal uncertainty. The study aimed to substantiate the theoretical and applied foundations for creating a unified conceptual understanding of virtual assets which will ensure their legal certainty. Methods of comparative analysis, synthesis, systematic approach and historical and legal methods were used to study international experience and national legislation. The current approaches to the definition of virtual assets in the international context and Ukrainian legislation, in particular, the Law of Ukraine “On Virtual Assets”, were analysed. The study established that the existing definitions contain ambiguities that may lead to legal contradictions. The article examines the arguments of scholars regarding the nature of cryptocurrencies, in particular their intrinsic value, and concludes that the lack of a unified approach complicates the development of an effective regulatory environment. The author analyses possible social and economic consequences, in particular, the impact on investment and financial stability, considering the experience gained. The author proposes a more precise definition of virtual assets as intangible goods that can be an independent object of civil turnover or certify property or non-property rights. The practical value of the work lies in the possibility of using its results by legislators, government agencies, as well as academics and practitioners to improve the regulatory framework governing the circulation of virtual assets to ensure the rights of users and attract investment in this area