METHODOLOGY OF USING VIRTUAL ASSETS AS MEANS OF PAYMENT AT THE FIAT LEVEL: PROBLEMATIC ISSUES IN UKRAINE
Słowa kluczowe:
cryptocurrency, cryptoasset, virtual asset, bitcoin, stablecoin, digital currency, electronic money, fintech
Abstrakt
The FinTech sector, as one of the dynamic parts of Ukraine's economic frontier, has not only withstood the challenges of one of the most difficult times of independence, but has also continued to develop despite all the difficulties of the difficult time, and often despite it. The purpose of the article is to study the legal framework and methodology for the use of virtual assets as a means of payment in Ukraine before and after the entry into force of the cryptocurrency- specific Law No. 2074. Methodology. Both general scientific and special legal research methods were used to achieve the purpose of the study. The scientific novelty is an attempt to provide a legal assessment of the existing methodology for conducting increasingly popular transactions with virtual assets through the acquiring mechanism, against the background of an almost non-existent legal framework for their regulation. Conclusions. In fact, there is a paradigm in Ukraine regarding the recognition of virtual assets as means of payment. On the one hand, formally, at the legislative level, there are no plans to recognize virtual assets as a means of payment after the entry into force of Law 2074. On the other hand, from a practical point of view, before the entry into force of Law 2074, virtual assets are increasingly accepted as a means of payment in Ukraine. Prior to the entry into force of Law 2074, banks and cryptocurrency exchanges must act as tax agents in acquiring transactions for the purpose of payment for services and goods. Amendments to the Tax Code of Ukraine for the entry into force of Law 2074 do not provide for withholding tax when paying income to an individual from transactions with virtual assets. This will not contribute to the timely and full payment of taxes to the budget. The widespread use of cryptocurrencies directly in payments for goods and services in Ukraine, without official acquiring operations, before the entry into force of Law 2074 may have certain negative tax consequences for business entities.
Wykaz bibliografii
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27. Mobile acquiring: how it works, advantages and disadvantages. (2022). Prostobiz.ua. https://bankchart.com.ua/plastikovi_karti/statti/mobilniy_ekvayring_printsip_roboti_perevagi_i_nedoliki
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34. On the National Bank of Ukraine, Pub. L. No. 679-XIV (1999). https://zakon.rada.gov.ua/go/679-14
35. Draft Law On Amendments to the Tax Code of Ukraine on Taxation of Transactions with Virtual Assets. Draft law. (2022). https://itd.rada.gov.ua/billInfo/Bills/Card/39211
36. Symonenko K. (2022, October 7). OKWINE network starts accepting cryptocurrency. RAU. https://rau.ua/novyni/okwine-pochala-prijmati-kriptu/
37. Tarasovsjkyj JU. (2022, September 15). Binance and Varus announce partnership: you can buy products on the supermarket's website for cryptocurrency. Forbes.ua. https://forbes.ua/news/binance-ta-varus-ogolosili-pro-partnerstvo-kupiti-produkti-na-sayti-supermarketa-mozhna-za-kriptovalyutu-15092022-8358
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41. On Procedure for Withholding Personal Income Tax and Social Security Contributions from the Amount of Employee's Wages. Letter of the Ministry of Justice of Ukraine № 20-5-478 in 23.11.2006. (2006, November 23). https://zakon.rada.gov.ua/go/v_478323-06
2. Hrytsai, S. (2022b). Prospects for the application of a special tax regime for transactions with virtual assets. Baltic Journal of Legal and Social Sciences, 4, 12–19. https://doi.org/10.30525/2592-8813-2022-4-2
3. Hrytsai, S. (2022c). The place of virtual assets in the structure of digital financial technology. International Science Journal of Management, Economics & Finance, 1(3), 34–48. https://doi.org/10.46299/j.isjmef.20220103.3
4. Hrytsai, S. (2023). Classification of virtual assets in Ukraine. Journal of the National Academy of Legal Sciences of Ukraine, 30(1), 135–152. https://doi.org/10.31359/1993-0909-2023-30-1-135
5. Budget Code of Ukraine, Pub. L. No. 2456–VI (2010). https://zakon.rada.gov.ua/go/2456-17
6. Ukraine launches payment card for cryptocurrency payments – weld card. (2022, September 22). AIN.UA. https://ain.ua/2022/09/22/weld-kard/
7. Hrytsai S. O. (2022a). Liability for violation of requirements for the circulation of virtual assets in Ukraine. New Ukrainian law. 3, 60–67. https://doi.org/10.51989/NUL.2022.3.9
8. Hrytsai S. O. (2022b). Is a virtual asset a means of payment in Ukraine? Current policy issues. 70, 131–137. https://doi.org/10.32782/app.v70.2022.21
9. Hrytsai S. O. (2022c). Cryptocurrency – can it be a legal definition? Dnipro Scientific Journal of Public Administration, Psychology, Law. 2, 92–97. https://doi.org/10.51547/ppp.dp.ua/2022.2.15
10. Hrytsai S. O. (2022d). The National Securities and Stock Market Commission as an entity administering virtual assets in Ukraine. Scientific Bulletin of Public and Private Law. 1, 86–92. https://doi.org/10.32844/2618-1258.2022.1.14
11. Hrytsai S. The National Bank of Ukraine as an entity administering virtual assets in Ukraine. Law and public administration. Collection of scientific papers. 1, 87–93. https://doi.org/10.32840/pdu.2022.1.1
12. Hrytsai S. O. (2022f). Prospects for taxation of transactions of individuals and individual entrepreneurs with virtual assets in Ukraine. Law and public administration. Collection of scientific papers. 2, 87–94. https://doi.org/10.32840/pdu.2022.2.11
13. Hrytsai S. O. (2022g). Tax agent of transactions with "virtual assets": legal analysis of amendments to the Tax Code of Ukraine. New Ukrainian law. 2, 87–93. https://doi.org/10.51989/NUL.2022.2.12
14. Hrytsai S. O. (2022h). Conceptual framework – virtual assets. Scientific Bulletin of Uzhhorod National University. (Series "Law"), 2(70), 313–317. https://doi.org/10.24144/2307-3322.2022.70.49
15. Hrytsai S. O. (2022i). The procedure for obtaining a permit to provide services related to virtual assets in Ukraine. Scientific works of the Interregional Academy of Personnel Management: Legal sciences. 62(2), 11–17. https://doi.org/10.32689/2522-4603.2022.2.2
16. Hrytsai S. O. (2022j). Procedure for the sale of virtual assets in Ukraine. Scientific works of the Interregional Academy of Personnel Management. (Series "Legal Sciences"). 61(1), 18–23. https://doi.org/10.32689/2522-4603.2022.1.3
17. Hrytsai S. O. (2022k). Legal essence of the definition of "virtual assets" in the Law of Ukraine "On Virtual Assets". Electronic scientific publication "Analytical and Comparative Jurisprudence". 1, 244–248. https://doi.org/10.24144/2788-6018.2022.01.45
18. Hrytsai S. O. (2022l Legal regime of virtual assets in Ukraine. Juris Europensis Scientia. 2, 65–68. https://doi.org/10.32837/chern.v0i2.349
19. Hrytsai S. O.. (2022m). Scope of application of Ukrainian legislation on virtual assets. Current issues of national jurisprudence. 2, 54–59. https://doi.org/10.32782/392278
20. Hrytsai S. O. (2022n). Virtual asset market participants in Ukraine. Dnipro Scientific Journal of Public Administration, Psychology, Law. 3, 152–157. https://doi.org/10.51547/ppp.dp.ua/2022.3.25
21. Zharykova, А. (2022, September 26). WOG chain starts accepting payments for fuel in cryptocurrency. Economic Truth. https://www.epravda.com.ua/news/2022/09/26/691864/
22. Card of the draft law "On virtual assets". Card of the draft law. (2020). https://itd.rada.gov.ua/billInfo/Bills/Card/2698
23. The Constitution of Ukraine, Pub. L. No. 254к/96-ВР (1996). https://zakon.rada.gov.ua/laws/show/254%D0%BA/96-%D0%B2%D1%80#Text
24. Meljnyk, Т. (2022a, August 25). iPhone for crypto. Following Foxtrot and WOG, dozens of businesses are planning to accept payments in crypto. Why do they need it (again). Forbes.ua. https://forbes.ua/inside/iphone-za-kriptu-slidom-za-fokstrot-ta-wog-priymati-oplatu-v-kriptiplanuyut-desyatki-biznesiv-navishcho-im-tse-znovu-25082022-7899
25. Meljnyk, Т. (2022b, August 26). More than five dozen businesses are preparing to introduce cryptocurrency payments for goods. Forbes.ua. https://forbes.ua/news/ponad-pyat-desyatkiv-biznesiv-gotuyutsya-vvesti-oplatu-kriptovalyutoyu-26082022-7940
26. Electronics retailers TechnoEzhak and Stylus start accepting cryptocurrencies to pay for goods. (2022, November 25). European Business Association. https://eba.com.ua/merezhimagazyniv-elektroniky-tehnoyizhak-ta-stylus-pochaly-pryjmaty-kryptovalyuty-dlyaoplaty-za-tovary/
27. Mobile acquiring: how it works, advantages and disadvantages. (2022). Prostobiz.ua. https://bankchart.com.ua/plastikovi_karti/statti/mobilniy_ekvayring_printsip_roboti_perevagi_i_nedoliki
28. Tax Code of Ukraine, Pub. L. No. 2755-VI (2010). https://zakon.rada.gov.ua/go/2755-17
29. Comparative Table to the Draft Law of Ukraine "On Amendments to the Tax Code of Ukraine Regarding Taxation of Transactions with Virtual Assets" No. 7150 (2022). https://itd.rada.gov.ua/billInfo/Bills/pubFile/1245233
30. Explanatory Note to the Draft Law of Ukraine No. 7150 "On Amendments to the Tax Code of Ukraine on Taxation of Turnover of Virtual Assets in Ukraine". (2022). https://itd.rada.gov.ua/billInfo/Bills/pubFile/1245235
31. Employee has been accrued income in kind: reflection in the calculation of the 1DF form (2023). State Tax Service of Ukraine, https://zp.tax.gov.ua/media-ark/news-ark/print-447884.html
32. On currency and currency transactions, Pub. L. No. 2473-VIII (2018). https://ips.ligazakon.net/document/view/T182473
33. On virtual assets, Pub. L. No. 2074-IX (2022). https://zakon.rada.gov.ua/go/2074-20
34. On the National Bank of Ukraine, Pub. L. No. 679-XIV (1999). https://zakon.rada.gov.ua/go/679-14
35. Draft Law On Amendments to the Tax Code of Ukraine on Taxation of Transactions with Virtual Assets. Draft law. (2022). https://itd.rada.gov.ua/billInfo/Bills/Card/39211
36. Symonenko K. (2022, October 7). OKWINE network starts accepting cryptocurrency. RAU. https://rau.ua/novyni/okwine-pochala-prijmati-kriptu/
37. Tarasovsjkyj JU. (2022, September 15). Binance and Varus announce partnership: you can buy products on the supermarket's website for cryptocurrency. Forbes.ua. https://forbes.ua/news/binance-ta-varus-ogolosili-pro-partnerstvo-kupiti-produkti-na-sayti-supermarketa-mozhna-za-kriptovalyutu-15092022-8358
38. Shapoval K. Billions in losses, a 20% price increase, and a shrinking assortment. What is happening to the market of equipment sellers in Ukraine. Interview with the CEO of Foxtrot. Forbes.ua. https://forbes.ua/inside/rota-fokstrota-yak-pratsyue-v-umovakh-viyni-odin-z-naybilshikh-prodavtsiv-tekhniki-v-ukraini-23062022-6718
39. What is acquiring, acquirer, POS terminal? (2020, February 18). Diya. Business. https://business.diia.gov.ua/handbook/finansovij-menedzment/so-take-ekvajring-ekvajr-pos-terminal
40. On taxation of certain types of income. Letter of the SFS № 1000/6/99-99-13-02-03-15/ ІПК in 05.07.2017. (2017, July 5). https://buhgalter911.com/normativnaya-baza/pisma/gfsu/schodo-opodatkuvannya-okremih-1030084.html
41. On Procedure for Withholding Personal Income Tax and Social Security Contributions from the Amount of Employee's Wages. Letter of the Ministry of Justice of Ukraine № 20-5-478 in 23.11.2006. (2006, November 23). https://zakon.rada.gov.ua/go/v_478323-06
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Opublikowane
2024-07-08
Jak cytować
Hrytsai, S. (2024). METHODOLOGY OF USING VIRTUAL ASSETS AS MEANS OF PAYMENT AT THE FIAT LEVEL: PROBLEMATIC ISSUES IN UKRAINE. Periodyk Naukowy Akademii Polonijnej, 62(1), 165-174. https://doi.org/10.23856/6222
Dział
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