Правове регулювання віртуальних активів у Французькій Республіці

Abstract

The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.