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Rada intends to make virtual assets, digital content objects of civil law
KYIV. Jan 13 (Interfax-Ukraine) – The Verkhovna Rada has adopted at first reading two bills that treat virtual assets and digital content as objects of civil law and which are subject to the Civil Code regulations.
According to information on the parliament’s website, 273 and 261 votes were cast for relevant bills No. 6447 and No. 6576 at a plenary session on January 12, with the required minimum of 226.
The first document introduces the definition of "digital thing," which is in circulation only in digital form. Digital things include virtual assets, digital content, online accounts, money and securities that exist solely in digital form.
The provisions of related bill No. 6576 define the scope of civil relations, highlight subjective and objective criteria for the compliance of digital content (services) with the terms of the concluded contract, establish the legal consequences of non-provision of digital content (services) under the contract, as well as non-compliance of content (services) with the requirements provided for by the bill. In addition, the grounds and legal consequences of the cancellation of the contract under which digital content (service) is provided are determined.
The norms will serve as the basis for modeling the legal regulation of civil law relations between the performer and the consumer regarding the provision of digital content (digital services) under the contract, and will help protect the rights of consumers who are provided with digital content or services, the explanatory note says.
The adoption of the norms of the bills is a link in the process of legalizing crypto and virtual assets, Yaroslav Zhelezniak, member of the Holos faction, said speaking in the session hall before the vote.
"Very briefly. The necessary bill [No. 6447], given that we will legalize crypto and virtual assets: this will be quite wrong work without changes in the Civil Code," Zhelezniak explained.
According to him, the introduction of the conceptual categories of "virtual assets," "digital content" is the right step, which is now being taken by all countries that want to be called civilizationally developed and advance in the IT field.
It is noted that both draft laws were developed as part of the implementation of the acts of the EU institutions in the national legislation in accordance with the provisions of the EU-Ukraine Association Agreement.
