Blockchain & Crypto

Ukraine Drafts Digital Artefact Legislation

Digital artefacts and related content are to become new objects of civil rights in Ukraine, opening up new legal ways of money-making for Ukrainians

Ukraine Drafts Digital Artefact Legislation

The Ukrainian Parliament (Verkhovna Rada) has adopted Draft Laws No. 6447 and No. 6576, which regulate the provision of digital services, circulation of digital content and digital artefacts.

The bills aim to integrate the virtual asset industry into Ukraine’s traditional economy and bring Ukrainians additional legal income sources.

The first draft law amends the Civil Code of Ukraine, introducing the new object of civil rights – a “digital thing.” That may include a piece of virtual land in the metaverse, NFTs, and other digital artefacts.

The second bill clarifies the circulation of digital content as a type of digital thing. It also describes the specifics of providing digital services.

The new legislation will protect consumers’ ownership rights and regulate their use, as well as establish legal grounds for potential taxation of income derived from the Web3 tools.

Besides, Ukrainian legislators believe that introduction of legal norms will stimulate the development of the national digital economy and attract additional funds to the country at war.

Digitalization has become one of the hot topics and state priorities for Ukraine during the last few years. The country’s innovative Ministry of Digital Transformation has introduced the Diia platform that combines an ID verification mobile app with access to citizens’ digital documents, and a single portal of public services for the population and business.

For instance, its project “Diia.City” introduces a special legal regime with favourable conditions such as tax reduction for entrepreneurs dealing with digital technologies. In other words, it is a virtual model of a free economic zone with simplified regulations and other benefits.

The tragic events of the ongoing Russian-Ukrainian war have also forced charity organizations and common citizens to seek innovative ways to raise money for both military and humanitarian needs. Crypto and blockchain are already actively used in Ukraine for donations. Legalizing other aspects of DeFi economy, such as play-to-earn P2E metaverse games and NFTs can make a difference for the technology adoption in the country.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.