GENERAL AND SPECIAL CONDITIONS FOR VIRTUAL ASSETS SERVICE PROVIDER LEGITIMATION
DOI:
https://doi.org/10.15407/econlaw.2024.04.082Keywords:
virtual assets, virtual assets market, virtual assets service provider, legitimation of economic activity, legalization of economic activityAbstract
The article examines the general and special conditions for the legitimation of virtual assets service providers.
It is determined that the legitimation of virtual assets service providers is a process of undergoing legal procedures with
the objective of gradual confirmation of the legality of entry of virtual assets service providers into the sphere of economic
activity, acquisition of economic legal personality, which is necessary for the legal conduct of economic activity, and provision of services related to the circulation of virtual assets.
The legitimation of virtual assets service providers is evidenced by the fulfillment of the legitimation conditions (general and special) provided for by law. The general condition of legitimation, which is a prerequisite for the legal incorporation of a business entity engaged in the circulation of virtual assets, is state registration as a business entity. In order to obtain state confirmation of the legality of entering the business sphere of service providers related to the circulation of virtual assets, which engage in certain types of business activities, specific conditions of legitimation also must be met. These include the completion of special state registration (obtaining a special permission) for all virtual assets service providers, and licensing for those virtual assets service providers that are also functioning as banks or non-bank financial institutions.
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