Economic legal personality of virtual assets service providers: concept and elements

The objective of the study is to provide substantiation for proposals to clarify the definition of the concept and elements of economic legal personality of virtual assets service providers. In light of the findings presented in the study, the author concludes that economic legal personality of service providers related to the circulation of virtual assets is the ability of service providers related to the circulation of virtual assets to be parties to economic legal relations - to participate in legal relations arising in the field of business through the exercise of economic competence (rights and obligations determined by law) and economic legal capacity (rights and obligations acquired voluntarily due to the need to carry out economic activities and enshrined in the relevant documents). In terms of their economic legal personality, virtual assets service providers are characterized by two key elements: economic competence and economic legal capacity. The moment when the general legal personality of service providers related to the turnover of virtual assets arises is the state registration of a business entity as a legal entity. In contrast, special legal personality will arise only after obtaining a permit, since the activities of service providers related to the turnover of virtual assets are subject to specific regulatory requirements. The provision of services related to the turnover of virtual assets is permitted only if a specific permit has been obtained, in accordance with the stipulations set forth in the Law of Ukraine «On Virtual Assets» (part 2 of Article 18). It has been determined that virtual assets service providers possess exclusive economic legal personality, encompassing an exhaustive list of permissible activities. These entities may only engage in activities authorized by the Law of Ukraine «On Virtual Assets,» upon acquiring the relevant permits. It may be inferred that obtaining such a permit simultaneously entails the prohibition against engaging in alternative business endeavors.