FUNCTIONS OF THE VIRTUAL ASSETS MARKET

Анотація

The objective of the present study is to delineate the functions of the virtual asset market to enhance the efficiency of developing measures for improving the legal framework for its functioning.Research methods.The purpose was achieved by using a set of methods of scientific knowledge: the formal logical approach was employed to examine the fundamental concepts and evaluate the legal instrument governing the operation of the virtual asset market.The system-structural method was applied to identify and analyze specific characteristics of the virtual asset market with a particular focus on defining its functions.The formal legal method was used to develop pertinent proposals for incorporation into legislative and enforcement activities.Results.The author examines the principal doctrinal approaches to specifying market functions and analyses the general and specific functions of various markets.Conclusions.Based on the study, the author proposes to divide the functions of the virtual asset market into general and specific ones.The general functions, which are inherent in all markets but manifested in the virtual asset market, include: regulatory, stimulating, distributive, rehabilitative, allocative, informational, integrating, mediating, and pricing.Using a synthesis of the scientific literature, the author presumes that the specific functions of the virtual asset market are as follows: ensuring the issuance, sale of virtual assets and the provision of intermediary services related to virtual assets; ensuring the storage or management of virtual assets or virtual asset keys; the function of exchange and transfer of virtual assets; and the investment function.Furthermore, the author proposes to include the function of redistribution of property through transactions with virtual assets among the special functions of the virtual asset market.The study has led to the conclusion that the fundamental special function of the virtual asset market can be generalized as ensuring the turnover of virtual assets.In order to streamline and formalize the functions of the virtual asset market, the author proposes to consolidate the functions of the virtual asset market within the concept or strategy for the development of the virtual asset market.In order to ensure that the virtual asset market fulfils each of its specific functions, it is necessary to formulate an appropriate action plan.The author states that further scientific research should be aimed at identifying strategies enhancing the regulatory framework governing the operation of the virtual asset market.

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