Current taxation of virtual assets and its development prospects

Introduction. This paper is related to the topic which has become more relevant and socially important lately. It concerns the current state of affairs in the taxation of operations related to the circulation of virtual assets, as well as the development prospects of this institution. In the work, a key role is given to those tax relations in which individuals take part as a tax payer. Recently, many scientists in civil, administrative and criminal law fields have studied the social relations associated with the circulation of virtual assets. The study of the subject in tax law field was not an exception, in particular due to the fact that virtual assets are used to make settlements between individuals and legal entities, while the analysis of tax legislation indicates the absence of legal regulation of related activities. The search for possible ways to solve the problem will be work`s red line. Scientists` works, legal acts, individual tax consultations, statements of state authorities, separate opinions of officials, studies conducted by the Ukrainian Economic Research Center, as well as the Internet sources that allow to realize the nature of virtual assets, which are a necessary condition for determining the proper procedure for taxation are used in this work. The purpose of this work is to determine the most effective approaches to taxation of virtual assets that will ensure the conscious cooperation of the state and citizens in the context of paying mandatory payments to the state budget. Results. The contribution of this work consists in the fact that, in addition to the taxation of operations on the exchange of a virtual asset for a monetary equivalent, which has repeatedly been a leading topic for scientific works in the last years, it will contain an analysis of current legislation on the subject of taxation of other operations with virtual assets, such as exchanging one asset for another, mining and staking. Conclusion. In addition to current regulatory and individual legal acts, the paper reveals the concepts of the development of taxation of virtual assets, existing draft laws, their advantages and disadvantages, and express author’s opinions on the main elements of tax liability related to the topic.