THE CONCEPT OF ADMINISTRATIVE AND LEGAL SUPPORT OF STATE POLICY ON THE DEVELOPMENT AND FUNCTIONING OF THE VIRTUAL ASSETS MARKET IN UKRAINE

Abstract

The article clarifies the concept of administrative and legal support for state
policy regarding the development and functioning of the virtual asset market in
Ukraine. The author critically examines existing scholarly approaches,
highlighting both their strengths and limitations. In scholarly discourse,
administrative and legal support is generally understood to encompass several
key elements. These include: (1) the type of regulatory support provided; (2) the
continuous nature of activities designed to create specific conditions; (3) the
orderly process that governs these activities; (4) the foundational basis for
administrative and legal influence; and (5) the tools and methods employed to
establish the desired conditions. Administrative and legal support is defined as a
purposeful management process whereby public authority subjects and civil
society actors – guided by the norms and principles of administrative law –
interact to create conditions that ensure public administration is conducted
lawfully, effectively, and predictably. In addition, this process ensures that human
rights and freedoms are not only enshrined in the legal framework but are
actively implemented through guarantees and protective mechanisms. It further
promotes a balance between public and private interests by facilitating orderly,
procedurally regulated interactions among subjects of administrative law.
Specifically, administrative and legal support for state policy on the development
and functioning of the virtual asset market in Ukraine is understood as a
management process in which the state, acting through its public-service bodies
and in collaboration with civil society actors, relies on administrative law’s norms
and principles. The state employs administrative and legal instruments to make
decisions and execute managerial actions. These instruments ensure that the state
plans, develops, approves, and implements virtual asset policy lawfully,
effectively, and predictably. Moreover, they serve to guarantee and protect the
rights of participants in the virtual asset market while maintaining a balance
between public interests and private interests within the sphere of virtual asset
circulation in Ukraine. The article’s conclusions encapsulate these research
findings and underscore the vital role of administrative and legal support in
developing and sustaining the virtual asset market. Such support is deemed
essential for advancing Ukraine as a modern rule-of-law state with a dynamic
market economy.