CLASSIFICATION OF VIRTUAL ASSETS FOR ACCOUNTING PURPOSES IN FRANCE AND UKRAINE

Abstract

The article explores the transformative impact of virtual assets on the global financial system and the resulting methodological challenges for accounting. It focuses on comparing the legal and accounting frameworks for crypto-assets in France and Ukraine within the European Union's regulatory landscape and the shadow economy.

The primary aim of the study is to analyze the Markets in Crypto-Assets (MiCA) regulation, existing French legislation, and Ukrainian draft laws on the classification of virtual assets, and to propose a unified classification model. Furthermore, based on an analysis of the French Chart of Accounts, the research aims to propose custom analytical sub-accounts for the Ukrainian national chart of accounts and to model potential accounting entries for operations involving virtual assets.

The research methodology relies on a systemic approach to studying economic and legal phenomena. The method of comparative legal analysis is used to contrast the provisions of MiCA with French laws and Ukrainian legislative initiatives (such as Law No. 2074-IX and Draft Law No. 10225-d). Synthesis and conceptual modeling are applied to create the unified classification model. Accounting modeling facilitates the integration of new analytical accounts into national frameworks and the development of a matrix of journal entries, while abstraction and systemic generalization are used to formulate conceptual conclusions across different accounting models.

The study developed a unified classification model that bridges the European legal architecture - categorizing assets into Electronic Money Tokens (EMTs), Asset-Referenced Tokens (ARTs), and general crypto-assets - with specific national fiscal dimensions. The analysis demonstrated that while France utilizes a fully functioning framework with dedicated financial accounts (e.g., Account 522 for held tokens) and specific transit accounts, Ukraine requires a transitional conceptual approach. The authors proposed specialized analytical sub-accounts within the Ukrainian framework (specifically under account 127, "Other intangible assets," for EMTs, ARTs, Unique Crypto-Assets, and General Crypto-Assets), explicitly excluding cash accounts. It is separately substantiated, however, that EMTs and ARTs, which under Articles 39 and 49 of MiCA confer upon the holder a contractual right of redemption against the issuer, satisfy the definition of a financial asset and therefore fall outside the scope of IAS 38, and that the fair-value measurement embodied in the model is not currently permitted by NAS 8, so that the model is advanced de lege ferenda together with a proposal to amend paragraph 19 of NAS 8 and Order No. 291. A comprehensive matrix of typical accounting entries was also formulated, detailing capitalization, revaluation, and closing procedures for both jurisdictions

The scientific novelty of the research lies in synthesizing supranational legal norms with specific national tax regimes.

Theoretically, the study bridges the gap between abstract theoretical-legal frameworks and practical corporate accounting. In practice, the proposed theoretical model demonstrates how Ukrainian enterprises can integrate the modern European taxonomy and its associated fiscal stimuli into current national accounting standards (as intangible assets) until comprehensive specialized legislation is officially adopted.