Regulation of digital content in Ukraine

August 10, 2023, marked a historic decision: the Verkhovna Rada of Ukraine passed two draft laws in the second reading and as a whole, defined a new reality for the country's digital economy.

Draft Law No. 6447 "On Amendments to the Civil Code of Ukraine" and No. 6576 "On Regulation of Digital Content and Digital Services" is a reflection of rapid technological growth and an important step towards giving digital assets and virtual content real meaning.

These laws, which received broad support in the Verkhovna Rada, define the legal status of digital things and virtual assets that have until now existed in the abstraction of the online world. They present Ukrainian entrepreneurs and consumers with new opportunities and create new challenges.

Among them is the ability to own, exchange, and use virtual assets such as virtual land, which can become a source of real income. This not only contributes to the emergence of new ways of earning but also opens the way to the development of your own digital business.

Law No. 6447 expands the scope of civil rights to include digital assets and things. This step helps to give them legal status and define the legal framework for their circulation.

Thus, the law provides effective protection of property rights and increases trust in digital assets.

Law No. 6576, in turn, regulates the relationship between providers of digital content and digital services and consumers. This is an important step towards establishing quality standards and mutual understanding in the digital sphere, which will contribute to the development and distribution of quality digital content and services.

It is important to emphasize that the adoption of these laws is also aimed at compliance with European norms, which opens up the opportunity for Ukraine to actively interact with world markets and ensure the protection of consumer rights.

It should be noted that for violating the requirements of the new laws, business entities are liable to be fined. This allows for the creation of mandatory compliance with new norms and helps to ensure honesty and trust in the digital environment.

Legislative innovations that will enter into force open a new chapter in the history of Ukraine's development, creating favorable conditions for the growth of the digital economy and opening up new perspectives for businesses and consumers. This push for innovation and development cannot be overstated.