"If the implementation of Resolution 05 yields positive results, creates substantial contributions and a clear social impact, then the development of a separate law on crypto assets is entirely feasible"...
At the recent dialogue "Legal Frameworks Paving the Way and Models for the Development of Vietnam's Digital Asset Market" organized by Vietnam Economic Magazine/VnEconomy, Ms. Le Thi Hoang Thanh, Deputy Director of the Department of Civil and Economic Law (Ministry of Justice), Chia many perspectives surrounding the process of developing Government Resolution No. 05 and the roadmap for perfecting the legal framework for crypto assets in Vietnam.
According to Ms. Thanh, the issue of institutionalizing crypto assets through legislation is not actually new. This issue has been raised for about 10 years, with much debate revolving around the core question: should crypto assets be considered assets?
To date, crypto assets have been defined as assets with all the elements of an asset, such as the crystallization of labor, production, and investment processes, and can manifest in tangible form, physical assets, or property rights depending on the form of the asset.
Accordingly, Article 47 of the Law on Digital Technology Industry officially stipulates that "digital assets are assets as defined in the Civil Code, expressed in the form of digital data, created, issued, stored, transferred and authenticated by digital technology in the electronic environment."
Should Vietnam consider developing a separate law for the cryptocurrency market? In response to this question, Mr. Nguyen Hai Nam, Standing Member of the National Assembly's Economic and Financial Committee, stated that the process generally follows a cycle: first, an initial framework law; second, a pilot sandbox; and third, the creation of specialized laws. This is because, especially in narrow areas like cryptocurrencies, such laws are necessary sooner or later.
However, according to Mr. Nam, to ensure prudence, Vietnam is currently in the second phase of Resolution 05, which requires a period of application. This will allow for close monitoring and ensure transparency. Afterward, a summary and evaluation will be conducted to identify strengths and weaknesses, advantages, risks, opportunities, and challenges. Once the data is sufficiently mature, decisions will be made to develop subsequent policies and potentially determine the appropriate time to enact specialized laws, especially those that are relevant to Vietnam's economic context.
According to Ms. Nguyen Van Hien, Vice President and General Secretary of the Vietnam Blockchain and Digital Asset Association (VBA), Vietnam has rapidly approached and developed the field of crypto assets because, in reality, many Vietnamese people already own or trade digital assets on international exchanges. Although Vietnam is a latecomer, it has learned from and incorporated many legal models from other countries in its policies for managing this sector.
From the perspective of a lawmaking expert, Ms. Le Thi Hoang Thanh believes that Vietnam has sufficient grounds to study forms of legal normative documents at a higher level than Resolution No. 05. During the implementation process, even before the 5-year pilot period ends, the management agency can fully orient itself towards developing new legal documents that are appropriate to emerging practical situations.
According to Ms. Thanh, there are currently three main options to consider. First, drafting a decree to organize and guide the implementation of the Law on Digital Technology Industry, which would regulate this type of asset. Second, continuing to issue a pilot resolution of the National Assembly, with legal effect equivalent to a law and a broader scope of regulation, not as limited as Resolution No. 05. Third, and the most ideal option, is to create a separate law on crypto assets.
However, according to Ms. Thanh, the choice of document format will largely depend on the effectiveness of Resolution No. 05's implementation, as well as the practical and societal need for adjustments regarding this new type of asset.
"If the implementation of Resolution 05 yields positive results, creates substantial contributions and a clear social impact, then the development of a separate law on crypto assets is entirely feasible," Ms. Thanh emphasized.
According to her, this is also a way to quickly bring relevant social relations into a stable framework, while ensuring the spirit of current lawmaking: laws must be constructive, promote development, not lag behind reality, and must harmonize the requirements of state management with encouraging and protecting legitimate transactions in social life.
