On November 23, the Government submitted to the National Assembly the Draft Law on Digital Industry, with an important chapter regulating digital assets and cryptocurrencies.
According to VnExpress, this is the first time the concept of digital assets has been introduced into the Vietnamese legal system, marking a turning point in building a management foundation for modern digital technologies such as Blockchain.
The draft defines digital assets as a type of intangible asset, represented in the form of digital data and created, issued, and stored through digital technology in an electronic environment. Meanwhile, cryptocurrencies are identified as a special type of digital asset, using technologies such as Blockchain and distributed ledgers to authenticate and ensure security. These assets will be protected in terms of ownership rights according to the current legal regulations on civil and intellectual property rights.
A notable new point in the draft law is the proposal of management principles for digital assets with clear criteria. Assets must ensure integrity, transparency of information and legal origin, and be able to be traded electronically in a safe and secure manner. This not only gives digital asset owners more peace of mind but also provides a legal foundation for the development of digital technology applications, especially in the fields of finance and e-commerce.
In addition to defining the ownership rights and economic value of digital assets, the draft also sets out regulations related to taxation, consumer protection, cybersecurity, and anti-money laundering. This shows the Government's efforts to mitigate the potential risks of virtual assets, while supporting the development of a more transparent and secure digital asset market.
According to the Committee on Science, Technology and Environment, the management of digital assets is a complex issue that requires careful consideration. The Government is recommended to classify digital assets and develop appropriate regulations for each type, as well as update international practices to ensure consistency and effectiveness in management.
Currently, Vietnam still does not have a clear legal framework for cryptocurrencies such as Bit or Ethereum. However, the new move from the Government shows a determination to establish a solid legal foundation to manage cryptocurrencies. In the future, when these regulations are passed, not only businesses but also individual users will have more opportunities to participate in the digital economy legally and safely.
With the rapid development of the Blockchain market, the establishment of a legal framework for digital assets is expected to open up new opportunities while protecting the interests of all participants. This is also a necessary step for Vietnam to affirm its position in the digital technology field on the international map.
"Vietnam has Bitcoin transactions, why not bring them under management?"
In the group discussion session of the National Assembly on the Law on Digital Industry, Prime Minister Pham Minh Chinh emphasized the urgency of developing and promulgating this code. He affirmed the principle of "doing while learning," to ensure that the implementation process does not fall into a state of haste or excessive perfectionism, but rather establishes a solid legal foundation for the development of digital technology in Vietnam.
In his speech, the Prime Minister made a noteworthy observation: "The virtual world is as real as the real world," emphasizing the importance of managing elements in the digital world, including digital assets such as Bit. He pointed out the fact that the value of Bit is skyrocketing globally and has an important position in the global economy. Although Vietnam currently recognizes Bit transactions, there is still no clear legal framework to manage this type of asset.
The Prime Minister's proposal has highlighted the pressing issue of establishing a management mechanism for digital assets, ensuring not only alignment with global trends but also the protection of national interests and domestic investors.
