In the latest move to finalize the Digital Technology Industry Law, the Vietnamese government plans to classify digital assets and cryptocurrencies based on their purpose, technology, and other criteria for management purposes.
New Progress for the Digital Technology Industry Law Project
According to BeInCrypto's observations, on the morning of January 6th, the Standing Committee of the National Assembly provided feedback on the Digital Technology Industry Law project. As BeInCrypto previously shared, this is the first time Vietnam has included the concept of digital assets in the law. And although it is still in the draft stage, there are many noteworthy points.
In the definition of what digital assets are, we know that they are intangible assets, represented in the form of digital data, created, issued, stored, transferred, and authenticated by digital technology in an electronic environment. In addition, digital assets are legally protected as property rights in accordance with civil law, intellectual property law, and other relevant laws.
Cryptocurrencies are a type of digital asset. They are created, issued, stored, transferred, and authenticated using Distributed Ledger Technology, blockchain technology, or similar digital technologies. The concept of virtual assets, on the other hand, is a type of digital asset that is traded or transferred and can be used for payment or investment purposes. Virtual assets do not include securities, fiat money, and other financial assets as defined by law.
With the orientation of considering digital assets as a new, complex, and rapidly developing and changing issue, the draft Digital Technology Industry Law also aims to establish a framework for the concept and classification of digital assets based on their purpose, technology, and other criteria. In addition, the government needs to consider amending the Civil Code, the Law on Electronic Transactions, and the Securities Law to align with the new regulations on digital assets in the draft.
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