Vietnam Proposes Law on Managing Digital and Crypto Assets
On the morning of November 23, the Government of Vietnam presented the National Assembly with the draft Digital Technology Industry Law, which includes a dedicated chapter on digital and crypto assets.
Defining Digital and Crypto Assets
According to the draft, digital assets are intangible assets represented as digital data, created, issued, stored, transferred, and authenticated using digital technology in electronic environments. These assets are protected under civil, intellectual property, and other relevant laws.
Crypto assets are a subset of digital assets, specifically created, issued, stored, transferred, and authenticated using blockchain, distributed ledger, or similar technologies.
Key Principles for Digital Asset Recognition
Deputy Prime Minister Lê Thành Long, presenting the draft, highlighted principles for recognizing digital assets:
- Represented as digital data.
- Ownership is identifiable.
- Transferrable electronically.
- Holds economic value.
- Operates independently of physical assets.
- Maintains integrity, confidentiality, and legality.
- Ensures transparency and accountability.
Comprehensive Management Framework
The draft outlines regulations on ownership, transfer, usage, taxation, cybersecurity, intellectual property, and consumer protection for digital assets. It also addresses risk management, lifecycle management, and international cooperation.
Ministers, heads of government agencies, and provincial leaders will oversee digital asset management within their jurisdictions. Specific regulations will address service providers, asset categories, and stakeholders based on practical conditions.
Challenges and Suggestions
Chairman of the Science, Technology, and Environment Committee, Lê Quang Huy, emphasized the complexity of managing digital assets. He suggested categorizing digital assets and aligning management regulations accordingly. Additional measures are needed for ownership, inheritance, security, and anti-money laundering compliance.
Global Perspectives
In April, Cao Đăng Vinh, Deputy Director of Civil Law at the Ministry of Justice, noted the lack of a universal approach to digital and crypto assets worldwide. For instance, the U.S. regulates these assets using sector-specific laws instead of a dedicated legal framework.
Vietnam currently does not classify cryptocurrencies as assets and lacks specific regulations for crypto or digital assets.
Future Legal Framework
The Ministry of Finance is working on a legal framework to regulate or prohibit crypto assets and service providers by May 2025, focusing on anti-money laundering and counter-terrorism financing.
In 2023, the Vietnam Blockchain Association reported that Vietnamese users received $91 billion worth of cryptocurrency in a year (October 2021–October 2022), with $956 million linked to illicit activities.
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Source (VNese): https://vnexpress.net/trinh-quoc-hoi-luat-ve-quan-ly-tai-san-ma-hoa-4819461.html
