Transforming digital asset potential into real economic value

The Law on Digital Technology Industry passed by the 15th National Assembly at the 9th Session is a breakthrough decision, of special significance to the development of the digital technology industry in Vietnam.

In particular, the identification of digital assets, crypto assets and cryptocurrencies in the law not only contributes to protecting the legitimate rights of owners but also creates a clearer legal corridor for businesses operating digital infrastructure.

Legal corridor for digital assets in Vietnam

According to Mr. Nguyen Khac Lich, Director of the Department of Information Technology Industry ( Ministry of Science and Technology ), with the National Assembly passing the Law on Digital Technology Industry, Vietnam has become the first country in the world to promulgate a separate law on digital technology industry, affirming Vietnam's pioneering role in building a modern and comprehensive digital institution.

According to reports from several international organizations, more than 1/5 of Vietnam's population owns cryptocurrencies, ranking second globally (Triple-A 2024), and third in the world in terms of people's acceptance of cryptocurrencies (The 2023 Global Crypto Adoption Index, Chainalysis).

The Law on Digital Technology Industry plays an important role in shaping the legal framework for digital assets, ensuring ownership, transactions and security of digital assets. This is an urgent requirement of the country's current development practices.

In addition, the Law also encourages technological innovation, supports the development of blockchain platforms; at the same time, protects users from risks such as fraud or loss of digital assets due to lack of regulations.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, Chairman of 1Matrix Company, shared that according to the forecast of Boston Consulting Group (American global strategy consulting company), the scale of tokenized real assets (converting sensitive data or asset ownership into a form of digital symbols - RWA) will reach nearly 19,000 billion USD, accounting for up to 10% of the total global GDP by 2033. This shows the increasingly important role of digital assets in the international financial system. Not only an investment tool, crypto assets are reshaping the way capital markets operate, creating more open access to finance and promoting a wave of innovation in many fields.

Mr. Phan Duc Trung also said that according to the report of the Atlantic Council (a US-based strategic consulting organization), 45 out of 75 countries participating in the survey (equivalent to 60%) have legalized digital assets, an increase of 12 countries compared to August 2024. However, only 28 of these countries have met four comprehensive criteria: tax; anti-money laundering mechanism, anti-terrorist financing; user protection and licensing.

Before the Law on Digital Technology Industry was passed by the National Assembly, on June 12, the Prime Minister issued Decision No. 1131/QD-TTg on the list of strategic technologies and technology products. In which, blockchain and three related product groups including digital assets, digital currencies, cryptocurrencies; blockchain network infrastructure; and traceability systems are identified as strategic technologies and strategic technology products.

The above documents all concretize the strategic vision of the Party and State expressed in Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and national digital transformation, Resolution 68-NQ/TW on private economic development and Decision No. 1236 of the Prime Minister promulgating the national strategy on application and development of blockchain technology to 2025, with a vision to 2030.

Completing a comprehensive and appropriate legal framework not only ensures effective enforcement but also creates conditions for Vietnamese enterprises to be able to anticipate the development trend of the global crypto-asset market.

"Boost" for domestic technology businesses

Expert Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association. (Photo: Quoc Dung/VNA)

Mr. Phan Duc Trung (Chairman of the Vietnam Blockchain and Digital Asset Association, Chairman of 1Matrix Company) and Mr. Nguyen Phu Dung (Executive Committee Member of the National Data Association, Founder and CEO of PILA Group Joint Stock Company) shared the view that digital assets are the future of transactions and the digital economy. The digitization of assets from real estate, goods, to data and intellectual products helps increase liquidity, transparency and access to capital for both individuals and businesses. Digital assets pave the way for new economic models such as decentralized finance (DeFi), digital commerce and crowdfunding, especially through blockchain technology.

Mr. Nguyen Phu Dung said that the Law on Digital Technology Industry officially regulating digital assets is a very important step forward. With the new legal framework, digital assets will no longer be a “gray” concept but will gradually be recognized, identified, valued and legally traded. Investors, banks, auditing companies, and management agencies can all participate in the ecosystem in a transparent and trustworthy manner. This is especially important for foreign indirect investment flows, which require protection of ownership rights, transparency of cash flows and liquidity.

According to Mr. Nguyen Phu Dung, the Law shapes and transforms Vietnam’s role from “a follower of the global financial order” to “a nation that creates its own digital asset standard” – something that emerging financial centers such as the United Arab Emirates or Singapore are doing very strongly. This creates confidence for investors and paves the way for new financial models based on the digitization of physical assets such as seaports, industrial parks, real estate, shares, works of art, and even carbon credits.

This new investment capital flow will help Vietnam develop infrastructure, build incubation models, and start-up innovative technology businesses with international advantages that traditional commercial bank capital mobilization channels are not capable of meeting.

Digital assets also have the potential to become stable tokens (stable tokens) Made in Vietnam in cyberspace because they are legally guaranteed and generate effective cash flow, and are transparently managed by the participation of fund management companies and state management agencies.

Mr. Nguyen Phu Dung emphasized that for technology enterprises like PILA - which is developing platforms for identification, authentication and digital asset management, the Digital Technology Industry Law is a huge "boost".

Mr. Phan Duc Trung and Mr. Nguyen Phu Dung share the belief that Vietnam is facing an opportunity to transform the potential of digital assets into practical economic value, contributing to creating a new look for the digital economy and shaping the future of Vietnam's digital economy to develop strongly./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/chuyen-hoa-tiem-nang-tai-san-so-thanh-gia-tri-kinh-te-thuc-tien-post1056553.vnp