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| Businesses believe that recognizing digital assets as an asset helps businesses expand their access to capital. |
Legalization of digital assets
The Draft Law on Digital Technology Industry has devoted a whole chapter to digital assets. According to the provisions of the Draft, digital assets are divided into 3 groups: digital assets, virtual assets and encrypted assets.
The above classification of digital assets is not necessarily agreed by the delegates. Delegate Thach Phuoc Binh ( Tra Vinh ) said that the above regulation is still general and suggested classifying digital assets such as: personal identification associated with privacy; non-personal data; software and source code; digital content; digital assets that can be valued (NFT, digital assets on blockchain platform...). The specific classification will help manage transfers, valuation, taxation... effectively.
Similarly, delegate Dong Ngoc Ba (Binh Dinh) said that the criteria for classifying the three groups of digital assets are unclear and unreasonable. According to the delegate, it is necessary to provide more specific technical criteria to classify these groups of digital assets, thereby providing a suitable management mechanism.
In the report on acceptance and revision, the Standing Committee of the National Assembly stated that the criteria for classifying digital assets are based on the purpose of use, features, technology, other criteria and are implemented according to Government regulations, in accordance with practical conditions to regulate the contents of digital asset management (creation, use, exchange, supply of digital assets, tax obligations for activities related to digital assets, protection of consumer rights, raising awareness of digital assets, measures to handle violations of laws related to digital assets, etc.).
According to the National Assembly Standing Committee, the Draft only designs basic principles to create a legal corridor for digital assets. The detailed contents on authority and management of digital assets, including the protection of consumer rights, responsibilities of digital asset service providers, dispute resolution mechanisms, etc., will be specified by the Government in detail for each type of digital asset and in accordance with practical conditions.
Don't consider digital assets as money
The draft Law on Digital Technology Industry does not add the concepts of “digital currency” and “cryptocurrency”. Previously, some opinions proposed adding the concepts of “digital currency”, digital assets such as NFT digital intellectual property, cryptocurrencies and digital assets related to big data.
On this issue, the reviewing agency and the drafting agency have worked with the Ministry of Finance, the State Bank, the Vietnam Banking Association, and the Vietnam Blockchain Association and there are two main opinions. The first opinion is that this is a new and complicated issue, so only the general concept and principles should be stated and the Government should be assigned to provide detailed regulations to ensure the stability of the law.
In the world, there are many business models that use digital assets such as brands and intellectual property to raise capital and have achieved great success. In Vietnam, we need to find suitable solutions to promote the use of digital assets as collateral, while focusing on creating a transparent and clear legal mechanism. This is an important time to shape Vietnam's position in the global trend of digital asset development. 
- Mr. Nguyen Kim Hung, Chairman of the Board of Directors of Kim Nam Group
The second opinion suggests adding some concepts, specifically classifying digital assets (virtual assets, crypto assets, cryptocurrencies, NFTs, tokens, etc.) and having regulations on the provision of related services to protect consumer rights, prevent fraud, scams, money laundering, terrorist financing, etc.
The Standing Committee of the National Assembly believes that digital assets are a new, complex, rapidly developing and changing issue; there is currently no comprehensive legal framework regulating this issue and there are still different views from countries around the world (Hungary, the United States, etc.). Therefore, in order to ensure the feasibility, flexibility and stability of the legal system, the Standing Committee of the National Assembly agrees with the first type of opinion.
In fact, the Draft also excludes virtual assets in the electronic environment such as securities, digital forms of legal currency and other financial assets according to the provisions of civil and financial laws.
Although digital assets and cryptocurrencies are not considered “money” in Vietnam, businesses believe that recognizing digital assets as assets helps businesses expand their access to capital.
According to Mr. Nguyen Kim Hung, Chairman of the Board of Directors of Kim Nam Group, legalizing digital assets and issuing a controlled testing mechanism (sandbox) in this field will make a breakthrough in Vietnam's creative startup sector. Mr. Hung hopes that the law and sub-law documents will be issued soon, especially regulations on identification and valuation methods of digital assets.
“We hope that the relevant authorities will study and consider issuing regulations on identifying digital assets and methods for valuing digital assets for businesses so that they can access capital sources from commercial banks and invest in the short, medium and long term. If we can resolve this, the flow of money from banks to the small and medium-sized enterprise community will be better,” Mr. Hung suggested.
Dr. Le Thi Giang, lecturer at Hanoi Law University, also said that the Draft Law on Digital Technology Industry initially establishing the concept of digital assets and ownership of this type of asset is an important step forward. However, to develop, manage and better apply digital assets, we still need to wait for more guiding documents.
Source: https://baodautu.vn/khong-nhap-nhem-tai-san-so-tien-so-d281747.html
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