Legalizing digital assets

The draft Law on Digital Technology Industry specifies the types and management of digital assets and organizations providing digital asset services depending on practical conditions; and measures to ensure the legitimate rights and interests of organizations and individuals.

The National Assembly heard a report from Deputy Prime Minister Le Thanh Long on the draft Law on Digital Technology Industry.

On the morning of November 23, under the chairmanship of Deputy Speaker of the National Assembly Nguyen Duc Hai, the National Assembly heard reports from the Government and the reviewing agency on the draft Law on Digital Technology Industry.

Add content about digital assets and AI.

Presenting the report, Deputy Prime Minister Le Thanh Long affirmed: The draft law is being developed to promote the digital technology industry as a major contributor to the national economy; creating the most favorable environment to nurture and develop digital technology businesses.

Developing the digital technology industry with a focus on Vietnamese digital technology enterprises, gradually shifting from assembly and processing to innovation, design, integration, production, and mastering core technologies in Vietnam; contributing to building a digital government and driving the development of the digital economy and digital society. Affirming the legal value of the digital technology industry; formulating regulations and policies to promote the development of the digital technology industry...

The Deputy Prime Minister stated that, in accordance with the Government's directives and based on the actual situation, the Ministry of Information and Communications proposed adding content on digital assets and AI to the Draft.

Accordingly, digital assets are intangible assets, expressed in the form of digital data, created, issued, stored, transferred, and authenticated by digital technology in an electronic environment, and protected by law as property rights in accordance with civil law, intellectual property law, and other relevant laws. Cryptographic assets are a type of digital asset.

The draft mandates the Government to regulate in detail the types and management of digital assets and organizations providing digital asset services, depending on practical conditions; measures to ensure the legitimate rights and interests of organizations and individuals; and prevention, mitigation, limitation, and handling of risks related to digital assets.

According to the draft law, the semiconductor industry is an important sub-sector of the digital technology industry, relatively complete, highly physical, and of sufficient scale. The draft law stipulates a chapter on "Semiconductor Industry" instead of "semiconductor integrated circuits" to ensure comprehensive coverage of all stages of semiconductor industry operations, consistent with the objectives and subjects of management, and aligned with the Semiconductor Industry Development Strategy. The draft law assigns the Government the task of developing its own strategy and policy mechanisms for development in each period.

The report also states that Artificial Intelligence (AI) is one of the most core digital technologies. The law provides a definition, principles for management and development, and entrusts the Government with the task of specifying the details of this content.

Accordingly, the draft law outlines the principles for managing and developing AI. AI serving human prosperity and well-being must ensure transparency and accountability, fairness and non-discrimination, respect for ethical values ​​and human assistance, protection of privacy, inclusive access, security and confidentiality, controllability, risk-based management, responsible innovation, and encouragement of international cooperation.

Managing digital assets is a new and complex issue, so it requires careful consideration.

On behalf of the reviewing body, the Chairman of the Science, Technology and Environment Committee, Le Quang Huy, affirmed that the Committee basically agrees with the necessity of enacting the Law on Digital Technology Industry. The draft Law's dossier is basically ready to be submitted to the National Assembly for consideration and comments at the 8th Session. The Committee requests the drafting agency to continue reviewing the draft Law in relation to other laws that have been enacted or are in the process of being drafted, and international treaties to which Vietnam is a signatory, during the process of finalizing the draft Law, avoiding overlaps with related laws, enhancing the normative nature of the provisions in the draft Law, ensuring feasibility, and meeting the objectives of the Law.

Regarding digital assets, the Committee on Science, Technology and Environment recognizes that regulations on digital assets in the Law are necessary. However, managing digital assets is a new and complex issue, requiring careful consideration. This includes researching and clarifying several aspects, such as the classification of digital assets and the development of corresponding management regulations; ownership, inheritance, and usage rights; security measures, digital asset transactions, handling user complaints, and intellectual property protection; ensuring compliance with international practices, facilitating transactions; and guaranteeing strict management, anti-money laundering, and market transparency.

Regarding artificial intelligence, some opinions suggest that the regulations as drafted in the Law are fundamentally reasonable. However, others argue that comprehensive research is needed (including issues of ownership and property rights and personal rights regarding data; respect for copyright; etc.) to develop a separate law on artificial intelligence (AI) in Vietnam.

The Committee on Science, Technology and Environment believes that, at this time, Vietnam needs a legal framework to regulate artificial intelligence in order to develop the strengths and advantages of AI while limiting adverse impacts on research, application, and development of AI technology. Therefore, the Committee basically agrees with the necessity and scope and level of regulation on AI systems in the draft Law. However, the Committee proposes to study and add regulations to limit the risks and impacts of AI technology on economic and social life, such as ethical principles; research and development of AI created in Vietnam; allowing businesses with AI research projects to use data from state agencies; and regulating the level of application of artificial intelligence in state agencies from solutions owned by domestic businesses (to encourage use and create a market).

Source: https://baoquocte.vn/du-an-luat-cong-nghiep-cong-nghe-so-luat-hoa-tai-san-so-294849.html