Virtual assets are first codified in the Hanoi Convention: A turning point for the digital age

DNVN - The United Nations Convention against Cybercrime, scheduled to be signed in Hanoi on October 25-26, is considered a global milestone in the legalization of virtual and digital assets. This is the first time these concepts have been included in an international treaty, opening up a common legal basis for investigating, tracing and handling cross-border high-tech crimes.

In the context of the strong development of the digital economy , cybercrime and digital financial fraud are also increasing on a global scale. From ransomware attacks, personal data theft to money laundering through cryptocurrencies, global economic losses have exceeded trillions of USD each year. Therefore, it is urgent for countries to unify the legal framework to handle cybercrime and manage digital assets.

When cryptocurrencies are recognized as property - the world enters a new phase of legal cooperation. (Illustration photo)

The Hanoi Convention is considered a global “legal shield” to deal with this challenge. The highlight of the document is that for the first time, digital assets and virtual assets are included in the definition of “property” in international law. That means that types of assets such as cryptocurrencies, NFTs, virtual assets in online games, etc. are recognized as objects that can be seized, traded, or recovered during the investigation of cybercrime.

Dr. Sreenivas Tirumala, lecturer at RMIT Vietnam School of Business & Management, commented: “The inclusion of digital assets and virtual assets in the Convention is a timely step, contributing to strengthening digital trust and enhancing international cooperation in combating cybercrime.” According to him, this move not only demonstrates the rapid adaptation of the global legal system but also opens up opportunities to protect users, businesses and investors in cyberspace.

From a technological perspective, Dr. Jeff Nijsse, Senior Lecturer in Software Engineering at RMIT, said that Vietnam’s hosting of the Convention is “a clear demonstration of Vietnam’s growing role in global cybersecurity.” He emphasized: “The Hanoi Convention reflects Vietnam’s efforts to connect the international community to jointly deal with cybercrime and the challenges of the digital age.”

The convention also marks a significant shift in global perception: from viewing cryptocurrencies as merely “risky financial instruments,” countries have begun to see them as part of the digital economy that needs to be regulated, monitored, and protected. With virtual assets legalized, law enforcement agencies can cooperate, track transactions, recover stolen assets, and prosecute criminals more effectively.

In addition, the Hanoi Convention also aims to create a framework for international cooperation between investigative agencies, courts, technology companies and financial institutions. Sharing data, digital evidence and mutual legal assistance procedures will help reduce the legal gap between countries - which is a major barrier in handling cross-border cybercrime.

Experts say that when the Convention is ratified, Vietnam will become a center for international dialogue on cybersecurity and digital law in the region. This event not only affirms the country's proactive and active position in the field of cybersecurity, but also contributes to enhancing Vietnam's reputation in international forums on Internet governance and digital assets.

In the digital age, where the boundaries between reality and virtuality are increasingly blurred, the recognition of virtual assets in international law is not only a legal step forward, but also an affirmation of users’ property rights in cyberspace. The Hanoi Convention is therefore expected to become the foundation for a more secure, transparent and trustworthy digital environment on a global scale.

Nguyen Bach

Source: https://doanhnghiepvn.vn/cong-nghe/tai-san-ao-lan-dau-duoc-luat-hoa-trong-cong-uoc-ha-noi-buoc-ngoat-cho-ky-nguyen-so/20251021051301450