Creating a legal corridor for digital assets

According to the report on reception, explanation and revision of the draft Law on Digital Technology Industry (CCNNS) of the National Assembly Standing Committee, there are opinions that it is necessary to regulate digital assets in this draft law, with a specific classification of digital assets to have different management options. Add content requiring digital asset transactions to ensure compliance with legal regulations on protecting consumer rights, in the direction that digital asset transactions must ensure the right to access transparent and easy-to-understand information for consumers. At the same time, clearly define the responsibilities of digital asset service providers, as well as provide appropriate dispute resolution mechanisms.

Regarding the classification of digital assets, taking into account the opinions of National Assembly deputies, the draft law has adjusted this content in Article 54 in the direction of regulating criteria for classifying digital assets based on the purpose of use, features, technology and other criteria and implemented according to Government regulations in accordance with practical conditions.

Regulations on digital asset management include management of 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. The Government is assigned to regulate the authority and management of digital assets in specialized fields in accordance with practical conditions.

One of the new and relatively prominent points in the draft CNCNS Law is the introduction for the first time of the concept of digital assets.

Regarding the addition of some more detailed regulations related to digital assets, taking into account the opinions of National Assembly Deputies, the draft law has been supplemented with regulations on "measures to handle violations of the law related to digital assets" at Point d, Clause 2, Article 54.

In addition, implementing the policy of innovating legislative thinking and building laws in accordance with the authority of the National Assembly , the draft law only designs basic principles to create a legal corridor for digital assets. The detailed contents on authority and management of digital assets, including the content on protecting consumer rights, responsibilities of digital asset service providers, dispute resolution mechanisms, etc., will be specified by the Government in detail corresponding to each type of digital assets and in accordance with practical conditions.

Some opinions say that digital assets are a new issue, so there needs to be more investment in research and scrutiny. Add the concept of "digital money" to digital assets. In case it is determined that it is necessary to refer to other laws, there must be a plan to explain the reasons for separate regulations; it is necessary to clarify the stages of the life cycle of digital assets...

Regarding this issue, to have more theoretical and practical basis to complete the content, the Standing Committee of the National Assembly has directed the agency in charge of reviewing to coordinate with the agency in charge of drafting to organize work with relevant agencies including the Ministry of Finance, the State Bank of Vietnam, the Vietnam Banking Association, and the Vietnam Blockchain Association.

Through discussion and exchange, there are two streams of opinions. The first stream of opinion believes that this is a new and complicated issue, so only general concepts and principles should be stated and the Government should provide detailed regulations to ensure the stability of the law. The second stream of opinion suggests adding some concepts, specifically classifying digital assets 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 finds that: digital assets are a new, complex, developing, and rapidly changing issue. Currently, the world does not have a comprehensive legal framework on this issue and there are still different views.

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 opinion and partially supplements the second opinion on the management content of digital assets and assigns the Government to provide detailed regulations in accordance with practical conditions...

According to Mr. Dau Anh Tuan - Deputy General Secretary and Head of the Legal Department of VCCI, one of the new and relatively prominent points in the draft CNCNS Law is the introduction for the first time of the concept of digital assets. Although digital assets or virtual currencies have developed in practice, in terms of law, we seem to have not kept up, we do not have a legal framework for this type of asset.

Only when there is an official framework can investment and business activities in this field be formed and developed. Because we do not have an official legal framework, recently, there have been investment and business activities forced to leave Vietnam.

According to experts, the digital asset market in Vietnam is still not strictly managed. The lack of a clear legal framework causes investors to face many risks such as fraud, information security loss or issues related to money laundering and financial fraud. This also causes significant loss of revenue to the state budget when transactions mainly take place on international exchanges or through unofficial channels.

Faced with the above situation, at the end of February, General Secretary To Lam directed research to apply a controlled testing mechanism (sandbox) in the field of digital assets. The Ministry of Finance, in coordination with the State Bank of Vietnam, was assigned to submit to the Government a legal framework for digital asset management this March.

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