Vietnam is ranked second in the world in terms of the percentage of people owning digital assets, with about 20 million people owning digital assets and every year about 120 billion USD of cryptocurrency is poured into Vietnam.
On November 30, the National Assembly discussed the draft Law on Digital Technology Industry in the hall. Speaking at the meeting on artificial intelligence development, Deputy Hoang Minh Hieu (Nghe An Delegation) said that it is very necessary to regulate digital assets in this draft law. Currently, research reports and statistics show that Vietnam is second in the world in the rate of people owning digital assets, with about 20 million people owning digital assets and every year about 120 billion USD of cryptocurrency is poured into Vietnam, so if we do not have a legal framework for this form of ownership, we will miss a very important area in the development of the digital economy.
According to Mr. Hieu, it is necessary to continue to improve regulations on digital assets, including a specific classification of digital assets to have different management options. For example, there are different regulations for cryptocurrencies, representative digital assets or virtual assets in the digital ecosystem must also have different regulations.
For example, China currently completely bans cryptocurrency transactions but allows transactions for some other digital assets. Mr. Hieu assessed that the draft still lacks regulations clarifying the responsibilities of digital asset service providers, thereby enhancing the protection of consumer rights. Experience from other countries shows that this is a very important content, for example, the law of the European Union sets out very specific regulations on the responsibilities of digital asset issuers, such as having to register their operations, committing to legal responsibility for the products issued, and digital asset trading and storage platforms must be licensed to operate and must maintain information security as well as transparency during the transaction process.
Delegate Thach Phuoc Binh (Tra Vinh Delegation) proposed a clearer definition of digital assets, and added examples of digital assets such as NFT digital intellectual property, cryptocurrencies, and digital assets related to big data. This helps illustrate the scope of application and avoid misunderstandings.
Mr. Binh proposed amendments in the direction that digital assets include but are not limited to types of assets such as digitized intellectual property rights, NFT decentralized assets, cryptocurrencies and digital data with economic value.
Regarding crypto assets, Mr. Binh proposed to clarify the difference between crypto assets and other digital assets, emphasizing that crypto assets can include both utility tokens and security tokens.
According to Deputy Be Trung Anh (Tra Vinh delegation), we now have a digital society, a digital government and especially a digital economy. This law defines digital assets but does not define digital money. "Should we buy, sell and trade digital assets with real money? Therefore, I propose that the concept of digital money should be included for management," said Mr. Anh.
Speaking at the explanatory session, Minister of Information and Communications Nguyen Manh Hung said that if the National Assembly passes this law in the next session, Vietnam will be the first group of countries to have a separate law on the digital technology industry.
According to Mr. Hung, implementing the direction of General Secretary To Lam and National Assembly Chairman Tran Thanh Man on innovation in legislative work, the law stipulates general principles on management and development for new issues that are in the process of being developed, ensuring that management must keep up with and create development. Then, the Government is assigned to provide detailed regulations to ensure flexibility. The Law on Digital Technology Industry has approached this way to handle the contents of digital assets and artificial intelligence.
Source: https://daidoanket.vn/khoang-120-ty-usd-tien-ma-hoa-duoc-do-vao-viet-nam-moi-nam-10295609.html
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