Legalization of digital assets

The draft Law on Digital Technology Industry details 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.

The National Assembly listened to Deputy Prime Minister Le Thanh Long report on the draft Law on Digital Technology Industry.

On the morning of November 23, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly listened to the Government and the reviewing agency report on the draft Law on Digital Technology Industry.

Add content about digital assets, AI

Presenting the Proposal, Deputy Prime Minister Le Thanh Long affirmed: The Law Project is built to develop the digital technology industry into an economic sector that contributes greatly to the country's economy; creating the most favorable environment to nurture and develop digital technology enterprises.

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 mastery of core technology in Vietnam; contributing to building a digital government, a driving force for the development of the digital economy and digital society. Affirming the legal value of the digital technology industry; forming regulations and policies to promote the development of the digital technology industry...

The Deputy Prime Minister said that, implementing the Government's direction and based on the actual situation, the Ministry of Information and Communications proposed to add 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, authenticated by digital technology in the electronic environment and protected by law as property rights in accordance with the provisions of civil law, intellectual property and other relevant laws. Crypto assets are a type of digital assets.

The draft assigns the Government to specify 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 to prevent, stop, limit and handle risks related to digital assets.

According to the Report, the semiconductor industry is an important sub-sector of the digital technology industry, relatively complete, highly physical, and large enough in scale. The Draft Law stipulates the Chapter "Semiconductor Industry" instead of "semiconductor microchips" to ensure the comprehensiveness, comprehensiveness, and completeness of the stages of semiconductor industry activities, consistent with the objectives, management objects, and synchronization with the Semiconductor Industry Development Strategy. The Draft assigns the Government to develop separate strategies and policy mechanisms for development in each period.

The report also stated that Artificial Intelligence (AI) is one of the most core digital technologies. The law provides definitions, management and development principles, and assigns the Government to specify this content in detail.

Accordingly, the Law drafts principles for AI management and development. AI serving human prosperity and happiness must ensure transparency and explainability, 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 encourage international cooperation.

Digital asset management is a new and complex issue that requires careful consideration.

On behalf of the reviewing agency, Chairman of the Committee for Science, Technology and Environment (KH,CN&MT) Le Quang Huy affirmed: The Committee basically agrees with the necessity of promulgating the Law on Digital Technology Industry. The draft Law dossier is basically qualified 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 with other laws that have been promulgated or are in the process of being promulgated, international treaties to which Vietnam is a member during the process of completing the draft Law, avoiding overlap with related laws, improving the normative nature of the provisions in the draft Law, ensuring feasibility, and meeting the objectives of the Law.

Regarding digital assets, the Committee for Science, Technology and Environment finds that it is necessary to regulate digital assets in the Law. However, digital asset management is a new and complicated issue, so it needs to be carefully considered, including studying and clarifying some contents on digital asset classification and developing corresponding management regulations; on ownership, inheritance and use rights; security measures, digital asset transactions, handling user complaints, protecting intellectual property rights; in accordance with international practices, facilitating transactions; ensuring strict management, anti-money laundering and market transparency.

Regarding artificial intelligence, some opinions believe that the provisions as in the draft Law are basically reasonable. However, there are opinions that comprehensive research is needed (including issues of ownership and property rights and personal rights to data; issues of respecting copyright; ...) to build a separate law on artificial intelligence (AI) in Vietnam.

The Committee on Science, Technology and Environment believes that, at this time, Vietnam needs to have a legal basis to regulate artificial intelligence to develop the strengths and advantages of AI while limiting adverse impacts in research, application and development of AI technology. Therefore, it basically agrees with the necessity and scope and level of regulations on AI systems in the draft Law. However, the Committee recommends studying and adding 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 by Vietnam; allowing enterprises with research projects on artificial intelligence to use data sources from state agencies; regulating the level of application of artificial intelligence in state agencies from solutions owned by domestic enterprises (to encourage use and create markets).

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