Prevent and handle risks related to digital assets

The draft Law on Digital Technology Industry has added content on digital assets, artificial intelligence (AI) and a separate chapter related to the semiconductor industry.

Deputy Prime Minister Le Thanh Long presents the bill - Photo: GIA HAN

On the morning of November 23, Deputy Prime Minister Le Thanh Long presented to the National Assembly a report on the draft Law on Digital Technology Industry.

Ensuring legal rights and interests of digital assets

According to Mr. Long, the goal of the law is 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. Implementing the Government's direction, based on the actual situation, the Ministry of Information and Communications proposed to supplement the content on digital assets, AI and adjust the content of "semiconductor microchips" to "semiconductors". In particular, 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, in accordance with the goals, management objects, and in sync with the Semiconductor Industry Development Strategy. The draft assigns the Government to develop its own strategy and policy mechanisms for development in each period. Regarding artificial intelligence (AI), it 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. 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 encouragement of international cooperation. Regarding digital assets, they 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. Such as property rights in accordance with the provisions of civil law, intellectual property and other relevant laws. Crypto assets are a type of digital asset. In principle, digital asset management requires a close combination of management processes, technology and people; Ensure integrity and authenticity. Ensure information safety, security, risk management; ensure transparency and accountability; transferability, compatibility with other systems; lifecycle management; ensure intellectual property rights, comply with the law and support sustainable development. Assign the Government to specify the types, 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; prevent, stop, limit and handle risks related to digital assets.

Incentives, land and tax support to develop digital technology industry

The bill proposes many policies to develop the digital technology industry. Such as policies to mobilize investment resources for research, design, technology transfer, and gradually master technology in the digital technology industry. Forming a legal framework to allow controlled testing of products and services that converge digital technology and new business models. Incentives and support in terms of land, tax, finance, investment, energy, water resources and other incentive and support mechanisms to develop the digital technology industry. Encourage the development of digital technology industry in a sustainable direction, following the circular economic model, reducing energy consumption, reducing emissions, minimizing negative impacts on the environment... On the other hand, developing digital technology industry infrastructure through mobilizing social investment resources in combination with state investment resources to build and develop digital technology infrastructure to ensure modernity, synchronization, and conformity with national, sectoral, regional, and local planning... After reviewing digital assets, Chairman of the Committee for Science, Technology and Environment Le Quang Huy stated that the regulation on digital assets in the draft law is necessary. 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... Along with that, ensuring strict management, anti-money laundering and market transparency. Source: https://tuoitre.vn/ngan-chan-va-xu-ly-cac-rui-ro-lien-quan-den-tai-san-so-20241123081119693.htm