DNVN - The digital asset market is growing rapidly but lacks a legal framework, posing many potential risks. The draft Law on Digital Technology Industry supplements the principles, assigns the Government to provide detailed guidance, and considers a sandbox mechanism to perfect the legal framework.
According to the report on reception, explanation and revision of the draft Law on Digital Technology Industry (CCNNS) of the Standing Committee of the National Assembly, 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 a suitable dispute resolution mechanism.
Regarding the classification of digital assets, taking into account the opinions of the National Assembly Deputies, the draft law has adjusted this content in Article 54 in the direction of stipulating 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 Law on CNCNS 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 innovation in legislative thinking and law-making under 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 protection of consumer rights, responsibilities of digital asset service providers, dispute resolution mechanisms, etc., will be specified by the Government in detail for each type of digital asset 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 another law, there must be a plan to explain the reason for the separate regulation; it is necessary to clarify the stages of the life cycle of digital assets...
Regarding this issue, in order to have more theoretical and practical basis to perfect 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 Banking Association, and the Vietnam Blockchain Association.
Through discussion and exchange, there are two streams of opinion. The first stream of opinion believes that this is a new and complicated issue, so we should only state the general concepts and principles and assign the Government to 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, there is no legal framework in the world that fully regulates this issue and there are still different opinions.
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 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 Law on CNCNS 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 exposes investors to many risks such as fraud, information insecurity, money laundering and financial fraud. This also causes significant losses to the state budget as 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 the study of applying 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.
Moonlight
Source: https://doanhnghiepvn.vn/cong-nghe/tao-hanh-lang-phap-ly-cho-tai-san-so/20250318085316370
Comment (0)