According to Mr. Phan Đức Trung, Vice Chairman of the Vietnam Blockchain Association, the definition of digital assets needs to fully encompass all types of virtual assets, cryptocurrencies, real assets, and Central Bank Digital Currencies (CBDC) to ensure transparency, clarity, and alignment with the practical development of digital technology.
On August 29, 2024, the National Assembly’s Committee on Science, Technology, and Environment (UB KHCN&MT) and the Vietnam Chamber of Commerce and Industry (VCCI) organized a workshop to gather opinions on the draft Law on the Digital Technology Industry. The event was attended by Deputy Head of the UB KHCN&MT Nguyễn Phương Tuấn, Deputy General Secretary and Head of the Legal Department at VCCI Đậu Anh Tuấn, along with many National Assembly representatives, experts, and scientists.
The Ministry of Information and Communications prepared the draft Law on Digital Technology Industry (CNCNS) to establish a legal framework that facilitates and strongly encourages the development of the digital technology industry as a foundational sector, contributing to industrial advancement and the country’s modernization.
Mr. Phan Đức Trung provided several important suggestions, including proposals to amend Articles 3 and 8 (previously Article 10) of the draft Law. Specifically, Article 3 outlines seven definitions related to digital technology, the digital technology industry, digital technology products, digital data in the digital technology industry, concentrated digital industrial zones, artificial intelligence systems, and digital products created by artificial intelligence systems. Mr. Trung proposed adding ten definitions and concepts related to digital assets in Article 3, specifically concerning: Blockchain technology, Distributed Ledger Technology (DLT), tokens, digital assets, native digital assets, property rights arising from digital assets, crypto assets, virtual assets, real-world assets that have been tokenized, and Central Bank Digital Currencies (CBDCs).
“The definition of digital assets needs to fully encompass all types of virtual assets, cryptocurrencies, real assets, and Central Bank Digital Currencies (CBDC) to ensure transparency, clarity, and alignment with the practical development of digital technology,” Mr. Phan Đức Trung stated.
According to Mr. Trung, Clause 1 of Article 8 of the CNCNS draft law needs to be completed and narrow compared to global standards for digital assets. The definition in the draft only includes types of digital assets such as security tokens, payment tokens, and utility tokens, which refer to assets applying Distributed Ledger Technology (DLT) and may be confused with the scope of cryptocurrencies. Therefore, the head of the Vietnam Blockchain Association (VBA) proposed renaming Article 8 from “Digital Assets” to “Management of Digital Assets” to avoid confusion with Article 3 and suggested dividing Article 8 into four clearer sections outlining management responsibilities. Clearly defining and classifying digital assets, as well as delineating management responsibilities, will facilitate the application of the law in practice and contribute to the development of the digital asset market in Vietnam.
At the workshop, Mr. Trung also highlighted the relationship between the CNCNS draft law and existing laws, such as the Law on High Technology and the Law on Science and Technology, to assess their interrelationships and propose necessary adjustments for alignment.
During the workshop, Mr. Đậu Anh Tuấn, Head of the Legal Department at VCCI; Ms. Nguyen Thi Thu, representative of the American Chamber of Commerce in Vietnam; Ms. Nguyễn Phương Ly, Project Director at the Tony Blair Institute in Vietnam; and Ms. Nguyễn Huyền Minh, Senior Lawyer at BMVN Law Firm, focused on discussing policies to attract foreign investment in digital technology development, leveraging technology to support the digital technology industry, and other related topics.
