return icon Vietnamnet.vn

VN needs regulations of digital, virtual assets

Vietnam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights.
Industry 4.0 was driving a boom of digital and virtual assets, requiring regulations to be raised to ensure its on-track development and management of asset ownership rights. — Photo laodong.vn


Currently, digital and virtual assets have not been recognised as property in Vietnam.

Experts said that the existing legal framework of Vietnam was encountering difficulties in tolerating new types of assets in the Industry 4.0 era.

Le Thuy Nga from the Institute of Legal Science pointed out that Vietnam had not had a legal corridor to identify the owners and transactions of assets of new technology applications.

This caused uncertainty in protecting individuals' rights or interests in the holding, transferring, and inheritance of crypto assets, especially in cases of protection against theft or expropriation.

The Law on Corporate Income Tax and the Law on Personal Income Tax were not applicable for transactions of crypto assets, Nga said.

Due to the lack of a clear legal framework, tax authority could not collect taxes from investing and trading in crypto assets, while it also confused managing other sectors such as opening cryptocurrency exchanges or launching initial coin offerings to raise capital.

Nga said that the lack of regulation, together with low awareness of residents about virtual assets and cryptocurrency, also recently led to an explosion of fraudulent activities. The confusion between the concepts of cryptocurrency and digital assets also caused problems in State management.

From a legal perspective, Nga said that cryptocurrency was not recognised as a legal currency and payment method in Vietnam, adding that it was necessary to have regulations clearly distinguish cryptocurrency from electronic assets.

Experts said that the biggest legal problem with asset ownership in the context of the Industry 4.0 lay in the fact that there were no rules that clarify digital assets.

At the third session of the 15th National Assembly in June, Governor of the State Bank of Vietnam Nguyen Thi Hong said that it was necessary to clarify electronic money, cryptocurrency and virtual assets.

Hong said that electronic money was an electronic store of monetary value on a technical device, adding that the decree about cashless payment was being amended to clarify this definition.

Like bitcoin, Hong said, cryptocurrency and virtual assets had not been recognised as legal currencies issued by central banks. These currencies were only identified in specific communities such as gaming or technology.

Each country had a different way of managing virtual currency. For Vietnam, relevant ministries and agencies were studying the legal framework for cryptocurrency. 

Source: Vietnam News

MORE NEWS

VIETNAM BUSINESS NEWS AUGUST 15

Phu Quoc welcomes increasing investment in urban development

Journalists live streaming court proceedings to be fined nearly US$1,500

Journalists may face a fine from VND7 million ($320) to VND30 million (over $1,400) if they record audio, video with audio of a court hearing and broadcast it live on cyberspace.

Man arrested for attempted murder of three-year-old boy, hiding him in freezer

Police in Ha Nam Province have arrested a 25-year-old man, for the attempted murder of a three-year-old boy after beating him unconscious and hiding him in a freezer.

Da Lat to build dossier for becoming UNESCO creative city of music

Da Lat city in the Central Highlands province of Lam Dong has been given the green light to build a dossier and plan serving the application to be part of UNESCO Creative Cities Network in the field of music.

Vietnam strives to conserve elephants

In Vietnam, elephants are classified as critically endangered in the Vietnam Red Book, and are included in the group with the highest conservation status, whose exploitation for commercial purposes is strictly prohibited. ​

VN photographer wins two prizes at One Eyeland Awards

Tran Viet Van, a journalist at Lao Dong (Labour) newspaper, claimed two prizes in the World’s Top 10 Portrait Photographers 2022 photo contest run by One Eyeland Awards 2022.

VN tennis players qualify for World Group II play-offs in 2023

The Vietnamese tennis team have been promoted to the World Group II play-offs in 2023 after enjoying a resounding 3-0 win over Syria in the 2022 Davis Cup Group III in the Asia/Oceania region.

VIETNAM NEWS HEADLINES AUGUST 15

NA Chairman approves financial support for pandemic-hit laborers

Removing bottlenecks to attract foreign visitors to Vietnam

The local tourism industry is currently devising ways to iron out snags in attracting foreign visitors to the country, as the number of foreign arrivals during the first half of the year was far below the set target.

Demand for logistics real estate increases sharply: Savills Vietnam

Vietnam’s logistics industry is developing strongly thanks to the growth of the e-commerce industry, according to Savills Vietnam.

Discover the exquisite rainbow rice noodles of Can Tho

Rainbow rice noodles, also known as five-coloured hủ tiếu, are a fun take on the traditional Vietnamese rice noodles and a must-try for every tourist to Can Tho City in the Mekong Delta.

A unique cave awaits explorers in Quang Binh Province

Va Cave in the core zone of the Phong Nha- Ke Bang National Park in Quang Binh Province, with its unique stalagmites and stalactites, is a natural beauty waiting to be discovered by explorers.

The most important 'economic corridors' for next 10-30 years

The national planning draft for 2021-2030 with a vision towards 2050 focuses on the formulation and development of economic corridors, dynamic zones, large cities and economic zones associated with the national infrastructure framework.

Artisans strive to keep traditional craft alive

Artisan Tran Van Ban is busy all day from early in the morning to the evening. He is carving out beautiful mooncake molds to serve people's demands for the Mid-Autumn Festival which is approaching in the next few weeks.

Goalkeeper Dang Van Lam returns home to join a V.league 1’s club

Goalkeeper Dang Van Lam is set for a return to V.League 1 after touching down in HCM City with his agent.
back_to_top