Khung pháp lý cho tài sản số: ‘Cân bằng giữa đổi mới sáng tạo và kiểm soát pháp lý’

Key Points

• Vietnam needs a legal framework for digital assets to balance innovation and risk management.
• The lack of a clear legal framework poses challenges, including Vietnam's inclusion on the FATF grey list.
• A regulatory sandbox is crucial for testing and refining regulations.
• Defining the nature of digital assets within existing laws is a key legal hurdle.
• Learning from international best practices, such as the US approach, is essential.

Detailed Summary

• Vietnam is under pressure to develop a legal framework for digital assets. This follows recommendations from the Party's Central Committee and the Prime Minister, who tasked the Ministry of Finance and the Ministry of Science and Technology with developing regulations.
• Vietnam's inclusion on the Financial Action Task Force (FATF) grey list in 2023 highlights the urgency. This listing relates to deficiencies in anti-money laundering and counter-terrorism financing measures, and a digital asset framework is crucial for removal.
• Delays in establishing a framework risk significant financial losses, including impacting foreign investment and hindering the utilization of the substantial "grey economy" operating with cryptocurrencies.
• A regulatory sandbox approach is seen as vital, allowing for controlled experimentation and adaptation of regulations. This would also attract international investment and promote Vietnam as a regional financial center.
• Defining digital assets legally is complex. Current laws, such as the 2015 Civil Code and the 2020 Investment Law, do not recognize digital assets, creating ambiguity around their classification and legal treatment.
• Balancing innovation and control is a critical challenge. Regulations must foster innovation in blockchain, fintech, and decentralized finance while mitigating risks.
• Practical implementation of the sandbox model poses challenges due to a lack of experience. A phased approach, starting with cryptocurrency exchanges in financial centers and expanding gradually, is recommended.
• International experience, particularly from the US, offers valuable lessons. Vietnam should adopt a long-term vision and learn from other countries' approaches to digital asset regulation.

Conclusions

• Creating a robust legal framework for digital assets is crucial for Vietnam's economic development and international standing.
• This framework must address legal definitions, regulatory oversight, and risk mitigation while fostering innovation.
• Learning from international experience and adopting a phased, controlled approach will be key to successful implementation.