Vietnam Passes Law on Digital Technology Industry... Grants Legal Status to Virtual Assets
Summary
- The Vietnamese National Assembly announced that it has passed the 'Law on Digital Technology Industry', granting legal status to virtual assets.
- With the passage of this law, virtual assets are expected to have clear property rights under civil law.
- The law will come into effect on January 1st next year, and it is expected that Vietnam's virtual asset business environment will improve.
The Vietnamese National Assembly has reportedly passed a bill granting legal status to virtual assets (cryptocurrencies).
According to Decrypt on the 16th (local time), the Vietnamese National Assembly passed the 'Law on Digital Technology Industry', which legalizes virtual assets and provides incentives for artificial intelligence (AI) development and digital startups. As a result, virtual assets are defined as "products generated, issued, transferred, and authenticated using blockchain technology" and are expected to be granted clear property rights under civil law.
The media outlet reported, "Despite past legal uncertainty, Vietnam was once ranked 5th in the world in virtual asset adoption," adding that "the purpose is to address the problems faced by Vietnamese virtual asset companies relocating overseas due to unclear regulations." It further noted, "Vietnam aims to emerge as a digital technology powerhouse."
Meanwhile, this law will take effect on January 1st next year (local time).
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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