Blockchain, also known as distributed ledger technology, is rapidly advancing not only in our country but also worldwide. The demand for understanding Blockchain in general, as well as the legal regulations concerning Blockchain and digital assets, is a pressing concern for many. In this article, Viet An Law is pleased to introduce our legal consulting services on blockchain and digital assets.
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Blockchain is considered one of the fastest gateways to the digital economy. Currently, many startups are actively developing products and services based on Blockchain technology. So, what is Blockchain?
Digital assets are an indispensable concept when mentioning Blockchain. Simply, digital assets are anything stored and transmitted electronically by computers or other digital devices associated with ownership or usage rights.
Although digital assets cannot be physically held, they can still be bought, sold, stored, or used for online transactions. Some common types of digital assets include:
In recent years, Blockchain and digital assets have been rapidly growing. Blockchain is one of the leading technologies prioritized for research, development, and application to actively participate in the 4.0 Revolution in Vietnam.
According to a research report by Digital Assets-Worldwide/Statista Market Forecast, in 2021, there were over 2 billion transactions with a total value of $1.4 trillion in virtual currency activities. Also, in 2021, Vietnam ranked 11th with 6.1% of the population and was among the top 20 countries with the highest percentage of cryptocurrency ownership. Therefore, our government has approved several projects to apply and manage prominent technologies, with Blockchain and digital assets being prioritized for research and development.
Due to the rapid development of Blockchain technology and digital assets, legal regulations on assets, financial markets, and taxes are being amended and supplemented to suit the development situation.
Currently, Vietnamese law does not have a specific legal framework for Blockchain and does not officially recognize ownership rights for digital assets. However, in practice, transactions involving the exchange, purchase, and use of digital assets are increasing. This also means that disputes related to the exchange and purchase of digital assets, especially cryptocurrencies, are continuously arising.
Currently, assets such as digital content (e-books, music, etc.), intangible assets in video games, artworks, etc., are still protected by intellectual property law, similar to other works. They are protected regarding personal rights and property rights. However, for trademark protection, since Vietnam applies the “first to file” principle, if digital works are not registered, the owner will not be protected under the trademark protection mechanism.
In addition to intellectual property, the digital technology sector is also being amended and supplemented with regulations to manage Blockchain and digital assets. The Digital Technology Industry Law is being drafted and is expected to be completed and submitted to the National Assembly for approval in May 2025. Additionally, other related legal regulations are being revised for practical application.
The new regulations promise to create a complete legal framework, providing a favorable environment for the comprehensive development of the information technology sector in general and Blockchain in particular. Moreover, this will serve as a basis to protect the rights and interests of individuals and organizations using Blockchain and holding digital assets.
Some Excerpts on the Concept of Digital Assets and Cryptographic Assets in the Draft Digital Technology Industry Law:
“Digital assets are intangible assets represented in the form of digital data, created, issued, stored, transferred, and verified by digital technology in an electronic environment, and are protected by law by civil law, intellectual property law, and other relevant laws.”
“Cryptographic assets are a type of digital asset created, issued, stored, transferred, and verified using blockchain technology, distributed ledger technology, or other similar digital technologies.”
With a team of experienced consultants, Viet An Law is one of the few units capable of providing legal consulting on Blockchain and digital assets. Some of our consulting services include:
This is the complete consultation from Viet An Law on legal consulting for blockchain and digital assets. If you need more detailed advice, please contact us for the best support.
