🇻🇳 Vietnam is rushing to complete the legal framework for digital assets

This content was discussed at the "Tax Policy - Digital Assets" Seminar organized by the Government Electronic Information Portal on the afternoon of August 21:

🔸 Although Vietnam is in the TOP 3 countries with the highest rate of digital asset ownership in the world in 2021-2022, the legal framework is still incomplete, causing difficulties for businesses.

🔸 Even forcing some businesses to move their operations abroad such as Singapore (Typically, Sky Mavis Group).

🔸 The Government is making efforts to develop appropriate legal regulations, including introducing the concept of digital assets in the draft Law on Digital Technology Industry.

The goal is to create a favorable legal environment to encourage investment, protect the interests of stakeholders, and make Vietnam an attractive destination for technology investors.

🔸 Clear legal frameworks will help define ownership and tax responsibilities and facilitate the sustainable development of the digital industry in Vietnam, attract foreign investment and prevent "brain drain".

🔸 Businesses also want to accelerate the process of testing and applying new technologies (through the Sandbox testing mechanism).