In its 5th session that closed on 15 June 2018, Vietnam’s 14th National Assembly passed 7 bills, including the controversial Cybersecurity Law. When the laws are revised, it is game on for law firms, but crucial is action before the laws are passed.
Vietnam’s bureaucrats who draft the laws are open to exchanging information with experts from the business community. Last week, I talked with the Minster of Justice and other officials in preparation for the coming legal framework for fintech, blockchain, cryptocurrencies, and ICOs. Ministry of Justice officials announced that new legislation on virtual assets is planned within the year. Likewise, the State Bank of Vietnam is preparing a fintech “regulatory sandbox” – an environment where generally strict banking laws and other compliance requirements are eased for start-ups and new R&D projects to conduct proof-of-concept work. The Ministry of Science and Technology and other authorities are also working hard on related regulations in their respective fields.
Vietnam is beyond the point of “if” and “when” to regulate blockchain technology and applications – it has entered the “how” phase. Balancing the Cybersecurity Law and other national security measures with the opportunity to become a leading hub of the 4th Industrial Revolution might not be easy, but while legislation is pending, businesses can play a part in shaping Vietnam’s blockchain law.