#DigitalAssetBill

Digital Asset Bill (translated: Digital Asset Bill) is a term referring to bills constructed to regulate, manage, and legalize digital assets, such as Bitcoin, Ethereum, stablecoins, tokens, NFTs, and other types of digital assets. These bills may vary depending on the country or jurisdiction. The main objectives usually include:

1. Clearly defining what digital assets are

• Classification: digital assets may be considered commodities, securities, currencies, or utilities.

• Example: in the U.S., the SEC and CFTC have debated whether a token is a security or a commodity.

2. Creating a transparent legal framework

• Requiring companies providing digital asset services to register, comply with anti-money laundering (AML) regulations, know your customer (KYC) requirements, data security, etc.

• Establishing a basis for addressing fraud, rug pulls, phantom exchanges, token scams, etc.

3. Protecting investors and reducing risks

• Implementing measures to control ICO/IDO/IEO activities.

• Regulations on custody, insurance for digital assets.

4. Encouraging technological innovation

• Some countries use laws to attract Web3 and blockchain companies to invest, such as the UAE, Singapore, Switzerland.

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Current situation

• U.S.: There are many efforts such as the Lummis-Gillibrand bill, the FIT21 bill… to bring crypto into a mainstream legal framework.

• EU: Passed the MiCA (Markets in Crypto-Assets) law in 2023, effective from 2024–2025.

• Vietnam: No separate law on digital assets yet. The state has only focused on risk management, does not recognize crypto as a payment method, but does not prohibit holding it.