Vietnam Proposes Legislation to Requisition Digital Assets Under Special Circumstances
Vietnam’s Deputy Minister of Finance, Le Tan Can, recently presented an outline of the draft Law on Property Acquisition and Requisition (Amended). The draft proposes to include digital assets, digital infrastructure, telecommunications infrastructure, and information infrastructure within the scope of state assets that may be requisitioned under special circumstances.
Compared to current laws—which primarily apply to housing, land-attached assets, machinery, equipment, and technical means—this marks the first time the requisition of digital assets has been proposed, representing a significant legislative development.
I. Key Concepts Defined
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Broad Scope of Digital Assets: The definition is not limited to cryptocurrencies or tokens; it covers various types of assets created, stored, and transferred using digital technology.
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Requisition ≠ Compulsory Purchase (No Transfer of Ownership):
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Compulsory Purchase: Ownership of the property is officially transferred to the state.
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Requisition: The owner retains ownership, while the state only acquires the right to manage and use the property for a specified period.
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Strict Conditions for Application: Requisition will never be implemented under normal conditions; it is strictly limited to genuinely necessary circumstances involving national defense, security, national interest, emergencies, natural disasters, or epidemics.
II. Challenges Facing the Requisition of Digital Assets
Reviewing authorities noted that digital assets represent a new asset class never before requisitioned in Vietnam, requiring a careful assessment of their complexities:
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Complex Transfer of Management and Control: Unlike physical assets such as automobiles or machinery, digital assets involve access keys, customer data, system control, and intricate third-party interests.
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Difficulties in Assessing Loss and Compensation: Although the draft outlines compensation mechanisms for lost or damaged property, or for direct loss of income caused by requisition, accurately determining losses and compensation amounts for highly volatile assets like cryptocurrencies remains a major challenge.
III. Current Status （Vietnam crypto exchange ）
Including digital assets in the requisitionable category remains a legislative proposal. The draft must undergo review and approval by the National Assembly before officially taking effect.