VCCI exposes RISKS when "criminalizing" digital assets without legal basis ❤️‍🔥

Proposals to "criminalize" digital currency transactions and digital assets in Vietnam are generating many conflicting debates between regulatory agencies and the business community.
In the draft amendments to the Criminal Code, the Ministry of Public Security proposes to add regulations allowing the confiscation of new types of assets such as cryptocurrencies, electronic wallets, virtual assets, or property rights in digital environments. The goal is to more effectively address crimes like fraud, money laundering, or concealing cash flows through blockchain — issues that are increasingly complex and difficult to trace.
However, VCCI issues a notable warning: "criminalizing" too early while the legal framework is not yet complete could pose significant risks.
Currently, although there is an initial definition of "digital assets," Vietnam still lacks a clear regulatory system to distinguish between legal activities and violations in this field.
This could cause fintech companies, trading platforms, and even investors to inadvertently fall into legal risk zones.
Another issue emphasized by VCCI is that the description of violations in the draft remains quite general, without specific details on severity, consequences, or clear criteria. If applied in practice, this could lead to arbitrary interpretations and unnecessary pressure on the market.
From international experience, many countries like Singapore, Japan, or the EU tend to adopt a more cautious approach: first building a legal framework for regulation (including licensing, registration, or sandbox testing), then moving on to criminal sanctions for clearly defined violations.
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