1. Some legal regulations related to Blockchain technology in the world
Blockchain technology, while innovative and transformative, presents unique challenges and opportunities for legal and regulatory frameworks globally. Different countries have taken varied approaches to regulate blockchain, reflecting their distinct legal cultures,
economic policies, and technological readiness. Here’s an overview of some notable regulatory efforts:
e United States:
In the United States, there is no unified national framework for blockchain; instead, regulations are implemented at both the state and federal levels. The Securities and Exchange Commission (SEC) has been particularly active in regulating blockchain as it relates to securities and investments. The SEC often determines whether tokens offered in Initial Coin Offerings (ICOs) qualify as securities under U.S. law and thus, should comply with the corresponding regulations. Furthermore, the Commodity Futures Trading Commission (CFTC) oversees cryptocurrencies like Bitcoin and Ethereum as commodities, focusing on derivatives and futures contracts based on digital assets.
e European Union:
The European Union has been proactive in its approach to blockchain regulation, aiming to foster innovation while ensuring consumer protection and market integrity. The EU's Fifth Anti-Money Laundering Directive (SAMLD), which came into effect in January 2020, extends its coverage to virtual currencies and wallet providers, mandating that they adhere to the same regulatory standards as traditional financial entities. This includes stricter requirements for customer due diligence, transaction monitoring, and reporting suspicious activities. Additionally, the European Blockchain Partnership (EBP), established by the European Commission, is an initiative aimed at developing a secure and resilient blockchain infrastructure across the bloc to support the delivery of EU services.
e China:
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China presents a contrasting stance on blockchain. While the government has banned cryptocurrencies and related financial activities, it actively promotes the development and application of blockchain technology in other sectors. In 2020, China introduced the Blockchain-based Service Network (BSN) as a part of its national strategy, which aims to support the development and deployment of blockchain projects that can enhance governance and public services.
e Switzerland:
Switzerland is known for its crypto-friendly regulatory environment, particularly in
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regions like Zug, often referred to as "Crypto Valley." Swiss regulators have implemented pragmatic blockchain policies that encourage innovation while maintaining robust standards for anti-money laundering (AML) and operational compliance. The Swiss Financial Market Supervisory Authority (FINMA) provides clear guidelines on how blockchain-based businesses can comply with financial laws, including banking,
securities, and trading.
® Singapore:
Singapore has established itself as a hub for blockchain and fintech, largely due to its supportive regulatory framework and openness to innovation. The Monetary Authority of Singapore (MAS) has implemented a progressive approach to blockchain regulation, emphasizing its potential benefits while ensuring robust risk management practices. The MAS also launched a regulatory sandbox that allows blockchain businesses to test innovative financial products and services in a controlled environment without
immediate regulatory consequences.
While the adoption of blockchain technology is widely seen as a step forward in digital innovation, it also poses significant legal challenges, such as jurisdictional issues, the enforceability of smart contracts, and the privacy concerns raised by immutable data storage. As blockchain technology continues to evolve, legal systems around the world will need to adapt to address these new challenges effectively, balancing the need for regulation against the desire to promote technological innovation.
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Fig 4. Recent development and initiatives by regulators and goverments.
2. Opportunities for legal policies on Blockchain technology in Vietnam?
Currently, one of the biggest difficulties is policy and legal framework. According to the review report on the Project approved through Decision 1255/QD-TTg implemented by the Ministry of Justice, Vietnam currently does not have an exact definition or specific legal corridor to promote development. Development and application of Blockchain technology.
However, in many decisions of the Vietnamese government, Blockchain is becoming one of the technologies prioritized for research, development and application, typically:
e Decision No. 100/QD-TTg: "Approval of the Project to deploy, apply and manage a traceability system using new technologies to improve the efficiency of origin traceability activities" in which: Deployment of topics Funding, projects, research tasks, application of science and technology to develop solutions and technology (Blockchain, IoT, AI, Big data and new technologies in line with world development trends) application in traceability.
e According to Decision 2117/QD-TTg 2020 of the Prime Minister on promulgating a list of priority technologies for research, development and application to proactively participate in the fourth industrial revolution.
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e According to Decision No. 749/QD-TTg of the Prime Minister approving the
"National digital transformation program to 2025, orientation to 2030", Blockchain is one of a number of core technologies selected for priority. Research that Vietnam can leapfrog and potentially create a strong breakthrough.
e According to Decision No. 942/QD-TTg of the Prime Minister approving the
"E-government development strategy towards digital government for the period 2021 - 2025, orientation to 2030" on the solution "Research, build Building and piloting the use of virtual currency based on blockchain technology.”
Accordingly, ministries and branches have also proposed specific strategies to develop this technology. This is an opportunity for the Blockchain technology research community to boldly deploy and develop projects and is also the reason why the Vietnamese Blockchain market is attractive to investors around the world.
At the same time, Vietnam is also in the period of integration into the 4th industrial revolution. In order not to miss the opportunities and challenges in this revolution, Vietnam has created an environment for development and new perspectives. Be open about new technology, Blockchain technology through seminars, exchanges, research and experimental applications, etc.
To apply Blockchain technology, there are many challenges facing Vietnamese businesses and startups. Besides the difficulty of large costs and the need for highly specialized personnel in the field of Blockchain, the incomplete legal corridor requires startups to come up with solutions to set up representative offices in countries that already have a foundation. Clearer legalities for convenient operations and easier capital raising...
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CHAPTER 3: COMPARE THE TRADITIONAL TRANSPORTATION