Abstract

This article examines the shift from the “Code is Law” paradigm to “Governing Code by Law” in the legal regulation of smart contracts. Based on an examination of the legal nature of smart contracts and the Smart Legal Contract model, the study analyzes China’s legal framework and practice in relation to: (1) the formation of smart contracts; (2) requirements for contracting parties and a three-layer identity verification mechanism; (3) the limits of self-execution and judicial intervention; and (4) legal liability for source-code errors and the actors involved. Against the backdrop of Vietnam’s existing legal framework and the availability of the national population database infrastructure integrated with VNeID, the article proposes three strategic solutions to clarify the legal status of smart contracts and manage their operational risks in Vietnam.

Keywords: Blockchain, China, Governing Code by Law, Smart contracts, Smart Legal Contract.