Abstract

The legal status of digital assets, the basis for establishing rights over them, and the appropriate regulatory model remain unsettled in many legal systems. Using doctrinal analysis, functional comparative law, and case studies, this article examines four representative models. The United States regulates digital assets according to the economic substance of transactions and is moving toward specialized legislation; the European Union has codified the field through the Markets in Crypto-Assets Regulation (MiCA); China prohibits decentralized cryptocurrencies while developing the e-CNY and protecting virtual property in civil disputes; and Singapore adopts an activity- and risk-based approach combining licensing with a regulatory sandbox. Comparing these models with Vietnam’s 2025 Law on Digital Technology Industry and Government Resolution No. 05/2025/ NQ-CP, the article finds that Vietnam has defined digital assets but has not aligned this concept with the Civil Code, lacks a “control” criterion as an alternative to possession, and continues to rely on pilot instruments for investor protection and intermediary supervision. It identifies six lessons for legislative reform: adopting functional definitions, recognizing control as the basis of proprietary rights, institutionalizing pilot frameworks, strengthening oversight of intermediaries, balancing innovation with systemic safety, and aligning domestic law with international standards.

Keywords: Comparative law, crypto-assets, digital assets, digital economy, Vietnam.