Crypto and NFT Assets in Fraud and Asset Recovery Litigation: International and Vietnam Law Perspectives
15 February 2023
Cryptocurrency has been widely accepted to be any form of currency that exists digitally or virtually and uses cryptography to secure various transactions including but not limited to money remittances and gaming prizes. Its unique proposition is its use of a decentralized system to record transactions and issue new units and it does not rely on traditional mechanisms for financial transactions such as banks to verify the customer and the nature of the transaction. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. While highly touted with its potential to disrupt the whole financial industry as the wave of the future, it is, in large respects still unregulated. This article provides an update as to the issues being raised in overseas jurisdictions and perspectives from the courts of Vietnam.