It is necessary to soon form a legal corridor on virtual assets
Faced with the hot development of virtual assets, a challenging issue is how to manage and prevent cross-border money laundering activities, while still promoting the development of this market. .
According to Mr. Do Ngoc Quynh, General Secretary of the Vietnam Bond Market Association, with the current scale of virtual asset transactions, making good use of capital from virtual assets will be very beneficial for the economy. Vietnam.
“Vietnam is currently one of the most open economies in the world. We benefit but will also receive negative impacts. Whether we like it or not, Vietnam still has one of the largest crypto communities in the world. Without appropriate behavior, the Vietnamese economy will not benefit from the positive values of this.”, Mr. Quynh said.
Vice President of Vietnam Blockchain Association, Mr. Phan Duc Trung shared about the scale and impact of the virtual asset market. Photo: Trong Dat
According to the Secretary General of the Vietnam Bond Market Association, most governments of countries are confused and concerned about how to deal with virtual assets. This is because currency is one of the most important sovereignties for each country.
Suggesting policies, the General Secretary of the Vietnam Bond Market Association said that to take advantage of foreign capital, Vietnam used to consider USD as an asset. People can hold and deposit money in the bank to earn interest but cannot pay in USD. “We can consider dealing with virtual assets in a similar way”, Mr. Quynh proposed.
According to Mr. Nguyen Doan Hung, former Vice Chairman of the State Securities Commission, the Government has asked the Ministry of Finance to preside over research and develop a legal framework to ban or regulate virtual assets and organizations. Virtual asset service provider.
“Admitting or not admitting, banning or regulating virtual assets will all create conflicts of interest between traditional investment and business groups such as real estate, stocks, bonds and those who pursue them. Digital economic fields such as Blockchain, AI, IoT,…”, former Vice Chairman of the State Securities Commission commented.
However, this is also an opportunity for organizations providing virtual asset services to contribute opinions and participate in the process of building and perfecting the legal framework for the Vietnamese market.