Need to establish legislation to promote digital asset development

Data has confirmed the development of the digital asset industry in Vietnam, but the lack of a legal framework is reducing confidence and is a barrier to the development of businesses and investors in this field.

Vietnam ranks 2nd in the world in digital assets

At the Vietnam Tech Impact Summit (VTIS 2024) organized by SSI Securities Corporation in collaboration with FPT Corporation, Mr. Nguyen Duy Hung, Chairman of SSI Securities, said that according to research from Forbes, the Vietnamese market ranks second in the world in terms of ownership and interest in digital assets. In addition, the Vietnamese market ranks fourth in the top 10 largest trading markets in the world, and the Vietnamese stock market is also leading in terms of transaction speed.

"Previously, blockchain technology, cryptocurrency, asset tokenization and decentralized applications (DeFi) were mentioned as technological solutions, stories of ideas in other countries, but today, this has entered the lives of every Vietnamese family," Mr. Hung emphasized.

Nowadays, digital assets are considered by any international financial institution as an indispensable element in the financial system.

Therefore, Vietnam is faced with a choice: either we continue to let the market develop spontaneously, businesses continue to register for foreign business and return to Vietnam to implement the current models; or we manage, keep them for ourselves, collect taxes and let businesses develop in our own country.

Legal framework needed to seize unprecedented opportunities

Although reality has confirmed the development of the digital asset industry in Vietnam, the situation of bad groups committing fraud on cyberspace is also causing many businesses and investors to lose confidence in this field.

"While tangible assets have borders, customs protection, management, and prevention from being taken abroad, digital assets can be taken anywhere, to any country if Vietnam does not have a legal basis to preserve and develop them," said the Chairman of SSI.

Therefore, a legal framework is necessary. At this time, businesses and entrepreneurs can feel secure because they are protected, developed, and avoided from scams and profiteering in the market. At that time, those who own digital assets and technology assets can publicly pay taxes, and money and assets are now "clean" assets.

Mr. Nguyen Duy Hung, Chairman of SSI Securities, emphasized the role of the legal framework in developing digital finance in Vietnam.

From an investor's perspective, Mr. Hung shared: "We ourselves really want to spend money and support a lot, but we don't know how to support the business community and entrepreneurs to develop. International organizations coming to Vietnam also need to see what they can contribute and what benefits they can bring to this market. At this time, support from the Government plays a necessary role in the development of businesses and entrepreneurs."

Mr. Hung stated his opinion: "Vietnam needs to arouse the patriotism of a young population, passionate about technology, and wanting to contribute to the country. This is also the reason why there must be a digital asset market. When assets are born, only when they are recognized, the right to freely decide, buy and sell and exchange will attract resources and people to participate in contributing."

Emphasizing this issue, Mr. Truong Gia Binh, Chairman of FPT Corporation, said that Vietnamese people and Vietnamese technology can do everything when Vietnam is ranked 2nd in the world in software export, exceeding 1 billion USD, only behind India.

In addition, in the current unpredictable geopolitical and economic context, Vietnam can be considered a safe haven in the world's political storms, a place connecting major markets. "Therefore, we have enough conditions to develop more strongly, but whether we can seize this unprecedented opportunity or not, there are still legal barriers and need support from the Government," Mr. Binh shared.

FPT Corporation Chairman Truong Gia Binh affirmed that Vietnamese people and technology can do everything.

SSI Securities Chairman Nguyen Duy Hung affirmed that building a legal framework for digital assets in Vietnam is not only a need for businesses but also a premise, opening up opportunities, creating conditions to promote the development of the technology industry, digital finance and the economy in general.

Accordingly, Mr. Nguyen Duy Hung proposed a number of recommendations: (1) It is necessary to issue a clear and transparent legal framework to regulate activities related to digital assets, creating trust for investors and market participants; (2) The Government needs to provide more support for innovative businesses in the field of blockchain and digital technology through investment incentives, research funding and international cooperation; (3) Build flexible management mechanisms to both protect users and not lose the core creativity of digital assets; (4) Promote international cooperation in the field of digital assets, taking advantage of experiences from other countries to build a suitable and effective legal framework for Vietnam.

Along with that, based on favorable conditions of a high proportion of young population, technology lovers and willing to experiment with new trends, the Chairman of SSI predicts that when there is a legal framework, Vietnam will become a center for digital asset development in the region.

Source: https://phunuvietnam.vn/can-thiet-lap-khung-phap-ly-de-thuc-day-phat-trien-tai-san-so-20241204181133976.htm