Sharing experiences and operating centralized crypto-asset exchanges

The pilot implementation of a crypto-asset exchange while promoting the Digital Technology Industry Law shows the Government's determination to build a legal framework in the field of digital assets.

Experts and speakers attending the workshop shared the benefits of piloting a centralized crypto-asset exchange and the issues that need to be resolved before piloting the exchange from legal, financial and technological perspectives. From the perspective of investors and businesses, the issues that received the most attention were Tax, User Protection, Exchange Licensing and Legal Compliance.

Lieutenant Colonel Duong Duc Hung, Deputy Head of the Counter-Terrorism Department, Department of Internal Security (Ministry of Public Security) assessed the workshop as an opportunity for the police force to update information and seek consensus with the blockchain community, together building a transparent, safe and sustainable crypto-asset ecosystem in Vietnam.

According to Lieutenant Colonel Hung, although Vietnam has not recorded specific cases of large-scale terrorist financing through cryptocurrencies, this risk is completely present and increasing.

The representative of the Ministry of Public Security proposed that in order to manage crypto-asset exchanges, in addition to building a clear and comprehensive legal framework, it is necessary to have inter-sectoral coordination, apply advanced management tools and strictly handle unlicensed exchanges.

Dr. Hoang Van Thuc, Director of the Academy of Cryptography, Government Cipher Committee, emphasized the need for a system of standards and technical regulations on cryptography for crypto assets, stablecoins, and crypto asset trading floors. It is necessary to develop a set of criteria for information safety and security for crypto asset trading services; Regulations on inspection and certification of the level of security, safety, and safety for organizations providing crypto asset trading services to ensure the safe, reliable, and transparent operation of the market. The above three issues need to be regulated in legal documents, first of all, the Government's Resolution on piloting centralized crypto asset trading floors.

Ms. Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department (State Bank of Vietnam) said that the development of a legal framework to manage trading floors poses complex requirements for risk management due to the anonymous, cross-border, and decentralized nature of crypto assets. However, reality in the world shows that the cost of preventing money laundering and combating terrorist financing is also a large cost for units operating trading floors.

Overview of the workshop.

In a general assessment of the current legal picture of the digital asset market, Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association, said that promoting the pilot implementation of crypto-asset trading floors at the same time as promoting the Law on Digital Technology Industry, expected to be passed in May 2025, demonstrates the Government's strong determination in building a legal framework in the field of digital assets.

However, for exchange operators, strict legal regulations can impose huge cost pressures on businesses that do not have enough financial resources because compliance costs are a major issue that needs to be considered when operating an exchange, not just charter capital or licensing fees.

Within the framework of the program, the Vietnam Blockchain Association announced a strategic partnership with Dragon Capital Vietnam Investment Fund Management Joint Stock Company, one of the prestigious fund management companies, currently managing about 6 billion USD in assets. In addition to traditional products, Dragon Capital is making efforts to diversify its product portfolio and optimize customer experience with new products such as tokenized ETF certificates through the publication of research at the conference.

Source: https://nhandan.vn/chia-se-kinh-nghiem-va-van-hanh-cac-san-giao-dich-tai-san-ma-hoa-tap-trung-post868096.html