(NLDO) – Testing the establishment of digital asset and cryptocurrency exchanges can create a legal corridor for good management, tax collection, and technology utilization...
This is the opinion of financial expert Phan Dung Khanh when talking to reporters of Nguoi Lao Dong Newspaper about the proposal of the Ministry of Planning and Investment to test controlled fintech activities, including digital asset and digital currency trading floors at financial centers that are about to be established in Ho Chi Minh City and Da Nang.
According to Mr. Phan Dung Khanh, the pilot opening of cryptocurrency and digital asset trading floors is necessary, in line with the Government's policy of "abandoning the mindset of not being able to manage, then banning". Especially when Vietnam's current policy is to apply technology and artificial intelligence (AI) to the important goal of economic development.
"Because although there is no clear legal corridor, according to statistics from some international financial organizations, Vietnam is always in the top of the world's leading digital asset owners. Now, if we create a legal framework and test the trading floor, we can both manage well, collect taxes, and take advantage of technology for development. Especially behind digital assets is the "whole sky" of technology applied to the economy and life" - Mr. Phan Dung Khanh said.
According to experts, the proposal of the Ministry of Planning and Investment helps businesses, instead of having to open companies abroad, the State collects budget revenue, making the most of technological benefits. At the same time, putting digital asset management into the framework will limit things like taking advantage of these currencies for fraud as well as popularizing knowledge about financial technology.
Digital assets like Bitcoin do not have a clear legal corridor in Vietnam.
According to Mr. Phan Dung Khanh, in Vietnam, only VND is the currency allowed to be used in commerce and payment. Therefore, when digital money is managed, it will avoid negative aspects such as taking advantage of and defrauding digital assets by setting up illegal trading floors to lure and invite investors to participate...
To successfully deploy a pilot model of a cryptocurrency and digital asset exchange, according to experts, the state needs to play the role of "conductor" in establishment and management.
Associate Professor, Dr. Nguyen Huu Huan, Ho Chi Minh City University of Economics, stated that in the process of building an international financial center and piloting a digital asset trading floor, this model needs to be established and managed by the state. Not allowing the floors to be licensed by private organizations, it will be difficult to operate. Digital asset (crypto) trading floors must be managed by state agencies to ensure transparency, safety and legitimacy.
"Recently, many foreign exchange (forex) trading floors have been illegally opened by some scammers and then many investors have been invited to participate. If a pilot license is granted for this model to be established and operated by private organizations or businesses, it will be very risky," said Associate Professor, Dr. Nguyen Huu Huan.
Experts also emphasized that the state must be the agency to establish a pilot digital asset trading floor, other market components will participate such as reputable international organizations with support experience, experts, investors, etc.
According to the Government's plan, the international and regional financial center in Vietnam will be established in Ho Chi Minh City and Da Nang. In the draft proposal to build a National Assembly Resolution on building a financial center, the Ministry of Planning and Investment proposed a controlled testing policy (sandbox) for business models applying technology in the financial sector (fintech).
Accordingly, the Financial Center Management and Operation Committee will have the authority to license, manage, assess the impact and manage risks with the sandbox in fintech activities. The test includes trading floors with assets, cryptocurrencies (digital assets, digital currencies).
Source: https://nld.com.vn/de-xuat-lap-san-giao-dich-tai-san-so-tien-so-tai-trung-tam-tai-chinh-chuyen-gia-noi-gi-196250110150533626.htm
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