Anticipate risks to manage crypto asset trading

The market is volatile and full of uncertainties.

Although not yet recognized in Vietnam, cryptocurrency transactions are still taking place actively on decentralized platforms, international exchanges and peer-to-peer transactions. The crypto asset market has witnessed strong fluctuations recently. After a period of hot growth in early March when Bitcoin surpassed the $95,000 mark, the prices of major cryptocurrencies such as Bitcoin and Ethereum have now adjusted significantly. As of March 20, 2025, the price of Bitcoin has fallen to $81,879/BTC. Along with that, information about the Pi Network cryptocurrency being listed on a number of international exchanges has also caused a lot of controversy in the community, raising concerns about the transparency and true value of this currency.

The representative of the Ministry of Finance stated that the crypto asset market is constantly developing, increasingly diverse and complex, with many potential risks for investors and the financial market. Therefore, it is necessary to pilot to allow management agencies to research and carefully evaluate the feasibility and conditions for practical implementation, minimize illegal acts, protect investors, and create a premise for the development of this market in a transparent, safe, and sustainable manner.

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission (SSC), said that recently, the Prime Minister chaired a meeting of the Government Standing Committee on completing the legal framework for managing and handling virtual assets, virtual currencies, crypto assets, and cryptocurrencies. The Ministry of Finance has submitted Document No. 64/TTr-BTC to the Government for a draft Resolution on piloting the issuance and trading of crypto assets. In addition, the draft also proposes a coordination mechanism between management agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam to promote market activities while minimizing risks to financial security.

The pilot implementation of the crypto asset market is suitable for practical conditions in Vietnam.

Close coordination between legal framework and technology

The pilot implementation of the crypto asset market is suitable for practical conditions in Vietnam, aiming to create a flexible legal environment that can quickly adapt to reality within the framework of State management and supervision. The pilot with limited scale and strict control will support capital mobilization for production and business development, and the development of the digital economy; at the same time, it will help management agencies have time to develop appropriate policies, ensuring stability for the financial and monetary market, Mr. Bui Hoang Hai affirmed.

One of the issues of public concern is the tax policy for crypto-asset transactions. A representative of the Tax Department said that the current tax law system has comprehensive regulations, ensuring a legal basis for tax collection on goods and services purchased, sold and consumed in Vietnam as well as businesses and individuals (both domestic and foreign) that trade in goods and services in Vietnam. This focuses on value-added tax, corporate income tax, and personal income tax.

However, the specialized legal system related to crypto assets has not yet clearly defined the identification and classification of crypto assets as well as the business, purchase, and exchange of these types of assets, thereby serving as a basis for the application of corresponding tax policies. Accordingly, specialized laws on digital assets need to clearly define the nature and at the same time allow crypto assets to be traded and traded as a type of asset, then tax obligations will be performed according to the provisions of tax law.

To effectively manage crypto-asset exchanges, according to Lieutenant Colonel Duong Duc Hung, Deputy Head of the Counter-Terrorism Department of the Department of Internal Security (Ministry of Public Security), experience shows that to effectively manage crypto-asset exchanges, there needs to be a combination of a strict legal framework, advanced monitoring technology and synchronous coordination between law enforcement agencies and businesses operating the exchanges.

On this basis, Mr. Hung proposed to establish an interdisciplinary working group, including representatives from the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Finance and the Vietnam Blockchain Association, to monitor and share information on suspicious transactions. In particular, the Vietnam Blockchain Association has the role of training and guiding on how to identify unusual transactions, use Blockchain monitoring technology and cooperate with law enforcement agencies. At the same time, establish a centralized monitoring system operated by the State Bank or the Ministry of Public Security, directly connected to exchanges to collect transaction data and analyze unusual behavior patterns. Encourage exchanges to develop AI solutions to automatically detect transactions with signs of being related to illegal activities, such as repeated transactions with small amounts but high frequency, or transferring money through many intermediary wallets, etc.

Source: https://thoibaonganhang.vn/luong-truoc-rui-ro-de-quan-ly-giao-dich-tai-san-ma-hoa-162101.html