Dr. Dang Minh Tuan, Chairman of the Vietnam Blockchain Alliance, cited statistics from several organizations showing that the flow of digital assets into Vietnam in 2023 will reach 105-120 billion USD. This figure accounts for about 1/4 of Vietnam's GDP.

Mr. Tuan assessed that digital assets are one of the important components of the digital economy; an opportunity for Vietnam to become a center of digital assets in the region and the world.

However, the Chairman of the Vietnam Blockchain Alliance said that this is a new field with many risks because digital assets and cryptocurrencies have large and fast fluctuations, different from the stock market.

“Digital assets and cryptocurrencies are easily traded across borders with many anonymous transactions, making control, including anti-money laundering and anti-terrorist financing, challenging. Vietnam is experimenting in a context where the legal framework has not been verified in practice, there is no in-depth research or management experience for this new type of asset, so there will be many potential risks,” said Mr. Tuan.

In response to this concern, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission (Ministry of Finance) said: The Ministry of Finance has submitted to the Government a draft Resolution on piloting the issuance and trading of crypto assets.

Previously, the Government assigned the Ministry of Finance to develop a resolution on piloting the crypto asset market in Vietnam to build a legal environment to support innovation activities while limiting negative impacts on the socio-economy.

On that basis, the Ministry of Finance has submitted to the Government a draft Resolution allowing the pilot implementation of issuance and trading of crypto assets, in which it proposes a coordination mechanism between management agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank to promote market activities, while minimizing risks to financial security and ensuring stability for the financial and monetary markets.

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Users are viewing Bitcoin prices on a virtual asset exchange. Photo: Trong Dat

Regarding tax policies for digital asset transactions, in order to ensure revenue without restraining the market, a representative of the Department of Tax, Fee and Charge Policy Management and Supervision said that the current tax law system has comprehensive regulations, ensuring a legal basis for tax collection on goods and services that are bought, sold and consumed.

Domestic and foreign enterprises and individuals conducting business activities in goods and services in Vietnam will be subject to taxes such as value added tax, corporate income tax, and personal income tax.

However, the specialized legal system related to digital assets still does not have clear regulations on identifying and classifying digital assets as well as the business, buying, selling and exchanging of these types of assets.

Accordingly, in cases where specialized laws on digital assets clearly define the nature and allow digital assets to be traded and bought and sold as a type of property, tax obligations will be performed in accordance with the provisions of tax laws.

According to the Ministry of Finance, the issuance and trading of crypto assets are growing rapidly in terms of issuance volume, transaction value and complexity. The widespread popularity of crypto assets globally poses opportunities, challenges and risks to the stability of the financial system and the development of economies. Regulatory agencies in many countries are working to build a legal framework to regulate and manage this market.

Therefore, the pilot implementation of the crypto asset market is suitable for practical conditions in Vietnam to create a flexible legal environment, quickly adapting to innovation within the framework of State management and supervision, thereby supporting capital mobilization for production and business development, developing the digital economy and promoting economic growth.

According to the Ministry of Finance, the pilot implementation of a limited-scale crypto-asset market under the control and supervision of state management agencies will meet market demand. At the same time, it will help management agencies have time to develop policies and mechanisms suitable to the practical situation, and this is also a common approach of many countries.

Thereby, minimizing illegal acts such as money laundering and terrorist financing, protecting investors, creating the premise for developing a transparent, safe and sustainable financial market.

Vietnam needs to soon deploy a digital currency issued by the Government . According to experts, putting a digital currency issued by the Government (CBDC) into operation will create a platform for transactions on the cryptocurrency exchange, while establishing an exchange mechanism with cryptocurrencies around the world.

Source: https://vietnamnet.vn/tien-so-don-tin-moi-tu-bo-tai-chinh-cac-bo-phoi-hop-chan-rui-ro-2382935.html