There are currently about 17 million people in Vietnam who own digital assets, ranking 7th globally. The capital flow from the blockchain market into Vietnam in the period 2023-2024 is more than 105 billion USD.
That is the information given by Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), at the training session on "Legal framework and identification of risks of crypto-asset fraud" for more than 60 reporters and journalists from press and television agencies, organized by VBA in coordination with 1Matrix Company on the afternoon of August 8.
Mr. Phan Duc Trung shares information about the process of building a legal framework for digital assets.
The training program is organized in the context that the Government and ministries are urgently building and perfecting the legal framework for digital assets. In the immediate future, the Ministry of Finance is drafting a Resolution on piloting digital asset trading floors to submit to the Government. Digital assets have also been legalized in the Law on Digital Technology Industry, passed by the National Assembly at its 9th session.
With 17 million people owning digital assets, Mr. Phan Duc Trung said that piloting a digital asset trading floor in Vietnam is very necessary. The Vietnam Blockchain and Digital Asset Association is one of the units participating in contributing ideas and practical experience on digital assets to complete the draft Decree on piloting digital asset trading floors. Mr. Trung outlined some main features of this pilot trading floor.
According to Mr. Trung, the digital asset exchange will develop a clear capital mobilization policy, attracting businesses and individuals to issue crypto assets through a transparent process. "The exchange will be responsible for depositing and managing real assets to ensure crypto assets, and periodically alert the Ministry of Finance about issuance activities," said Mr. Phan Duc Trung.
The VBA Chairman also informed that it is expected that about 5 exchanges will be licensed to pilot digital asset trading, with the ability to connect with international exchanges to ensure liquidity and competition. In addition, it is expected to allow trading of popular crypto assets such as Bitcoin, Ethereum, etc.
Emphasizing more on digital asset trading floors, Mr. Trung said that the initial direction of the state management agency is to form a capital mobilization channel.
In the draft Law on Personal Income Tax (replacement), the Ministry of Finance proposed that income from the transfer of digital assets (including virtual assets and crypto assets) will be subject to tax. The applicable condition is that the purchase and sale is carried out on a transparently managed exchange, with public prices and regular frequency. The expected tax rate is 0.1% on the transfer value of each transaction, similar to the current application for securities.
Regarding the above tax rate, Mr. Phan Duc Trung said that it is very high. According to him, if the transaction tax is too high, it will be difficult to compete with large digital asset exchanges in countries around the world . He recommended building a suitable tax rate, because in addition to tax, participants in transactions also have to pay fees to the exchange.
According to Ms. Nguyen Van Hien, Vice President and General Secretary of the Association, although behind, Vietnam is completing legal regulations on blockchain technology, digital assets and related regulations very quickly and tends to promote innovation rather than administrative management.
"Recognizing digital assets as legal not only creates a basis to protect investors and handle violations, but also promotes domestic enterprises to develop legitimate innovation models," said Ms. Hien.
Previously, at the Government press conference on the afternoon of August 7, Deputy Minister of Finance Nguyen Duc Chi said that this agency is drafting a Decree on piloting digital asset transactions, the Ministry has studied many experiences of countries in the region and internationally. Based on the direction of the Politburo and the Government, the Ministry of Finance will complete the draft and submit it to the Government for signing and promulgation, if early, it will be in August.
According to data from VBA, the global population owning digital assets will be about 562 million people in 2024, an increase of 33% compared to 2023. Forecasts show that the digital asset market size will reach 19,000 billion USD in 2033. In a survey by the Atlantic Council in 75 countries, it showed that 45/75 countries recognized digital assets as legal, 20/75 countries partially banned, 10/75 countries completely banned digital assets. Of which, 12 countries in the G20 group have legalized digital assets.
Source: https://nld.com.vn/17-trieu-nguoi-viet-so-huu-tai-san-so-sap-toi-se-thi-diem-may-san-giao-dich-19625080820255348.htm
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