More insights needed on digital assets

Binance and the Danang Software Association (DSA) recently organized the Danang Fintech Conference: Unlocking the Future of Digital Assets.

The Conference on Unlocking the Future of Digital Assets was recently held in Da Nang.

At the event, representatives of management agencies, international experts, and scientists discussed important trends in digital assets such as tokenization, blockchain, legal frameworks, and security issues to build a safe, transparent, and sustainably developing digital asset ecosystem.

Mr. Le Son Phong, Deputy Director of the Department of Science and Technology of Da Nang, said that the city is gradually shaping its role as a creator for the sustainable development of the innovation ecosystem, including the fields of blockchain and digital assets. With advantages in mechanisms, resources and an open ecosystem, the city will implement the Sandbox mechanism (Controlled Experimentation) for breakthrough technology initiatives, along with piloting flexible policy models that are suitable for innovation practices.

From the perspective of global businesses, Ms. Lynn Hoang, Country Director of Binance, commented: “There is still a long way from the draft to the issuance of specific legal documents. If the legal framework is created, Vietnam will gain many important advantages. Otherwise, we may lose opportunities. Hopefully, our policies will not be much different from the world and will create the development of the entire industry while still ensuring safety in management.”

According to Binance Country Director, Blockchain is not only a tool for digital assets but can be flexibly applied in many different fields and Vietnam has made decisions on blockchain, digital assets... this is an important premise showing that Vietnam is ready to go hand in hand with the world in this new and potential field.

Meanwhile, Mr. Giang Nguyen, Director of FPT Incubator, although there is no clear legal framework, Vietnam is still in the top of the world in the field of blockchain. In the field of digital assets, if necessary, we can go a little slower to research and create a suitable legal framework, relying on technology to manage and develop, ensuring the balance of interests of many parties.

Here, experts also said that issuing a legal framework in this field is not only suitable for the region and country but also factors in attracting foreign investment capital. At the same time, the safety factor must be put first, international standards on KYC (know your customer’s identity) and AML (anti-money laundering) cannot be ignored.

Binance representative said that in order for Da Nang to attract more international capital, the authorities need to collect practical opinions from businesses and Da Nang can study and learn from the UAE model of digital asset management. From 2022 to 2023 alone, the UAE has attracted billions of dollars more. To date, the number of businesses in this field moving to Dubai is increasing.

KIM THANH

Source: https://www.sggp.org.vn/can-them-nhung-goi-mo-ve-tai-san-so-post798659.html