The legal framework will help build a safe, transparent and sustainable digital asset ecosystem. Issues related to the legal corridor, although discussed a lot recently, are still in the draft stage.
Challenges in enacting appropriate legal framework
According to Associate Professor Dr. Binh Nguyen of RMIT University Vietnam, issuing a clear legal framework for digital assets is a huge challenge. Not only for Vietnam, but also countries such as the US, Singapore, and Sweden are still trying to find ways to balance development and risks for businesses.
“For Vietnam, we cannot control everything at once, but must select the most important areas to research and promulgate laws, then expand to the entire industry. Vietnam can prioritize the legal framework for buying and selling digital assets, then clearly distinguish between types of assets to avoid risks. In particular, we need to look at the issue of stablecoins (digital currencies with stable prices),” Dr. Binh shared.
Ms. Lynn Hoang, Binance Country Director, assessed that Vietnam is ready to join the world in the field of digital assets (Photo: Binance).
Meanwhile, Ms. Lynn Hoang, Country Director of Binance, assessed that the first plus point is that Vietnam has decided to pilot digital assets. This is an important premise showing that Vietnam is ready to join the world in this new and potential field.
"Issuing a legal framework for controlled testing (sandbox) of new technologies, products, services, and new business models; creating a favorable environment for private enterprises to participate in research and application of artificial intelligence, blockchain, big data, e-commerce, financial technology, smart healthcare ..."
(Excerpt from Resolution No. 68-NQ/TW)
“However, there is still a long way to go 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,” Ms. Lynn Hoang shared.
According to Binance Country Manager, blockchain is not only a tool for digital assets but can be flexibly applied in many different fields. If the law is too strict, Vietnam's innovation ability may be stifled, making us slow.
Experts assess that the biggest challenge in issuing a suitable legal framework for digital assets is that regions and countries must, depending on actual conditions, balance factors related to attracting foreign investment; laws need to be in harmony with international practices; stimulate user participation; especially domestic companies are not "left behind".
In addition, safety factors must be put first. International standards on KYC (know your customer) and AML (anti-money laundering) are indispensable.
“Although there is no clear legal framework, Vietnam is still among the world's top in the blockchain field. 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 a balance of interests for many parties,” said Mr. Giang Tran, Director of FPT Incubator.
Sandbox mechanism helps promote digital asset market
In the Draft Law on Digital Technology Industry, digital asset management and controlled testing mechanism (sandbox) are among the core areas mentioned.
According to the draft, digital assets are intangible assets, expressed in the form of digital data, created, issued, stored, transferred, authenticated by digital technology in the electronic environment and protected by law as property rights according to the provisions of civil law, intellectual property and other relevant laws.
The Government will specify the types and management of digital assets and organizations providing digital asset services depending on practical conditions; measures to ensure the legitimate rights and interests of organizations and individuals; and prevent, stop, limit and handle risks related to digital assets.
The sandbox mechanism helps create a favorable environment to promote the digital asset market (Photo: SCMP).
Mr. Le Son Phong, Deputy Director of the Department of Science and Technology of Da Nang City, said that with advantages in mechanisms, resources and an open ecosystem, the city will deploy a Sandbox mechanism for breakthrough technology initiatives, including the fields of blockchain and digital assets.
“Technology cannot develop in an environment lacking trust, suitable institutions and innovation motivation. The city is gradually shaping its role as a creator for the sustainable development of the innovation ecosystem,” said Mr. Phong.
Mr. Vo Duc Anh, representative of the Danang Center for Supporting Innovative Startups, revealed that Danang has approved a controlled testing mechanism for a stablecoin payment project.
"This model allows international tourists to pay in USDT. The project has passed the first round of assessment, been submitted to many management agencies and will continue to be tested before being widely applied," Mr. Duc Anh shared.
Meanwhile, Binance representative said that in order for Da Nang to attract more international capital, the authorities should accompany businesses in providing appropriate legal corridors. Da Nang can also study and learn from the UAE model of digital asset management as it has attracted billions of dollars in just one year.
Source: https://dantri.com.vn/cong-nghe/co-che-sandbox-va-co-hoi-de-viet-nam-phat-trien-thi-truong-tai-san-so-20250609002555251.htm
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