Proposal to create a "made in Vietnam" cryptocurrency.

On March 8th, the Ho Chi Minh City Law Newspaper organized a seminar titled " Building a Legal Framework for Digital Currency ".

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA), said that some countries such as the US and Thailand have taken the lead in recognizing digital assets and building a legal framework with clear and flexible mechanisms.

In Vietnam, in 2024, there were 17 million people owning cryptocurrency assets, ranking 7th globally; receiving over $105 billion in cryptocurrency.

"If we don't quickly establish a legal framework for this type of asset, we could face some significant risks," Mr. Trung observed.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association, spoke at the seminar.

Mr. Tran Huyen Dinh, CEO of AlphaTrue - a Blockchain company, believes that Vietnam can learn from the experiences of markets such as Hong Kong (China) and Thailand regarding how to manage and encourage domestic businesses to participate in the digital asset sector.

For example, Thailand requires the head or CEO of a stock exchange to be a resident of the country, prioritizing domestic businesses and leveraging local expertise. In addition, Thailand also prevents the outflow of investment capital.

"Vietnam could learn from this model. This is a direction worth considering for sustainable development in the field of digital assets," Mr. Dinh commented.

What mechanisms are in place for cryptocurrency exchanges?

Based on the discussions at the seminar, Professor Do Van Dai, Vice Rector of the Ho Chi Minh City University of Law, suggested that digital currency could be recognized as a type of asset. Therefore, regulations are needed soon to facilitate the commercialization of this asset by creating an exchange platform.

Mr. Dai noted that businesses and organizations participating in providing digital asset services on the platform must comply with regulations to protect investors and the market.

According to Professor Dai, if an exchange for this type of asset is established, it will have a model and function similar to a credit institution. Therefore, the legal framework for managing exchanges and digital assets can be built based on the regulatory framework and obligations related to credit.

Furthermore, Mr. Dai also suggested that incentives and support should be provided to Vietnamese businesses to create a "made in Vietnam" digital currency, such as "Viet Coin," after a clear exchange platform and legal framework are in place.

"There needs to be strict measures to deal with organizations and businesses involved in digital assets if they violate regulations. This is a very new and risky field, so it must be handled rigorously to avoid causing damage to investors and the market," Mr. Dai emphasized.

The Ministry of Finance has been tasked by the Prime Minister to report to the Government in March 2025 on the issuance of a resolution allowing for the pilot construction and operation of a cryptocurrency exchange platform, providing a place for investors, organizations, and individuals in Vietnam to trade, invest, and buy and sell.

Source: https://nld.com.vn/de-xuat-tao-dong-coin-made-in-viet-nam-196250308093156071.htm