On March 8, Ho Chi Minh City Law Newspaper organized a seminar " 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, Thailand, etc. have taken the lead in recognizing digital assets and building a legal framework with clear and flexible mechanisms.
In Vietnam, by 2024, there will be 17 million people owning crypto assets, ranking 7th globally; receiving more than 105 billion USD in crypto money.
"If we do not quickly build a legal framework for this type of asset, we may face some major risks," Mr. Trung acknowledged.
Mr. Phan Duc Trung, Chairman of Vietnam Blockchain Association, speaking at the seminar
Mr. Tran Huyen Dinh, CEO of AlphaTrue - Blockchain Company, believes that Vietnam can learn from the experience of markets such as Hong Kong (China) and Thailand on how to manage and encourage domestic enterprises to participate in the digital asset sector.
For example, Thailand requires the head or CEO of an exchange to be a resident of the country, in order to prioritize domestic businesses and take advantage of local “brainpower.” In addition, Thailand also prevents capital from flowing abroad.
"Vietnam can refer to this model. This is a direction that can be considered for sustainable development in the field of digital assets," Mr. Dinh commented.
What mechanism for cryptocurrency exchange?
From the opinions exchanged at the seminar, Professor Dr. Do Van Dai, Vice Principal of Ho Chi Minh City University of Law, said that digital currency can be recognized as a type of asset. Therefore, it is necessary to soon have regulations to trade this asset by creating an exchange.
Mr. Dai noted that businesses and organizations participating in providing digital asset services on the floor need to comply with regulations to protect investors and the market.
According to Professor Dai, if this type of asset trading floor is formed, it will have the same model and function as a credit institution. Therefore, the legal framework for managing trading floors and digital assets can be built based on the framework of regulations and obligations related to credit.
In addition, Mr. Dai also proposed that there should be incentives and support for Vietnamese businesses to create a "made in Vietnam" digital currency, called "Viet Coin" for example, after having a trading floor and a clear legal framework.
"There should be strict measures to handle organizations and businesses related to digital assets if they violate regulations. This is a very new and risky field, so we must be strict to avoid causing damage to investors and the market," Mr. Dai emphasized.
The Ministry of Finance has been assigned by the Prime Minister to report to the Government in March 2025 to issue a resolution, allowing a pilot project to build and put into operation a digital currency exchange so that investors, organizations, individuals... in Vietnam have a place to trade, invest, and buy and sell.
Source: https://nld.com.vn/de-xuat-tao-dong-coin-made-in-viet-nam-196250308093156071.htm
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