The Institute for Banking Technology Development Research - University of Economics and Law (Vietnam National University, Ho Chi Minh City) has just published some initial analysis on the choice of international or Vietnamese cryptocurrency and digital currency exchanges. The research team conducted a survey from May 9 to May 27 to measure investors' perceptions of the factors affecting their intention and behavior to switch to Vietnamese cryptocurrency and digital currency exchanges.
Many investors said they will continue to trade cryptocurrencies on both Vietnamese and international exchanges.
PHOTO: TNO
Specifically, the majority of investors (over 81%) expressed their intention to maintain investment activities on both international and Vietnamese exchanges if the domestic exchange is officially opened. This shows the potential of domestic exchanges in attracting both current investors and reactivating those who have stopped trading. The most urgent requirement of investors for Vietnamese exchanges is “transparency”. Investors want transparency in the legal framework (support policies, security) and the trading system (fees, listing information, supervision) to protect them from the risks of market manipulation and lack of information, which are common problems on international exchanges.
Regarding tax obligations, about 55% of investors are willing to pay taxes on income from cryptocurrencies when Vietnam legalizes this type of asset. However, this willingness comes with important conditions: tax policies need to be clear and transparent; reasonable tax rates (5 - 10%); tax exemption or reduction in the initial period (3 - 5 years); and tax collection only on actual profits and a deduction mechanism for losses.
In addition, 74% of investors believe that foreign exchange control has an important and multi-dimensional impact on their decision to invest in cryptocurrencies and digital currencies on Vietnamese exchanges. They propose related recommendations in the following aspects: legality, currency conversion mechanism, transaction process, and cross-border transaction guidelines.
The survey also found a significant gap between investors’ subjective perceptions and professional understanding of cryptocurrencies and digital assets. Some investors have not yet accurately distinguished the nature of cryptocurrencies, even including stocks, gold, and real estate in the category of digital assets. This confirms the urgent need for financial education and awareness programs to improve investment assessment and decision-making, as well as prevent risks and fraud.
From there, the research team recommends that the Government needs to perfect the legal framework: Develop clear regulations to protect personal rights and data; establish a mechanism to monitor and prevent market manipulation (e.g. wash trading, front-running). Have a flexible tax policy: Exempt and reduce taxes in the early stages of market development; only tax on actual profits. Foreign exchange management has a clear legal framework, defining responsibilities between parties; standardized currency conversion, transaction and tax declaration processes; detailed instructions for cross-border transactions. At the same time, raise awareness and financial education such as implementing training programs on the nature and risks of digital assets to help investors make the right decisions.
In Vietnam, the rate of people owning cryptocurrencies ranks second in the world (21.2%). In response to strong investor interest, in March, the Prime Minister assigned the Ministry of Finance to research and allow a pilot operation of a cryptocurrency exchange, so that investors, organizations and individuals can participate in trading and investing. The Law on Digital Technology Industry was also passed by the National Assembly on June 14, assigning the Government to provide specific regulations on digital assets.
Source: https://thanhnien.vn/lua-chon-san-giao-dich-tien-so-tien-ma-hoa-quoc-te-hay-viet-nam-185250731101320501.htm
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