Multiple blockchain technology companies submit petitions on draft crypto asset resolution

The draft resolution on piloting the crypto asset market is causing 'deep concern and worry' among the blockchain technology business community in Vietnam, especially the risk of hindering innovation and causing a brain drain.

Workers at a technology company - Photo: APPOTA

On June 2, Endeavor Vietnam, an organization representing a group of six blockchain technology companies, sent a petition to Prime Minister Pham Minh Chinh , Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung, and relevant ministries and branches.

The proposal proposes to exclude purely technological development activities and the provision of technical services in the field of crypto-assets from the scope of application of the draft resolution.

Enterprises participating in the petition include: Athena Studio Co., Ltd., Appota Joint Stock Company, ZenX Co., Ltd. (Ninety Eight), Web3 Vietnam Co., Ltd., Oraichain Labs Joint Stock Company and Sky Mavis Vietnam Co., Ltd.

The blockchain technology business community is "deeply worried and concerned" because the draft resolution only allows crypto-asset trading on a centralized basis through licensed entities, prohibiting other unlicensed trading and service provision activities.

Without clear distinctions, purely technical service provision and technology development activities risk being misunderstood as prohibited activities, thereby stifling innovation and pushing businesses into a difficult development situation.

This leads to the risk that Vietnamese technology enterprises will lose the position they have built in the international market and lose the momentum for growth and development of high-quality production forces in the important technology industry in the period of digital economic development.

Therefore, the group of businesses recommends that the Government and ministries and sectors consider three proposals.

Firstly, the draft resolution excludes the scope of regulation of technology development activities and provision of technical services in the field of crypto-assets.

Second, exclude technology development activities and technical service provision of technology companies, IT engineers and programmers in Vietnam from the scope of application of administrative sanctions for violations related to crypto assets.

Third, continue to direct the completion of a separate legal framework for technology development activities and the provision of technical services in the field of crypto assets, in accordance with existing policies and guidelines and referring to international experience.

The reason these businesses made the above proposal is to facilitate the strong development of Vietnam's blockchain technology industry and prevent the risk of brain drain.

At the same time, the amendment is expected to ensure that Vietnam does not fall behind in the global technological revolution, while still ensuring the State's management goals for financial services related to crypto assets.

HONG PHUC

Source: https://tuoitre.vn/nhieu-cong-ty-cong-nghe-blockchain-gui-kien-nghi-ve-du-thao-nghi-quyet-tai-san-ma-hoa-20250603130029727.htm