There will be more than 1 crypto asset exchange, encouraging private participation

Responding to reporters' questions about the pilot of crypto-asset trading, Deputy Minister of Finance Nguyen Duc Chi said that the Ministry of Finance is finalizing the pilot project of the crypto-asset market, after studying international experience and domestic practices. The project was reviewed by the Government and reported to the Politburo for approval to pilot with a clear and transparent roadmap and criteria.

In the process of developing the project, the Ministry has studied many experiences from countries in the region and internationally. Along with that, the Ministry also assessed the actual situation related to crypto assets that Vietnamese citizens are participating in trading and buying and selling.

To ensure feasibility and suitability, the Ministry of Finance has coordinated with experts to organize many seminars and conferences to collect opinions and clarify the legal, technological and management aspects of this type of asset. This is a necessary step in the context of the crypto-asset market in the world still having many potential risks and not being widely popularized in the official legal systems of many countries.

“This is a new and difficult field to build to organize safe and sustainable development in new conditions. Therefore, it is necessary to have a careful assessment by relevant agencies. Currently, the Ministry of Finance has basically completed the project in all aspects and proposed a report to the Government. The Government is also very cautious and has reported to the Politburo to issue a pilot policy,” said Mr. Chi.

With the early conclusion of the Politburo, the Government and the Ministry of Finance will complete and report to the Government to issue regulations on crypto-asset transactions in Vietnam.

The Ministry of Finance said there will be more than one crypto asset exchange.

The Deputy Minister of Finance added: First, the Ministry will clarify the criteria, conditions and standards for selection. These requirements will include information technology factors, technical processes, financial capacity and expertise of the registering unit.

After completing the specific criteria, the Ministry of Finance will make these conditions transparent for the selection organization. During the pilot phase, more than 1 trading floor will be allowed to operate, in order to create a healthy competitive environment. However, the number will be controlled at a reasonable level to facilitate monitoring and evaluating the effectiveness after the pilot.

A notable point in the project is that the Ministry of Finance proposes to encourage the private economic sector to participate in providing services in the crypto-asset market. According to the Ministry of Finance, this proposal is completely consistent with the spirit of Resolution 68 of the Party on developing the private economy, while creating conditions for capable and creative enterprises to participate in new fields.

" This is a highly innovative field that requires flexibility, dynamism and the ability to adapt to technology. Therefore, the private sector is expected to play a leading role in deploying trading platforms and providing services to the market. However, the selection of service providers must be based on strict criteria, ensuring safety, transparency and efficiency throughout the pilot implementation process ," Deputy Minister Nguyen Duc Chi emphasized.

Also at the press conference, Mr. Chi informed about the family deduction for personal income tax. He said that there are many different opinions and different options to determine the family deduction for personal income tax.

“Every option has its pros and cons. If we consider dividing the family deduction, it will cause difficulties for the authorities. Currently, even within a province or a city, the cost of living is different and very different. For example, in Ho Chi Minh City or Hanoi, the costs in the core wards compared to the more remote communes are very different,” said Mr. Chi.

Therefore, according to Mr. Chi, the Ministry of Finance has proposed two options:

Option 1, adjusted according to the CPI growth rate. Thus, the deduction for the taxpayer himself will increase from 11 million to about 13.3 million VND per month. And the deduction for dependents will increase from 4.4 million to 5.3 million VND per month.

The Ministry of Finance assesses that this plan is in accordance with the current Personal Income Tax Law, ensuring basic living needs and inflation from the most recent adjustment time.

Option 2, according to the growth rate of per capita income and per capita GDP. Accordingly, the deduction for taxpayers is expected to be 15.5 million VND, and dependents 6.2 million VND per month.

“From the above 2 options, through evaluation and consultation, the majority chose option 2. The Ministry will continue to complete accurate data on GDP growth rate from 2020 to present to have the most suitable option to report to the Government and the National Assembly,” said Mr. Chi.

PHAM DUY

Source: https://vtcnews.vn/se-co-nhieu-hon-1-san-giao-dich-tai-san-ma-hoa-khuyen-khich-tu-nhan-tham-gia-ar958508.html