Creating a legal framework for the development of digital assets.

With the Vietnam International Financial Center in Da Nang now operational, drawing on international experience to build a safe and integrated financial ecosystem is a strategic step.

Olivier Vigna, CEO of Paris Europlace, speaks at the conference. Photo: VINH LOC

Lessons from Europe

Last weekend, the University of Economics (Da Nang University) collaborated with the French Consulate General in Ho Chi Minh City to organize an international workshop on the topic "Developing Digital Assets: Experiences from the Republic of France and Strategic Directions for a Vietnamese International Financial Center in Da Nang". The workshop provided many important insights for Da Nang in its journey to build a modern financial ecosystem.

Olivier Vigna, Director General of Paris Europlace (the organization responsible for promoting the Paris financial center internationally), said that the transition to digital finance is not just a technological change but also a shift in governance thinking. Currently, the European Union (EU) is regulating cryptocurrency asset providers through the Cryptocurrency Market Regulation (MiCA) to create a harmonized regulatory regime across the region.

Accordingly, the EU is building a digital financial ecosystem based on three pillars: a clear legal framework; modern technological infrastructure; and policies that encourage innovation. Cryptocurrency service providers (CASPs) are required to implement robust internal controls and risk management systems to ensure operational recovery and cybersecurity protection.

Customers' cryptocurrency assets must be completely segregated from the provider's assets; marketing information must be transparent. These entities must publish white papers for public offerings, detailing risks and benefits. Authorities have the power to prohibit misleading offerings; any suspicious transactions must be reported to the national financial intelligence agency.

Marianne Jarlaud, Deputy Director of the Innovation and Digital Finance Department (French Financial Market Authority - AMF), affirmed that the MiCA regulations are an important step forward, maximizing investor protection and risk control. In France, businesses providing digital asset services must register and strictly comply with anti-money laundering and data protection regulations.

The biggest lesson is the need to recognize that digital assets are becoming an integral part of the digital economy. Countries should proactively build appropriate regulatory mechanisms, strictly managing exchanges as financial entities with specific requirements, ensuring they fully meet stringent requirements regarding capital, cybersecurity, and data storage.

The organizers presented flowers to the speakers at the seminar. Photo: VINH LOC

Careful and systematic

The Vietnamese government has issued numerous documents to initially establish a legal framework. However, the rapid development of digital assets still poses significant challenges in defining their legal nature, establishing management mechanisms, and assigning responsibilities to stakeholders. A comprehensive and synchronized approach is crucial, especially now that the Vietnam International Finance Center has become operational, aiming to seize opportunities to promote innovation.

Associate Professor Dr. Doan Ngoc Phi Anh, Vice Rector of the University of Economics (Da Nang University), stated that digital assets are a matter of institutions, risk management, and competitiveness. For Da Nang, a cautious and systematic approach is essential. The experience of the Republic of France and the EU in market management and the implementation of testing mechanisms (sandboxes) will provide important insights and sharp scientific arguments for the development of an international financial center.

The French Consul General in Ho Chi Minh City, Etienne Ranaivoson, affirmed that, with its extensive experience, France is ready to support and share best practices with Vietnam. This collaboration will not only enhance understanding and meet the development requirements of an international financial center but also serve the economic needs of both countries. The seminar is an opportunity for both sides to exchange expertise and strengthen bilateral cooperation within the framework of the comprehensive strategic partnership that the two countries have signed.

Within the framework of the conference, the University of Economics, Da Nang University, announced the establishment of the Institute for Research and Training in Fintech, Innovation, and Sustainable Development. Speaking at the announcement ceremony, the Standing Vice Chairman of the Da Nang People's Committee, Ho Ky Minh, emphasized that Da Nang possesses many favorable conditions for developing new financial sectors, especially Fintech, digital finance, green finance, sustainable finance, and services associated with the Free Trade Zone. To effectively exploit these opportunities, the city needs a practical approach with a roadmap based on science and international experience. Therefore, the establishment of the Institute by the University of Economics is a timely initiative that meets the city's development needs.

This event marks a significant milestone in the strategy of training and supplying high-quality human resources to serve the digital transformation process and the orientation towards building an international financial center in Da Nang. The Institute for Fintech Research and Training, Innovation and Sustainable Development was established with the goal of becoming a center connecting the training and research system with the business community and management agencies. The Institute will focus in-depth on fintech (financial technology), digital assets, and innovation, thereby promoting the startup ecosystem and developing high-quality human resources for the nation.

Source: https://baodanang.vn/tao-khung-phap-ly-phat-trien-tai-san-so-3338883.html