Cryptocurrency trading pilots need control but should not be restrictive

Faced with the strong development of blockchain technology and crypto assets, the Government has assigned the Ministry of Finance to coordinate with relevant agencies to research and propose a legal framework for crypto assets. The Ministry of Finance has also submitted to the Government a draft Resolution allowing the pilot implementation of issuance and trading of crypto assets.

Speaking on the sidelines of the BlockStar Meetup Hanoi event with the theme "Promoting Vietnam's Web3 future" on the evening of May 22, Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation, said that when piloting the issuance and trading of crypto assets, there must be control and supervision by management agencies.

"As a pilot platform, it needs to be controlled, but we should not constrain or tie the hands and feet of those who implement it. We should create conditions for them to proactively implement it, while closely monitoring it. If there are risks or unusual signs, we can intervene promptly, such as turning off the circuit breaker when necessary," he said.

He commented that Vietnam has now formed a clear crypto and digital asset market, and the excitement and trading volume of this market even surpasses that of the stock market.

"When the legal framework is clearly established, we will establish an investment fund in cryptocurrencies. Because when the whole world has recognized this trend, we cannot stand aside. Moreover, in the context of the Government constantly emphasizing the importance of technology, this is an area that we cannot stand aside," said Mr. Hung.

Mr. Nguyen Duy Hung emphasized that blockchain is a technology trend for operating and managing society in the future (Photo: BTC).

Regarding the application of Web3 (decentralized internet generation), Mr. Tran Luu - Technology Director of SSI Digital Technology Joint Stock Company (SSI Digital) - said that there are 3 strongest points of this technology.

The first is open source, anyone can participate in building and contributing. The second is the ability to automate processes through smart contracts, and finally transparency.

Citing an organization like Tether - the company issuing USDT (Tether USD) is managing tens of billions of dollars in assets on more than 40-50 different blockchains, entirely through smart contracts. "So why don't we apply blockchain to the management of operations of the stages and stages of public services of the State. This is something with great potential for research and development," he asked.

Sharing about blockchain technology, Mr. Nguyen Duy Hung emphasized that blockchain is not just a technology, but a technological trend for operating and managing society in the future. Blockchain technology is a decentralized transaction technology and no one has the right to erase traces or operate.

"Blockchain here is not simply a storage technology, but a mechanism to connect all members in a transparent, fair, and fraud-free manner. If all transactions are recorded and verified automatically, the processing speed will be faster, the data will be clearer and cannot be interfered with," he said.

Comparing blockchain to a transportation system, Mr. Hung said that if the road is designed properly, there will be many types of vehicles traveling on it. The important thing is to choose the right infrastructure, the right design and the developer must be reputable enough to ensure the reliability of the entire system.

Mr. Tran Luu said that the outstanding strength of blockchain technology is the ability to create flexible protocols that can be customized directly on the network. This technology has the potential to be widely applied in many areas of public services, such as licensing, record management, identity verification, etc. In particular, when combined with identification technology, blockchain allows tracking and authentication of all resources in an open, transparent and decentralized system.

According to data from the Vietnam Blockchain Association in August 2024, in the period of 2021-2022, Vietnam is in the top 3 in the world in terms of the percentage of people owning digital assets (equivalent to 21% of Vietnam's population owning), only after the UAE and the US.

A report by the US market analysis firm Chainalysis shows that in the 12 months (up to July 2023), the flow of crypto assets into Vietnam reached 120 billion USD, about 3-4 times the flow of foreign direct investment into Vietnam and increased by 20% compared to the period 2021-2022 (about 100 billion USD).

Source: https://dantri.com.vn/kinh-doanh/thi-diem-giao-dich-tai-san-ma-hoa-can-su-kiem-soat-nhung-khong-nen-bo-buoc-20250523140541479.htm