Crypto asset pilot: many concerns remain

Businesses worry about legal gaps

Ms. Tran Phuong Lam , Director of Communications - Marketing of OpenEdu Company, said: “In the Resolution, crypto assets are defined as assets that are encrypted based on real assets. If we only understand it like that, then digitizing assets using blockchain applications is just a small niche, while crypto assets currently have many different features. What should projects that are not linked to real assets do now? In Vietnam, if it is outside the resolution, it means violating the law, making businesses very confused.”

Business representatives share about difficulties when piloting crypto assets

Similarly, Mr. Le Hoai Nam , Founder of HoldStation Vietnam Co., Ltd. – the owner of a blockchain wallet with about 3 million global users, including 200,000 in Vietnam – is concerned that the regulation allowing only a maximum of 5 entities licensed by the Ministry of Finance to trade will cause difficulties for existing businesses. “Our 200,000 users are very confused when trading on the wallet,” he said.

Individual investors are still hesitant.

Not only businesses, many small investors also question the legality of activities beyond basic trading. Mr. Hong Phuoc, an investor, shared: “We not only buy and hold assets on the exchange but also deposit them to receive interest, or participate in decentralized applications to receive rewards. Are those activities recognized by law?”

Individual investors share concerns about the legality of participating in trading floors

Ms. Le Phan Khanh Linh, another investor, expressed concern: “After having a domestic exchange, within 6 months, I have to trade on those exchanges. So what will happen to the tokens I am currently trading that are not listed?”.

Expert: Need to balance national interests and the market

According to Mr. Tran Quy - Director of the Vietnam Institute for Digital Economic Development, Resolution 05 was built based on the FATF's rules framework, in the context that Vietnam is in the "gray zone" and needs to get out of this list.