On March 8, Ho Chi Minh City Law Newspaper organized a seminar on "Building a legal framework for digital currency". The seminar aims to create a forum for legal experts, businesses to discuss and have initiatives on building a legal framework for digital currency as required by the Party and the State.
Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA) cited data from all parties showing that in 2024, Vietnam will have more than 17 million people owning cryptocurrency assets, ranking 7th globally. The capital flow from the blockchain market into Vietnam in 2023-2024 is more than 105 billion USD. Most of the people who own cryptocurrency assets in Vietnam are self-employed, with a rate of over 85%, ranking No. 1 in the world.
With that reality, according to Mr. Trung, Vietnam needs to soon build a legal framework for digital currency in Vietnam, otherwise it will face great risks. In the world, some countries have built clear and flexible legal mechanisms, helping to promote the development of the digital asset market.
For example, Thailand has deployed cryptocurrency testing zones and built a digital asset trading system based on DLT technology. In some tourist areas, Thailand has also allowed payments in digital currency.
Mr. Tran Huyen Dinh, CEO of blockchain-based company - Alphan True, emphasized that Vietnam can learn from models from some countries such as UEA and Thailand on how to manage and encourage domestic enterprises to participate in the field of digital assets.
In Thailand, the leaders of some exchanges must be Thai, or even Thai, to encourage domestic businesses to participate in this industry.
MSc. Mai Hoang Phuoc, University of Economics and Law, VNU-HCM emphasized that not recognizing digital money as a legal asset will lead to consequences. Firstly, that will lack a mechanism to protect investors, they may lose money if they encounter a scam floor...
Second, this will lead to inadequacies in the division of common assets. Third, it causes difficulties in inheritance.
Therefore, it is necessary to identify digital currency as an asset and build a legal framework for digital currency in Vietnam. This will not only help solve the above problems but also create a solid legal foundation for the development of the digital currency market in Vietnam in the future, Mr. Phuoc emphasized.
Meanwhile, Prof. Dr. Do Van Dai, Vice Principal of Ho Chi Minh City University of Law, said that it is necessary to soon have regulations to trade these assets by creating trading floors.
Mr. Dai also proposed a policy to support Vietnamese enterprises in creating their own digital currencies, after having a clear legal framework...
