Continue to improve the legal framework, develop new products
Speaking at the conference "Crypted assets and the future of the digital financial market" organized by the State Securities Commission on the morning of June 5, Mr. To Tran Hoa - Deputy Head of the Standing Committee, Market Management Board of Cryptocurrency Asset Trading, State Securities Commission (SSC) said that the management agency is currently focusing on three main groups of tasks including completing the system of legal documents; coordinating licensing, management and supervision of the market; and at the same time implementing a periodic reporting regime to the Government according to the provisions of Resolution No. 05.
In the coming time, management agencies will continue to research new products for the market such as margin lending, cryptocurrency lending or derivative products when market conditions are suitable. In addition, the current legal framework is still pilot, so functional agencies will continue to study legal documents with higher legal validity to gradually complete the legal corridor for the cryptocurrency market.
Mr. Hoa believes that propaganda, training and knowledge dissemination are particularly important tasks in the current period. Licensed enterprises, issuing organizations and market participants need to accompany management agencies in information disclosure, raising public investment awareness and perfecting the coordination mechanism between state management agencies.
Identifying violations in the cryptocurrency market
Regarding law enforcement, Senior Lieutenant Colonel Le Thi The Hoang - Deputy Head of Department 2, Department of Police for Investigation of Corruption, Economic, and Smuggling Crimes (C03), Ministry of Public Security said that through monitoring and summarizing practice, the Economic Police force has identified four groups of legal violations mainly related to encrypted assets.
The first group is acts of using cyberspace to appropriate assets, including multi-level capital mobilization models, unreal investment projects, manipulating the price of encrypted assets or cyber attacks to demand ransom with encrypted assets.
The second group is the act of fraudulently appropriating property through social network groups, reward programs, fake websites or applications containing malware to steal information and appropriate users' property.
The third group is acts of taking advantage of encrypted assets to launder money, evade taxes and carry out other criminal activities. Subjects often use tools to hide money flows, foreign electronic wallets or multi-layered transactions to make it difficult to track down.
The fourth group is acts of corruption, negativity, and profiteering in licensing, management, supervision, inspection, examination, or performance of tax obligations related to encrypted assets.
According to Ms. Hoang, combating violations in the field of encrypted assets is not only the responsibility of the police force but also requires close coordination between management agencies, professional associations, service providers and media agencies. Early identification of violations will contribute to building a healthy, transparent and sustainable market.
Human resources are a weak link in the market
From a market perspective, Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Assets Association (VBA) said that Vietnam has formed an initial legal foundation in a relatively short time. However, along with development opportunities, the market also sets very high requirements for infrastructure, operating standards, risk management and human resources.
According to Mr. Trung, the biggest gap today is not in technology but in human resources. Encrypted assets are an area closely linked to financial technology, with a different operating structure compared to traditional stock markets. Trading platforms can manage huge volumes of data and accounts, while risks of compliance, technology and crime prevention are always present.
Mr. Trung said that if there is a lack of a human resource team with sufficient capacity in risk management, compliance, technology and law violation prevention, the market is very likely to generate operating risks. Therefore, Mr. Trung suggested that the issue of human training should be placed at the central position, in parallel with the process of legal completion and technology development.
