Many investors still lack knowledge
Sharing at the seminar: "Crypt assets: From gray areas to pilot - Solutions to ensure transparency, safety and efficiency" organized by Tien Phong Newspaper in coordination with the State Securities Commission on the morning of November 6, Dr. Can Van Luc - Chief Economist of BIDV said that Vietnam currently has about 21 million investors in digital assets, with turnover exceeding 200 billion USD - a huge number compared to the scale of the economy.
However, this cash flow has not been managed and oriented clearly, while the whole country needs about 300 billion USD per year for development investment. Notably, Vietnam is often in the top 3-4 in the world in terms of the rate of people participating in the cryptocurrency asset market (about 21% of the population), just after Korea.
"However, the risk of losing money and lacking protection mechanisms has left many investors penniless without knowing who to complain to. Tax revenue from these transactions is also flowing abroad, while Vietnam carries management risks. Therefore, Resolution 05 is considered a "golden landfall" - both ensuring the safety of tens of millions of investors and helping the State mobilize huge financial resources" - Dr. Can Van Luc commented.
According to Dr. Can Van Luc, to promote the effectiveness of Resolution 05, it is necessary to synchronously deploy four major groups of solutions: Classify cryptocurrency assets: Build a detailed classification system according to international standards (such as IMF, MiCA - EU) to apply appropriate management of each asset type; Flexible tax and tax policies should be calculated according to the level of risk - high-risk assets subject to higher tax; investment-incentive assets are subject to tax reduction.
transparent licensing and charter capital regulations require businesses to have a minimum capital of VND 10,000 billion and at least two shareholders who are banks, securities companies or financial companies; inter-sectoral management mechanisms to control money laundering, cyber security, intellectual property and prevent terrorist financing. The pilot period lasts 5 years and is assessed after 3 years.
He emphasized that financial education is a necessary condition for the market to develop sustainably. Although there are a large number of participating investors, most of them lack basic knowledge and are easily affected by crowd psychology.
The pilot market needs a balanced management framework
From the management agency, the pilot process is expected to help accumulate practical experience for the construction of a long-term legal corridor.
Mr. To Tran Hoa - Deputy Head of the Stock Market Development Department, State Securities Commission - commented that Resolution 05 marks a historic step forward in the Vietnamese financial sector, laying a legal foundation for cryptocurrency assets.
During the pilot phase, the management agency focuses on monitoring organizations providing cryptocurrency asset services. These are units that play a bridging role between issuers and investors. This model is considered reasonable to experiment with new methods of operation, limit system risks and accumulate practice to perfect the legality in the coming time.
According to Mr. Hoa, a big challenge is the human resource and expertise in block chain technology, cybersecurity and financial risk management. Vietnam needs to develop a systematic training program, organize the issuance of practice certificates and build a team of experts with the capacity to control risks, prevent money laundering and terrorist financing.
Management agencies orient the application of the principle of "balance management", encourage innovation while controlling risks. The goal is to form a transparent and effective cryptocurrency asset market, protect investors' rights and actively contribute to the development of the digital economy.
The pilot results will be the basis for research, reporting and submitting to the Government for consideration of completing the Resolution or developing specialized laws for the cryptocurrency asset market. This is considered an important legal foundation, helping Vietnam gradually integrate and develop sustainably in the digital financial era.
