The Ministry of Finance is actively implementing the development of regulations related to the management of digital assets and digital currencies. According to the plan, in March, the Ministry of Finance will report to the Government to issue a resolution, allowing the pilot construction and operation of trading floors related to digital assets and digital currency.
Sharing with Lao Dong, Ms. Lynn Hoang, Country Director of Binance, said that the authorities are promoting the early formation of a legal framework on digital assets, showing Vietnam's sensitivity and proactiveness in the field of innovation.
Not only Vietnam, many countries in the world are also building a legal framework and guidelines on digital asset management. In that context, we can refer to some successful models such as the UAE or neighboring countries to apply to Vietnam's reality.
However, the core values to create a sustainable digital asset market are still a way to balance security, transparency and user protection measures, Ms. Lynn Hoang emphasized.
According to Binance's representative, anti-money laundering (AML) and customer identification (KYC) measures are especially important to maintain a safe market for digital assets. While clear investor protection policies, strong technology security control and auditing mechanisms such as Proof of Reserves (POR - reserve evidence) are important factors of any legal framework.
I personally believe that the legal framework should encourage the development of the industry while still ensuring compliance and safety. A pilot trading floor within the legal framework can help increase investor confidence in digital assets, attracting more traditional investors.
This will be an important driving force for the market to mature faster. In terms of management, in a well-managed trading environment, market manipulation and fraudulent activities are expected to decrease. This brings investors more transparent and safer trading mechanisms, thereby strengthening market confidence, Ms. Lynn Hoang concluded.
Ms. Krist Pham, a blockchain communication and marketing expert, said that establishing a testing environment (sandbox) for cryptocurrency exchanges is necessary. At the same time, applying support policies such as tax incentives, flexible management mechanisms and creating favorable conditions for technology enterprises will promote investment and develop the industry.
She shared: A transparent, timely legal framework and in line with technological development is an important factor. To achieve optimal results, it is necessary to strengthen cooperation between state management agencies, exchanges and research organizations. Training high-quality human resources, especially in the field of risk management and compliance with the law, is a top priority.
Important factors in the sandbox for the trading floor include: Appropriate KYC/AML regulations, investor supervision and protection mechanisms, legal and dispute handling processes, as well as cybersecurity and data protection measures. It is necessary to research and apply international and international experience in developing a sandbox for cryptocurrency exchanges.
