Recognize the digital property opens up many investment opportunities

At the seminar to build a legal framework for today’s assets by the newspaper Ho Chi Minh City Law Organizing, many speakers agree that this is the time to recognize and have a legal framework for digital assets, including crypto asset. According to the draft Law on Digital Technology Industry, Digital Property is a digital product created, released, archived, transferred and verified ownership of ownership of blockchain technology, which people have ownership in accordance with the law on civil and relevant laws.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA), cited data from Chainalysis Analysis Company, showed that the capital flow from the Blockchain market to Vietnam in the period of 2023-2024 reached over US $ 105 billion with a profit of nearly 1.2 billion USD (2023). According to data from the Triple-A payment gateway, Vietnam has more than 17 million people who own encrypted assets, ranked 7th globally. Divided by the current total population, Crypto ownership in Vietnam reaches about 17%, much higher than the average of 6.5% of the world. Over 85% of freelance workers own encrypted assets, leading the world; More than 34% of freelance workers accept Crypto payments.

“This is an entire area in the gray region and the government is looking forward to transferring these resources into the official economy of the country for optimal exploitation,” Trung added.

According to VBA, the pilot of digital asset trading floor will help transparent the market with a capital of over hundreds of billion dollars, contributing to the target of GDP growth of two -digit Government. The transparency also helps to minimize legal dispute risks when the floors need to comply with the law and protect the interests of investors. This creates opportunities for exchanges to be responsible, cannot enjoy profits, and the risk of pushing to the State.

The operated floors also expand capital mobilization channels, new capital mobilization shapes through real asset tokenization (RWA) on the basis of new policies. Piloting the digital asset trading floor also helps to expand the opportunities and new investors, increase transparency and legal investment opportunities in valuable tokens. Through that, that attracts many traditional investors.

In fact, the Ministry of Finance and the State Bank are studying legal asset management. The ministries must give this legal framework in March, at the request of Prime Minister Pham Minh Chinh. In addition, the draft Law on Digital Technology Industry is also expected in May, which confirms the digital property is the property.

The Vietnam Blockchain Association proposed in the long run can learn how to build a legal framework and operate the market from developed countries like the US. However, in the region, Thailand is also a country worth reference.

Mr. Trung assessed that the country of the Golden Temple is doing very well. They plan to pilot the issuance of chemical tokens valued at 5 billion Baht (more than 148 million USD), issuing Stablecoin worth 10 billion Baht (more than 296 million USD) supported by government bonds, in addition to testing for Bitcoin and Stablecoin transactions on Phuket tourist island in the near future. This is both a measure to promote a new industry and a motivation to stimulate tourism.

However, when licensing for operating trading floors, the problem of protecting the investor is noted by many experts. In fact, many cases such as a dispute or a system hacked, Vietnamese investors are difficult to find and claim satisfactory rights. VBA also said that this association has resolved many disputes but some exchanges show no cooperation and disrespect for users.

Dr. Le Minh votes, founding and operating lawyers LMPYERS, suggesting the priority mechanism for domestic enterprises to establish digital asset trading platforms. As for multinational floors, there should be ties to them such as having to book a representative office or a branch server in Vietnam – similar to the way to do it with social networks.

As for Tran Huyen Dinh, CEO of the Alphatrue Blockchain, specific evidence in Thailand, the country requires the floors to be headquartered and at least one leader residing in their country. In addition, some countries also require the floor representative to be domestic.

Ms. Gracy Chen, CEO of the Bitget trading floor, suggested that the State needs to issue specific legal provisions such as regulations on licensing for trading floors, tax regulations and anti -money laundering measures (AML) and anti -terrorism (CFT). The regulatory agency also needs to strengthen the supervision of the operations of the exchanges and digital asset service providers to ensure compliance with the law, and take strict measures to violate acts.