Need to perfect the legal framework for virtual asset management

DNVN - Sharing at the workshop "Contributions to the development of a legal framework for virtual asset management", on the morning of March 13, a representative of Remitano, a unit of virtual asset service providers in Vietnam, said that completing the legal framework for virtual asset management will promote foreign investment in Vietnam. Thereby, making Vietnam a technology destination in the region.

Speaking at the opening ceremony of the workshop, Mr. Nguyen Doan Hung - Vice President of the Vietnam Blockchain Association (VBA), former Vice President of the State Securities Commission, said that the large participation of virtual asset service providers (VASPs) operating in the Vietnamese market shows strong support for the Vietnamese Government 's efforts to promote the completion of the legal corridor related to this field.

According to Mr. Phan Duc Trung - Permanent Vice President of VBA, virtual assets are an irreversible general trend of the world . The total value of this type of asset is expected to account for 10% of global GDP, reaching 16,000 billion USD by 2030.

“Banning VAs is not feasible. Instead, we believe that it is necessary to quickly issue regulations to manage virtual assets and virtual asset service providers (VASPs) in accordance with the anti-money laundering standards of the Financial Action Task Force (FATF),” Mr. Trung said.

Mr. Phan Duc Trung - Permanent Vice President of VBA said that it is necessary to quickly issue regulations on virtual asset management.

VBA calls on the community and VASPs to actively propose solutions, coordinate with management agencies and professional associations on issues of improving the legal basis for virtual asset management and VASPs. Support activities to disseminate public awareness.

At the same time, demonstrate compliance processes and coordinate with units to implement activities to protect community interests against fraud. Together with professional associations, proactively pay taxes and propose tax-paying solutions to affirm the role of virtual assets and VASPs contributing to the country's economy .

A representative of Remitano - a VASP unit that has been present for more than 10 years said that this unit hopes that the legal framework for virtual assets in Vietnam can be completed soon following the general trend of the world. Along with that, creating favorable conditions and preferential policies for virtual asset service providers with many years of experience and reputation in the market.

“Completing the legal framework in a way that creates positive conditions for VASPs to operate and develop will encourage foreign enterprises to invest in Vietnam, making Vietnam a technology destination in the region,” the unit emphasized.

VASP units operating long-term in Vietnam hope that the legal framework for virtual assets in Vietnam will be completed soon.

Sharing at the event, Mr. Joe Tu - Director of Global Business Development CoinEx, also the world's largest clean bitcoin producer, said that this unit is committed to fully complying with legal and ethical regulations in Vietnam. Especially regulations on anti-money laundering.

CoinEx also expressed its compliance by pledging to support the ChainTracer program initiated by VBA to track down fraudulent projects. It is committed to protecting users and minimizing the consequences of exploiting blockchain technology for malicious purposes, eroding social trust.

In addition, CoinEx emphasized the importance and recommended strengthening international cooperation and information sharing among regulatory agencies, law enforcement agencies, and relevant business entities to facilitate VASPs to comply with the law more effectively.

Ha Anh

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