DIGITAL ASSET MANAGEMENT, DIGITAL CURRENCY

Developing a fintech center is a pillar in the process of forming and developing an International Financial Center in Ho Chi Minh City.

According to the draft Resolution of the National Assembly on the establishment and operation of financial centers in Vietnam, the Ministry of Planning and Investment proposed a controlled trial (sandbox) of asset and cryptocurrency trading floors (digital assets, digital currencies) with a business model applying technology in the financial sector (fintech). Transactions using digital assets and digital currencies in financial centers are proposed to be implemented from July 1, 2026.

Proposal to test digital currency

Associate Professor Dr. Tran Hung Son, Director of the Institute for Banking Technology Development Research - VNU-HCM, emphasized that in order to build a fintech center as a pillar of the international financial center in Ho Chi Minh City, it is necessary to develop a fintech ecosystem. In particular, the implementation of a sandbox for financial technology activities is considered a factor promoting this development.

According to Mr. Son, Ho Chi Minh City needs to be a pioneer in implementing a sandbox for financial technology activities in the area. In addition to the three areas where fintech solutions can be tested - mentioned in the draft Regulation on a controlled testing mechanism for fintech activities in the banking sector of the State Bank, Ho Chi Minh City can propose to be the locality to test digital currency in the coming time. The city needs to establish a center to support legal advice for fintech during the implementation process; prepare a team of experts tasked with proposing, developing regulations, monitoring and supervising the implementation.

A legal framework is needed to manage digital assets and cryptocurrencies to control risks and generate large revenues. Photo: LE TINH

"The implementation of a sandbox in Ho Chi Minh City will help the city have more channels to demonstrate its development orientation, build the brand of an international financial center in general and a fintech center in particular. In addition, it is necessary to listen to recommendations and proposals to build policies and infrastructure conditions suitable for the development of an international financial center," Mr. Son suggested.

Financial expert Phan Dung Khanh said that the pilot opening of a cryptocurrency and digital asset trading floor is in line with the Government's policy of "abandoning the mindset of not being able to manage, then banning". Vietnam's current policy is to promote the application of technology and artificial intelligence (AI) to economic development goals. Although there is no clear legal framework, statistics show that Vietnam is always among the top digital asset owners in the world.

"If we create a legal framework and allow testing of trading floors, we can both manage well, collect taxes and take advantage of technology for development. Putting digital asset management into a framework will limit the exploitation of these currencies for fraud, and at the same time popularize knowledge about financial technology," Mr. Khanh said.

The "fintech heart" of Southeast Asia

According to Master Pham Manh Cuong, founder of Wischain Company Limited (specializing in consulting, building and transferring Blockchain projects), international financial centers need to be operated as dynamic private enterprises, continuously improving "products and services" to attract capital flows from digital assets, bonds, stocks, etc.

This requires the center to have a flexible legal mechanism, an open business environment, tax incentives, and capital support for fintech enterprises to stimulate service diversification. The blockchain ecosystem will help make transactions transparent, reduce costs, control cash flow, and prevent illegal capital mobilization.

Currently, in addition to building laws, countries such as South Korea, Singapore, Thailand... also create long-term roadmaps with attractive tax exemption mechanisms, talent attraction policies and effective public-private partnerships. Early recognition of digital assets helps them capture market share, turning financial centers into hubs connecting international capital flows.

"In order for Ho Chi Minh City to become the "fintech heart" of Southeast Asia, it is necessary to improve the law, build a digital capital market, and aim to create trust for global technology "giants". Only when the legal and policy problems are solved can the true potential be demonstrated, turning the international financial center into a new growth engine for the economy," Mr. Cuong emphasized.

Ms. Le Ngoc My Tien, co-founder and General Director of Blockchainwork Joint Stock Company, believes that combining fintech and blockchain technology with advantages in infrastructure, technology human resources, high-tech zones, and research and development (R&D) centers will help the international financial center become a destination for many experts and technology "eagles" in the world . From there, it will attract fintech-related businesses globally, while expanding to other industries such as retail and real estate. This will be the door for the international financial center to further promote the city's economy and become a technology leader in the country.

However, according to experts, it is necessary to soon develop clear regulations on cryptocurrencies, user data protection and a sandbox mechanism for businesses to test new technologies. In addition, there should be more venture capital funds to create conditions for "latecomer" businesses to have the opportunity to access this potential environment.

However, how to put it into a framework and how to manage it is not a simple problem. Economic expert, Dr. Dinh The Hien, said that crypto assets and crypto currencies are a trend but come with great risks and need to be studied very deeply. Particularly with the proposal to open a cryptocurrency exchange at the Ho Chi Minh City International Financial Center in 2026, the timing needs to be carefully considered.

According to Dr. Hien, the Ho Chi Minh City International Financial Center must first do well in the traditional financial sector, in the direction of maximally opening up financial institutions and products that are popular in world financial centers, and then moving on to other types.

"If digital assets and digital currencies are brought into a legal framework, it is necessary to select exchanges with digital currencies that are licensed, managed and taxed by the state. Recently, besides Bitcoin and Ethereum bringing profits, many investors have suffered heavy losses due to virtual currencies, even fake ones," he wondered.

2 groups of work to do

Mr. Dominic Scriven, Chairman of Dragon Capital Fund Management Company, said that when building an international financial center, there are two groups of tasks that Vietnam can apply. The first is to attract foreign resources. Next, the financial center can add functions such as capital mobilization for infrastructure, high-tech enterprises, e-commerce and green finance...

"Forming an international financial center is a very long journey, requiring a thorough plan and clear solutions," Mr. Dominic Scriven emphasized.

(*) See Lao Dong Newspaper from issue dated February 27

Source: https://nld.com.vn/quan-ly-tai-san-so-tien-so-buoc-di-can-thiet-co-hoi-cho-trung-tam-tai-chinh-quoc-te-196250227205406467.htm