Piloting the crypto-asset market: What opportunities and challenges for the Vietnamese economy?

(HTV) - The crypto asset market is beginning to be recognized and managed with an official legal framework. What are the opportunities and challenges for the Vietnamese economy?

According to financial expert Phan Dung Khanh, many people are currently confused between digital money, virtual money, and electronic money. However, virtual money and virtual assets are only a small part of digital assets but are not representative. For crypto assets, in addition to assets that are digitized from the beginning, there is another form of physical assets that are digitized later, a form of technology called RWA (Real World Asset), which means digitizing real assets into the digital world .

Resolution 05 is a huge breakthrough because currently in countries around the world, crypto assets are still a "gray area". Countries do not ban but do not allow it either. Financial expert Phan Dung Khanh said: "Resolution 05 shows that Vietnam is among the first countries in the world to be "open" to this asset. Businesses and investors highly appreciate Vietnam's pilot project".

According to Resolution 05, organizations that want to provide services to organize crypto asset trading markets must meet many quite strict conditions:

1. Is a Vietnamese enterprise, a limited liability company or a joint stock company

2. Minimum charter capital is 10,000 billion VND

3. At least 65% of the charter capital must be contributed by shareholders and members who are organizations, of which over 35% of the charter capital must be contributed by at least 02 organizations such as commercial banks, securities companies, fund management companies, insurance companies, and enterprises operating in the technology sector.

Commenting on the strict conditions above, Mr. Phan Dung Khanh said: "This is a necessary precaution, not only to ensure the safety of the system but also to protect investors."

Although it is considered a step forward for Vietnam, there are still many concerns among people and businesses.

In response to the concerns of investors and businesses, financial expert Phan Dung Khanh commented: "The Resolution is only an initial regulation, after that we need a guiding circular from the Ministry of Finance , as well as subsequent guiding documents. The documents need to clarify what can be done and what cannot be done." However, according to him, the regulations will be "open" and encourage businesses to do business and start-up.

Creating attraction with a legal corridor, however, experts believe that for Vietnam to truly be an attractive destination for investment capital, especially foreign capital, Vietnam needs to have good products and services. Transaction time as well as flexibility in management are two important factors.

Experts also note: Although statistics show that more than 20% of the Vietnamese population owns crypto assets, there are still risks along with that attraction. Statistics from the Ministry of Public Security show that scams related to virtual currency and crypto assets account for a very high proportion. The regulations in Resolution 05, although somewhat cautious, are a necessary step to "draw a path for deer to run" but "run correctly", to protect investors and market participants from risks.

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Source: https://htv.com.vn/longform-thi-diem-thi-truong-tai-san-ma-hoa-co-hoi-va-thach-thuc-nao-doi-voi-nen-kinh-te-viet-nam-222250926135701864.htm