The establishment of a digital asset exchange in Vietnam is not only a question of capability, but also a strategic problem to develop the digital economy, attract investment, and protect the interests of investors. Many experts believe that this is the time for Vietnam to boldly incorporate digital assets into the legal framework to take advantage of market opportunities.
Current legal framework: Challenges for the trading platform
Currently, Vietnam does not have a clear legal framework for digital assets, causing many businesses to move their headquarters abroad. A typical example is Sky Mavis, a Vietnamese company that develops the Axie Infinity blockchain game, which has set up its headquarters in Singapore due to the lack of specific regulations in Vietnam.
According to Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation, this not only causes tax losses but also makes Vietnamese businesses difficult to compete with their counterparts in Singapore or Thailand - countries that have already completed the legal framework for digital assets.
Will Vietnam have a cryptocurrency exchange?
Mr. Nguyen Phuong Tuan, Vice Chairman of the National Assembly's Committee on Science, Technology and Environment, emphasized that the legalization of digital assets is a necessary condition for the establishment of exchanges. This is not only a way to manage and collect taxes more effectively, but also helps to filter out malicious digital assets and prevent fraudulent activities.
According to Mr. Tuan, this is an opportunity for Vietnam to consider experimenting with the establishment of a small-scale digital asset exchange before a wider rollout. Experts say that if this happens, it needs to be accompanied by the establishment of a clear legal framework to ensure transparency and protect the interests of investors.
Establishing a digital asset exchange will help better manage transactions and minimize risks from digital assets of unclear origin. This is also a way to attract foreign investment, retain Vietnamese technology companies, and provide a foundation for the development of the domestic blockchain ecosystem.
In the context of the Politburo approving the plan to build an international financial center in Ho Chi Minh City and a regional financial center in Da Nang, the incorporation of digital assets into official management and operation through an exchange is a necessary step for Vietnam to further integrate into the global financial system.
Vietnam needs to quickly complete the legal framework and implement measures to protect users, ensuring that the exchanges operate transparently and safely. Only then can the digital asset exchange become an important part of the country's digital economy development strategy.
*Source: Investment Newspaper
