Techcom Securities (TCBS) proposes testing encrypted stock trading on digital asset exchanges in Vietnam. This proposal was made at the workshop "Experience and Operation of Encrypted Asset Exchanges" on March 27, in the context of Vietnam completing the legal framework for digital assets.
According to Ms. Doan Mai Hanh, TCBS Senior Director, when encrypted assets have a clear legal corridor, the company will integrate them into products to help customers diversify their investment portfolios and minimize risks. However, she emphasized the need for careful selection due to the potential risks inherent in these assets.
Large exchanges like Binance support over 400 digital currencies, but TCBS believes Vietnam should pilot with a limited number, focusing on high-liquidation assets.
TCBS proposes testing encrypted stocks, as these products have many similarities with stocks, bonds, and fund certificates, but offer more flexible divisibility advantages. Dragon Capital also suggests tokenizing ETF funds through blockchain, helping to increase capital market access opportunities for individual investors.
Centralized exchanges in Vietnam can play a role in legal supervision, ensuring compliance with KYC (identity verification) and AML (anti-money laundering). Due to the lack of a clear legal framework, many companies must register abroad, causing tax losses and reducing competitive advantages.
The Chairman of the Vietnam Blockchain Association (VBA), Phan Duc Trung, notes that the encrypted asset market in Vietnam is currently in a "gray area". The draft Resolution has been submitted to the Government proposing to test encrypted asset trading on a limited scale, under the supervision of the Ministry of Finance, Police, and State Bank.
The pilot implementation promises to open up significant opportunities for digital finance in Vietnam while promoting the development of a sustainable blockchain ecosystem.
