Resolution 05 paves the way, but attracting investors to the Vietnamese stock market is not easy.
Resolution 05/NQ-CP This is XEM a legal turning point as Vietnam officially launches a pilot program for the cryptocurrency market within a certain period. 5 years .
However, the biggest challenge now is not just opening the exchange, but how to attract investors from international platforms to the domestic market.
At a seminar organized by Vietnam Blockchain Association (VBA) organization, Mr. Le Sy Nguyen, representative of Bitget Vietnam , stated that there are three problems that need to be solved: Product diversification, improved user experience, and transparency regarding taxes and legal risks .
According to him, if Vietnamese exchanges only offer basic trading while international exchanges have fully developed areas such as spot, futures, and launchpad, investors will find it difficult to shift their investments.
Adding this perspective, Ms. Le Vu Huong Quynh, representing Tether , emphasized that the prerequisite is liquidation .
Investors need to believe they can convert their assets to fiat currency at any time, and domestic exchange rates must closely track international rates to avoid excessive discrepancies.
Ms. Le Vu Huong QuynhTaxation, compliance, and training are major bottlenecks.
From a different perspective, According to Mr. Hoang Quang Minh, a Web3 Marketing expert , the biggest obstacle currently is... Compliance and tax issues , especially for investors holding assets from overseas exchanges.
According to him, many people are concerned that transferring assets back to Vietnam will raise questions such as whether they will be subject to retroactive tax collection, or how the old assets will be handled.
Mr. Minh argued that if the sanctions are too strict and too rigid... punish instead of If encouraged , people will seek ways to avoid participating in the mainstream market instead.
Therefore, Vietnam should prioritize absorbing Regular capital flows from large investors , especially those familiar with traditional securities.
In addition, he also emphasized the role of knowledge training This benefits both investors and brokers because it's an active market. 24/7 and highly volatile, very different from traditional investment channels.
Security and compensation mechanisms are crucial factors.
One of the most frequently asked questions is: If the exchange is hacked or assets are lost, who will be held responsible? According to According to Mr. Hoang Quang Minh, a Web3 Marketing expert , this is a core issue directly related to market trust.
He expects Vietnam to be able to build similar mechanisms. "Deposit insurance" is a type of insurance that provides investors with a certain level of compensation in the event of a problem.
Meanwhile, Mr. Le Trung Nghia, a manager of blockchain-related content , believes this concern is entirely justified, as even large exchanges around the world are frequently targeted by hackers.
He emphasized that as the Vietnamese market gradually shifts from a "gray area" to a "white area," investors will become even more concerned about the safety and security of the system.
Mr. Nghia commented:
"Hacker attacks are a daily occurrence in this market... Vietnam is a latecomer, so it needs to prioritize security before expanding further."
In summary, for the domestic cryptocurrency market to develop sustainably, Vietnam needs not only a clear legal framework but also the development of a robust system. Trust is built on transparency, security, and mechanisms to protect investors .
According to BlogTienAo
