During his visit to Vietnam to strengthen bilateral cooperation in financial services, green finance and economic development, Mr. Alastair King – Mayor of the City of London – emphasized that Vietnam should not apply too rigid a management approach to the digital asset market.
According to Mr. King, the digital asset market in the world is developing at a dizzying pace and the legal framework in many countries, including the UK, is still being tested and perfected. Therefore, if Vietnam wants to seize the opportunity to become an attractive destination in the field of digital finance, it is important to maintain flexibility in regulations. Specifically, the law needs to ensure transparency and safety for investors, but at the same time must pave the way for innovation, avoiding creating barriers that hinder technology businesses.
He also pointed out that, in addition to the legal framework, Vietnam needs to invest heavily in high-quality human resources in the fields of finance and technology. A team of experts who understand blockchain, cryptocurrencies, as well as new digital asset models will be the decisive factor in helping Vietnam quickly integrate into the global market.
Globally, many countries are adopting a “balanced” approach to digital assets. The UK, for example, is testing a regulatory sandbox for fintech and blockchain companies, allowing them to launch new products in a controlled but not too restrictive environment. The US under President Donald Trump – who returns to the White House after the election in late 2024 – is also showing more openness to blockchain technology and cryptocurrencies, in a bid to compete with other financial centers around the world.
In the Asian region, Singapore is XEM a typical example of building clear policies that both protect investors and encourage business innovation. This has turned the Lion City into a top destination for digital financial startups.
