In Official Dispatch 22 on a number of key tasks and solutions to reduce administrative procedures, improve the business environment, and promote socio-economic development, Prime Minister Pham Minh Chinh requested the Ministry of Finance to promptly complete the pilot resolution dossier to manage activities related to virtual assets and encrypted assets, and report to the Government Standing Committee.

Building a legal framework has many important meanings.

Speaking to Dan Tri reporter, Ms. Lynn Hoang, Country Director of Binance Vietnam, commented that these are positive signals, showing that the authorities are extremely sensitive and paying much attention to the digital asset sector.

"Digital assets are a new field not only in Vietnam but also globally. If there is a clear legal framework soon, Vietnam will have many important advantages in the digital asset market in particular and the digital economy in general. However, with a new field like digital assets, we also need to take cautious steps to ensure that innovation is encouraged while still controlling risks.

In that context, a suitable legal environment will be especially important. I believe that a clear legal framework will help increase the confidence of digital asset investors, attracting more traditional investors. In the long term, this will be an important driving force for the market to mature faster," said Ms. Lynn Hoang.

Sharing the same view, Mr. Tran Xuan Tien, General Secretary of the Ho Chi Minh City Blockchain Association, commented that the move of the Vietnamese Government in building a pilot legal framework to manage crypto assets is very consistent with the current trend of developed countries in the world.

"Building a legal framework is first of all to protect investors. Over the years, many cryptocurrency scams have appeared in Vietnam. The common point is taking advantage of the fact that crypto assets are not recognized and protected, so investors' losses have no framework to thoroughly resolve.

Besides, the blockchain market has infiltrated Vietnam in one way or another. Completing the legal framework will help Vietnam exploit and manage this established market. The characteristic of blockchain is its decentralized nature. Therefore, the balance between centralization and decentralization is what I think needs to be studied most carefully," Mr. Tien shared.

Previously, at the regular Government press conference in February, Deputy Minister of Finance Nguyen Duc Chi said that digital assets and digital currencies are very complicated and new issues not only for Vietnam but also for many countries in the region and around the world.

This issue is being thoroughly studied by relevant agencies, providing different legal frameworks to have a way to manage all activities related to virtual assets and digital assets transparently, serving economic and social development.

The Ministry of Finance has been assigned by the Prime Minister to report to the Government in March to issue a resolution, allowing a pilot project to build and put into operation a virtual currency exchange so that institutional and individual investors in Vietnam have a place to trade, invest and buy and sell.

The trading floor is organized by units and enterprises licensed by the State. The State will protect the legal and legitimate rights of organizations and individuals when participating in the market.

Opportunities for startups

In the Draft Law on Digital Technology Industry, digital asset management and controlled testing mechanism (sandbox) are among the core areas mentioned.

According to the draft, digital assets are intangible assets, expressed in the form of digital data, created, released, stored, transferred, authenticated by digital technology in the electronic environment and protected by law as property rights according to the provisions of civil law, intellectual property and other relevant laws.

The Government will specify the types and management of digital assets and organizations providing digital asset services depending on practical conditions; measures to ensure the legitimate rights and interests of organizations and individuals; and prevent, stop, limit and handle risks related to digital assets.

According to the Secretary General of the Ho Chi Minh City Blockchain Association, the Government's interest in the pilot legal framework for managing crypto assets will help blockchain technology have a good stepping stone and a more open space for testing before entering real life, thereby controlling some of the risks.

"When the traditional legal framework has not kept up with the pace of technological development, the sandbox mechanism allows startups to test new ideas in a safe space, minimizing risks including unintentional violations of overlapping laws.

A transparent and well-managed sandbox environment creates trust for both domestic and international investors. Investors will appreciate the growth potential, minimize legal risks, thereby increasing the ability to raise capital for startups. Results from sandbox experiments also provide practical data for management agencies, helping them better understand the impact of new technologies and build appropriate regulations," Mr. Tien shared.

Meanwhile, according to Ms. Lynn Hoang - Country Director of Binance in Vietnam, the authorities' push to issue regulations and guidelines on digital assets and pilot digital asset exchanges will not only protect users but also promote innovation, encourage widespread acceptance and enhance market stability.

“On the regulatory side, in a well-regulated trading environment, market manipulation and fraudulent activities are expected to decrease. This provides investors with more transparent and secure trading mechanisms, thereby strengthening market confidence.

However, it should also be noted that the ability to attract foreign investment will depend on many factors, including the content of the legal corridor, management model and operation of the exchange," said Ms. Lynn Hoang.

Source: https://dantri.com.vn/cong-nghe/khung-phap-ly-ro-rang-se-giup-viet-nam-phat-trien-thi-truong-tai-san-so-20250312163820645.htm