TrendTheBen
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1. Currently "equating" crypto with securities:
- Crypto is fundamentally different from securities in terms of legal nature
- Securities represent a company, traded during business hours, with a centralized mechanism
- Crypto is decentralized, borderless, operates 24/7, and is highly volatile
2. Lack of a complete legal framework:
- There is no clear legal definition of crypto
- Lack of tax, insurance, and dispute resolution mechanisms
- High penalties (up to 2 billion VND) while the legal framework is not yet complete
3. Technically unfeasible:
- Crypto is stored in hot wallets and cold wallets owned by individuals
- High security, decentralization of blockchain
- Foreign exchanges have been operating for many years, with high reputation and reliability
Expert opinions:
Mr. Phan Phuong Nam (Deputy Head of Commercial Law Department, HCM City University of Law):
- Should simultaneously issue a regulatory framework for crypto trading trials and penalty mechanisms
- Clearly explain what crypto is, how to trade, the regulations, and how investor protection mechanisms work
- "Instead of imposing penalties, let exchanges prove their capabilities, efficiency, and high security, investors will self-transfer"
Ms. Krist Pham (Blockchain expert):
- Many countries around the world separate the management of securities and crypto
- Crypto needs a separate, flexible, and more expansive legal framework than securities
- Need to keep up with technology while ensuring user protection
Mr. Dang Tran Phuc (Chairman of the Board of Directors of AzFin Vietnam Joint Stock Company):
- There needs to be an attractive mechanism to attract investors to Vietnam
- Build a healthy playground, effective management mechanisms
- "Managing this market is correct, but a competitive mechanism is needed, not applied rigidly"
- Crypto is fundamentally different from securities in terms of legal nature
- Securities represent a company, traded during business hours, with a centralized mechanism
- Crypto is decentralized, borderless, operates 24/7, and is highly volatile
2. Lack of a complete legal framework:
- There is no clear legal definition of crypto
- Lack of tax, insurance, and dispute resolution mechanisms
- High penalties (up to 2 billion VND) while the legal framework is not yet complete
3. Technically unfeasible:
- Crypto is stored in hot wallets and cold wallets owned by individuals
- High security, decentralization of blockchain
- Foreign exchanges have been operating for many years, with high reputation and reliability
Expert opinions:
Mr. Phan Phuong Nam (Deputy Head of Commercial Law Department, HCM City University of Law):
- Should simultaneously issue a regulatory framework for crypto trading trials and penalty mechanisms
- Clearly explain what crypto is, how to trade, the regulations, and how investor protection mechanisms work
- "Instead of imposing penalties, let exchanges prove their capabilities, efficiency, and high security, investors will self-transfer"
Ms. Krist Pham (Blockchain expert):
- Many countries around the world separate the management of securities and crypto
- Crypto needs a separate, flexible, and more expansive legal framework than securities
- Need to keep up with technology while ensuring user protection
Mr. Dang Tran Phuc (Chairman of the Board of Directors of AzFin Vietnam Joint Stock Company):
- There needs to be an attractive mechanism to attract investors to Vietnam
- Build a healthy playground, effective management mechanisms
- "Managing this market is correct, but a competitive mechanism is needed, not applied rigidly"
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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