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"