Crypto is not securities – Don't manage it like 'the beard of one man stuck in the chin of another woman's.'
Applying the mindset of managing securities to control the crypto market is causing a wave of controversy. Crypto does not represent company shares, does not trade during business hours, and cannot be controlled by a centralized mechanism. So why is there still a tendency to 'force' crypto into the framework of securities?
1. Management does not understand the nature correctly:
Crypto is technology – not traditional securities. It is decentralized, operates 24/7, and is global in nature. Applying old mindsets to manage a new technology is no different than trying to catch radio waves with a telephone.
2. Heavy penalties but no clear laws:
A paradox is occurring: the legal framework for crypto is still vague, but the penalties are extremely severe – up to 2 billion VND. The question arises: punish whom? Based on what? While there are no clear standards, both investors and businesses find themselves in a passive position.
3. 'Ban or control?' – An unanswered question:
While countries like Singapore, UAE, and the US have developed their own legal frameworks for crypto, Vietnam is still struggling between two extremes: either ignoring it or rigidly prohibiting it. The question is: why not experiment with a flexible management framework instead of stifling an entire emerging technology sector?
Contrasting views from experts:
* Assoc. Prof. Dr. Phan Phuong Nam: 'Instead of punishing, let the market prove its efficiency and security. A good exchange will attract investors on its own.' A bold viewpoint – but worth pondering.
* Expert Krist Pham: 'Crypto needs to be separated from securities. We cannot use 20th-century laws to manage 21st-century technology.' Management that does not keep up with technology is tying its own hands.
* Mr. Dang Tran Phuc: 'The market needs a fair playing field, not a restricted area.' Investors want to be protected – but not by prohibition.
Conclusion:
Managing crypto is necessary – but if we continue to apply old models, are we missing out on a financial revolution – just because of fear?