With this reality, Vice President of Vietnam Blockchain Association said that Blockchain is like an underground economy of the GenZ generation (those born after 1997) and “freelance” workers.
Vice President of Vietnam Blockchain Association Phan Duc Trung. Photo: Trong Dat
The flow of money circulating in the virtual economy is very large. If we ban or avoid introducing management regulations for Blockchain and virtual assets, we will waste the opportunity. In that context, Vietnam needs to soon develop a virtual asset management policy to gradually convert the underground economy from virtual assets to public ones, thereby contributing to promoting economic growth.
“Who knows, maybe in the future we will receive tax streams from virtual assets, just like tax streams from stock transactions”, Vice Chairman of Vietnam Blockchain Association raised the issue.
Virtual asset management will help Vietnamese startups not have to go abroad
According to a December 2023 survey by the Atlantic Council of 60 countries around the world, there are currently 32 countries that recognize virtual assets as legal, 19 countries that partially ban and 8 countries that completely ban virtual assets. It is noteworthy that 10 countries in the G20 group have now legalized this type of asset.
According to Attorney Tran Quoc Bao of Pantheon law firm, because it is a new issue, 70% of countries in the world do not have a legal framework to manage virtual assets and virtual asset trading floors. In the region, Thailand and Singapore are very open to this field, while Vietnam currently does not have a legal framework on virtual assets.
“Many startups in the field of virtual assets and virtual asset exchanges are wondering whether they can develop their businesses domestically, or must they go abroad? Vietnam should consider applying legal policies to help Vietnamese Blockchain businesses operate legally in Vietnam, thereby contributing and promoting social development.”, Lawyer Tran Quoc Bao stated his perspective.
