Hanoi: Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.
Some 20% of the Vietnamese population own crypto assets which are developed by blockchain technology, they said, stressing without strict management and failure to comply with global taxing principles, VA transactions will pose great challenges for the country in the coming time.
As of the end of December 2023, 32 countries regulated crypto-assets in their jurisdictions, including ten nations of the G20 group officially issuing regulations on VA and VASP, the Alantic Council’s surveys on anti-money laundering and combating the financing of terrorism (AML/CFT) and protection of users and the VASPs revealed.
Standing Vice Chairman of the Vietnam Blockchain Association Phan Duc Trung said 18 related documents have been issued in Vietnam so far. The notabl
e one being the national action plan to carry out the Government’s commitment to preventing money laundering and financing of terrorism and the proliferation of weapons of mass destruction so as to lift Vietnam out of the Financial Action Tasks Force’s list of Jurisdictions under Increased Monitoring (grey list).
He said the plan has focused on the AML/CFT and VASP standard but neglected taxation of VA and protection of users. Therefore, a complete legal framework has not been shaped up yet.
The association hoped to collect opinions from the community and enterprises as well as have dialogue with state management agencies to develop a complete framework before May 2025.
At the event, the association announced the second Switch Up Accelerator, helping startups to call for funds, and highlighted an overview of the blockchain industry in Vietnam and the globe.
The Academy of Blockchain and AI Innovation was debuted on the occasion, aimed at providing blockchain and AI training strategies for 1 million people
by 2030, including 100,000 students in 30 universities across the nation./.
Source: Vietnam News Agency