Legal framework for managing virtual assets and virtual asset service providers discussed

"Virtual Assets (VA) are an irreversible global trend. The total value of VA is expected to reach up to 10 per cent of the global GDP, counting for $16 trillion by 2030. Therefore, a comprehensive legal framework will be a catalyst for the development of the crypto and blockchain sectors, contributing to the national economy," said Phan Duc Trung, vice chairman of the VBA.

Phan Duc Trung shed light on the information regarding the virtual asset market

The event witnessed the appearances of numerous representatives of state management agencies such as the Science, Technology, and Environment Committee of the National Assembly, the Legislative Research Institute of the National Assembly, the Ministry of Information and Communications, the Ministry of Finance, the Ministry of Justice, the Ministry of Public Security, the State Bank of Vietnam, the State Securities Commission, the Vietnam Bankers Association, the Vietnam Chamber of Commerce and Industry, the National Centre for Electronic Authentication, the National Cyber Emergency Response Centre.

As well as research organisations, technology companies, financial institutions, legal entities, lawyers both domestic and international, and a large community of VASP representatives in Vietnam attended, along with representatives from 30 media agencies.

In his opening remarks, Nguyen Doan Hung, former vice chairman of the State Securities Commission said, “the abundant participation of agencies, organisations, and VASPs operating in the Vietnamese market, demonstrates interest and support for the legalisation of VA and VASP.”

This is the third scientific workshop to gather feedback for constructing the official rules for managing VA organised by VBA.

Previously, the VBA collaborated with the Vietnam Bankers Association to organise two feedback workshops at the headquarters of the State Bank of Vietnam in Hanoi and its branch in Ho Chi Minh City in September 2023, with the direct and online participation of nearly 2,000 invited guests representing state agencies, commercial banks, research institutions, law firms, and VASPs both domestically and internationally.

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