Forcing crypto to be transferred to Vietnamese exchanges for storage is inappropriate

Need a separate, flexible legal framework for the crypto market

Many experts believe that applying crypto management regulations according to the securities model is not suitable for the decentralized and cross-border nature of blockchain technology .

Crypto is 24/7, volatile, highly community-driven, and does not represent a business like stocks.

Therefore, forcing crypto to move to domestic exchanges could make the market less flexible and less competitive compared to countries like Singapore or Dubai - where there is a more open and clear legal framework.

Mr. Phan Phuong Nam (Ho Chi Minh City University of Law) emphasized that instead of just imposing sanctions, it is necessary to simultaneously issue a crypto transaction testing mechanism so that all parties can adapt.

Expert Krist Pham also believes that each field needs its own law: securities are traditional assets , while crypto is a new product, requiring a flexible legal corridor, keeping up with technology and protecting users .

Many mixed reactions from investors about the new draft
The Ministry of Finance's draft proposes to fine individuals up to VND2 billion for manipulating prices or using insider information to trade crypto .

In addition, failure to transfer crypto to domestic organizations will be fined 100-200 million VND .

However, investors believe that these fines are too high and unfeasible when there is no complete legal framework and it is not yet determined what type of asset crypto is .

Some investors also expressed concerns about forcing digital assets to be transferred to centralized organizations, while there is no clear commitment to security, disputes or insurance if assets are lost.

“Crypto is not like a bank account, it can be stored in hot or cold wallets, and it is privately owned,” one investor said.

In addition, many people are concerned that the new regulations could cause crypto capital to withdraw from Vietnam and move to friendlier markets such as Hong Kong or the UAE, affecting domestic investment attraction.

The market needs time and incentives rather than coercion.
Despite the controversy, experts agree that regulating the crypto market is necessary to limit money laundering, protect investors, and ensure tax obligations .

However, according to Mr. Dang Tran Phuc (AzFin Vietnam), this needs to be implemented according to a roadmap , instead of being enforced while the legal framework is still being tested.

Mr. Phuc commented that if domestic exchanges can prove their security, convenience and transparency , investors will naturally return.

“It is necessary to create an attractive legal environment, not to apply a rigid protectionist model,” he said.

A representative of the exchange also emphasized that the market should be allowed to prove its effectiveness instead of tightening when there are not enough management tools .

Because crypto is still a new field, it is difficult to control by traditional methods. If not done properly, it can cause Vietnam to fall behind the global trend.

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