In Vietnam, although the legal framework is still primitive, virtual property and currency are being traded widely. (Photo: thanhnien.vn)Hanoi (VNS/VNA) - Virtualdeals in currency and property are still in their early stages. That’s the message from Ministerof Justice Le Thanh Long who feels further study is needed to iron out legalissues in the future.
Speaking at a recent conferenceon virtual property and currency in Hanoi, Long said specialists studied othercountries to build a legal framework in Vietnam.
There are many complicated legalissues and no uniform of virtual property and currency, Long said, adding thedefinition has not been included in any legal document and not issued by the StateBank of Vietnam.
Research showed there are threetrends to access virtual property and currency including floating, unmanagedbut giving some risk recommendations; no recognition, ban on use andtransaction; allows the use and transaction but strictly managed in the businessspace as the trading floor.
In Vietnam, although the legalframework is still primitive, virtual property and currency are being tradedwidely.
Although many investors arespeculative and others may be trading fraudulently.
This is not unique to Vietnam, asmany countries also don’t have legal frameworks in place.
Kenneth Yeo, an expert fromSingapore said authorities should approach and provide "soft" rulesbefore finalising formal and rigorous legal frameworks. In particular, therecould have regulations relating to anti-money laundering, tax evasion orcustomer identification.
This is the initial managementthat we think will benefit all parties including management agencies, clientsor investors, he said.
Yeo added that, if viewed fairly,the European countries will have more open governance than Asian countries. Thevirtual currency market, virtual assets and related transactions are like"kids". Therefore, new rules need to be more open for itsdevelopment, then consolidating and tighter regulations.
Chionh Chye Kit, founder and CEOof Traceto.io, said the World Bank has made recommendations to governments.
According to Chionh, the legalframework needs to strike a balance between ensuring creativity and protectingconsumers.
So besides putting it into theframework for management, the Government should create conditions forcreativity, he said.
Nicholas Dimitrion, LegalDirector of HybridBlock, said lawmakers need a sensible approach to assess theimpact on social life, and the economy.
The Government needs to assessthe positive and negative aspects of virtual currency, thus offering solutionsthat are consistent with innovation and risk mitigation, he said.
Alice Chen, Strategic Director ofthe Singapore Blockchain Association, said gathering ideas would help be morecomplete, ensuring benefits of many parties.
Sharing Singapore’s experience,Alice said the government has no formal regulations. Nevertheless, Singaporehas always been closely monitoring the operation of virtual currency, tradingfloors to assess the positive and negative side, incorporating anti-moneylaundering and fraudulent crimes.-VNS/VNA
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