Vietnam blockchain association hopes draft law will protect digital asset holders

The legalization framework of digital assets proposed by Vietnam has the potential to minimize fraud in the cryptographic space of the country once passed.

This is the position of the president of Vietnam Blockchain Association, Phan ức Trung, who revealed an interview with Vietnam News that the association recently received $ 100 million reports in cryptographic fraud targeting Vietnamese investors. According to Trung, criminals continue to escape responsibility in Vietnam because of the country’s “gray areas” concerning the legal status of cryptocurrency and digital assets.

October 22, Vietnam spear An ambitious blockchain national strategy with the aim of positioning the country as a leader in blockchain technology across Asia by 2030. Despite this ambition, the Vietnamese law has not yet officially recognized the Digital assets, creating a regulatory gray area which, according to trung, offers opportunities for criminal exploitation.

Vietnamese citizens are among the most active cryptography investors in Asia, with capital entries related to blockchain estimated at $ 105 billion for 2023-2024. It is estimated that 17 million Vietnamese use cryptocurrencies, collectively winning $ 1.2 billion in crypto investments in 2023-getting third in the world behind the United States and the United Kingdom despite these impressive figures, TRUNG maintains that the lack of regulatory clarity allows bad players to operate through entities recorded in offshore jurisdictions, which makes the application difficult.

In December, Hanoi police decree Eight suspects involved in a cryptographic investment scam which sold fake tokens to the victims, ultimately fraud them from more than a million dollars in total. A few days later in the province of Dong Nai, 4 suspects were decree by police after having defrauded the victims of more than $ 150,000 in a cryptographic mining scam which attracted the victims to buy a same value called “bincoin”.

According to Trung, the bill, provisionally provided for the transition to T2 2025, will establish a legal framework for consumer protection and the settlement of disputes while solving questions such as money laundering and illegal financial flows currently associated at cryptocurrency in Vietnam.