Ministry of Finance: There will be more than one crypto asset exchange

(Chinhphu.vn) - The Ministry of Finance is finalizing a pilot project for the crypto-asset market, after studying international experience and domestic practices. The project has been reviewed by the Government and reported to the Politburo for approval to pilot the project with a clear and transparent roadmap and criteria.

Deputy Minister of Finance Nguyen Duc Chi exchanges information at a press conference - Photo: VGP/Nhat Bac

Speaking at the regular Government press conference in July organized by the Government Office on the afternoon of August 7 in Hanoi, Deputy Minister of Finance Nguyen Duc Chi said: In the process of developing the project, the Ministry has studied many experiences from countries in the region and internationally. Along with that, the Ministry also assessed the actual situation related to crypto assets that Vietnamese citizens are participating in trading and buying and selling.

To ensure feasibility and suitability, the Ministry of Finance has coordinated with experts to organize many seminars and conferences to collect opinions and clarify the legal, technological and management aspects of this type of asset. This is a necessary step in the context of the crypto-asset market in the world still having many potential risks and not being widely popularized in the official legal systems of many countries.

The Ministry of Finance leader said: Currently, the pilot project of the crypto asset market has been basically completed in terms of: criteria for selecting participating organizations, technical conditions, operating procedures, financial capacity and expertise of units proposing to provide services.

The Ministry of Finance reported the project to the Government. The Government then reported to the Politburo to request approval for the pilot implementation. Deputy Minister Nguyen Duc Chi said that after receiving the Politburo's conclusion, the Ministry of Finance will continue to complete the project according to the direction and submit to the Government to issue relevant regulations to organize the pilot.

If the review and approval process goes smoothly, it is expected that the pilot implementation could begin as early as August.

The Deputy Minister of Finance added: First, the Ministry will clarify the criteria, conditions and standards for selection. These requirements will include information technology factors, technical processes, financial capacity and expertise of the registering unit.

After finalizing the specific criteria, the Ministry of Finance will make these conditions transparent for the selection organization. During the pilot phase, more than one trading floor will be allowed to operate, in order to create a healthy competitive environment. However, the number will be controlled at a reasonable level to facilitate monitoring and evaluating the effectiveness after the pilot.

A notable point in the project is that the Ministry of Finance proposes to encourage the private economic sector to participate in providing services in the crypto-asset market. This proposal is completely consistent with the spirit of Resolution 68 of the Party on private economic development, while creating conditions for capable and creative enterprises to participate in new fields.

"This is a highly innovative field that requires flexibility, dynamism and the ability to adapt to technology. Therefore, the private sector is expected to play a leading role in deploying trading platforms and providing services to the market. However, the selection of service providers must be based on strict criteria, ensuring safety, transparency and efficiency throughout the pilot implementation process," Deputy Minister Nguyen Duc Chi emphasized.

Mr. Minh

Source: https://baochinhphu.vn/bo-tai-chinh-se-co-nhieu-hon-mot-san-giao-dich-tai-san-ma-hoa-102250807162601031.htm