Sharing at the seminar “National Strategy on Digital Assets: Policy for Innovation and Global Integration”, Mr. Nguyen Manh Cuong, former Deputy Chief of Office of the Ministry of Science and Technology, Deputy General Secretary of the Vietnam Automation Association, said that Vietnam is at a turning point in establishing a clear legal framework for digital assets.
Mr. Cuong also assessed that this will be an important premise for the digital asset sector to make strong contributions to the digital economy , opening up new growth drivers for Vietnam.
Golden opportunity for Vietnam
From a global perspective, Mr. Richard Teng, CEO of Binance, said that the global digital asset market is growing rapidly. Many countries and large financial institutions such as the US and BlackRock have sent out messages affirming that digital assets will not disappear but will reshape the traditional financial industry.
Binance CEO believes Vietnam is a market with great potential (Photo: Khuong Nha).
“We see Vietnam as an important link in our strategy to develop and promote global digital assets. Not only its current value, Vietnam is a market with great potential in the future,” said CEO Richard Teng.
Binance CEO believes that issuing a legal framework for digital assets is a big challenge not only for Vietnam but also a global issue because this field is so new and changing rapidly.
Therefore, the key factor is how to balance between law and innovation. If Vietnam can take advantage of this wave, it can become a model as many other countries are also trying to approach it.
Challenges in enacting laws on digital assets
Tran Huy Vu, CEO of Kyber Network, believes that Vietnam has an advantage in the field of digital assets. The promulgation of a law on digital assets can help domestic enterprises receive more support from authorities.
But on the other hand, authorities may not have enough time to closely monitor and fully evaluate the potential of small applications to facilitate their development.
“The nature of technology is to develop very quickly. There are applications that are very small now, but in just 3-5 years they can become important pillars. If the law is not open enough to give new products the opportunity to develop, it will be difficult to have big echoes with the name 'made in Vietnam' in the future," said Mr. Vu.
Mr. Nguyen Thanh Trung, CEO and co-founder of Sky Mavis (Photo: Khuong Nha).
Meanwhile, Mr. Nguyen Thanh Trung, CEO of Sky Mavis, also shared a little-known story on his journey to becoming Vietnam's first blockchain unicorn.
“In 2018, we decided to leave the traditional market and enter blockchain because we saw the potential. At that time, the team's product was very small, with only a few hundred users per day.
But just three years later, Sky Mavis has made a global splash and established a certain position. This shows that the journey from small application to unicorn is very short. If we manage too tightly, we will not have the opportunity to break through and change the game," said the CEO of Sky Mavis.
What these blockchain businesses have in common is the desire to contribute to the Vietnamese economy, promote innovation, attract more capital and intellectual capital from abroad, and bring the country further into the global market.
From international experience, Binance CEO believes that Governments and lawmakers will play an important role in supporting the future development of the industry.
“I think technology, especially blockchain, is developing very quickly and strongly. A ‘smart legal framework’ will help balance innovation and risk management. When that is done, the digital asset industry in Vietnam will have a solid foundation for long-term development and expansion to the world,” said Richard Teng, CEO of Binance.
Source: https://dantri.com.vn/cong-nghe/co-hoi-de-viet-nam-tro-thanh-trung-tam-tai-san-so-toan-cau-20250710004229286.htm
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