Vietnam will introduce a judicial framework for digital asset this year when the country’s governing party is pressing on adoption.
Push is led by Prime Minister Phạm Minh Chính, which urged the country to take advantage of blockchain and digital assets to achieve its ambitious National Gross Dianch product (GDP) growth rate for 2025. Chính urged the Ministry of Finance and the country’s central bank to submit the new proposals at the end of March.
The premium’s orders were followed up by the reigning Communist Party in Vietnam; During a new session of its commission for policies and strategies repeated the party the need for digital asset rulesLocal stores Report.
The party’s Secretary -General, Tô Lâm, stated that the lack of an extensive framework has limited the growth of digital assets in the southeastern Asian nation. He urged the legislature to formulate new laws for the sector and for the supervisory authorities to set up a sandbox for virtual asset service providers (VASP).
“Politics must be in place to ensure that Vietnam does not fall behind, misses opportunities or creates a gap with new financial models and modern trade methods,” Lâm noted.
Despite the lack of formal regulations, Vietnam has been one of the world’s leading digital asset markets. Chain analysis ranked it fifth in adoption globally last year and third The year before. A study of trip-a Funs That 21% of Vietnamese residents own digital assets, with only the United Arab Emirates ranked above. In addition, the country received $ 105 billion in digital assets last year.
This lack of regulations may even have worked in favor of Vietnamsays Crypto Council for Innovation, a Global Digital Asset Lobby group. In a 2023 report, advice argued That with little regulation for the sector remains digital asset gains, which makes them attractive assets for local investors.
Vietnam’s digital asset sector has requested regulations for several years. However, some believe that a new framework would initially suppress the assumption before laying the foundation for long -term growth.
Bit Executive Director Grace Chen told An outlet like new regulations in Vietnam would “lead to a short-term impact on local Fiat Exchange trade, but in the longer term clear regulation can encourage a broader assumption and lay the foundation for increased retail and institutional commitment.”
In addition to increasing adoption, digital assets believe that the new framework will also increase the government’s revenue. They say that several VASPs, led by Singapore, have had to register in neighboring countries and then serve the Vietnamese market. These companies will set up operations in the country and make millions of dollars in taxes.
“Creating this legal framework will help companies access bank capital and provide a safer, more transparent environment for crypto transactions,” commented on a representative of the Ministry of Finance.
Trần Huyền Dinh, Head of the Fintech Committee under the Vietnam Blockchain Association, says Introducing a personal income tax of 0.1% on digital assets would generate over $ 800 million in taxes from the sector annually.
In addition, formal regulations will enable Vietnamese VASPs to access banking services and increase financing, which further expands the country’s growing digital asset sector.
Colombia’s new bill is aimed at digital asset rules
In South America, Colombian legislators run a new bill to regulate the digital asset sector. Senator Gustavo Moreno and his House of Representatives Julian Lopez submitted the bill to Congress this week, reports The local newspaper that Colombian.
Despite rapid adoption, there are digital assets in legal ambiguity in Colombia, creating a insecure and risky environment for investorsSenator Moreno told legislators when they presented the bill.
His bill aims to remedy this by introducing 16 articles that satisfy licensing and Know your customer (KYC), taxation, prevention of money laundering and terrorist financing, education and awareness and marketing and advertising.
“Colombia has fallen into the global ranking of Cryptocurrency adoption. While other countries are moving forward, we remain unregulated here, ”the representative López stated when we presented the bill. “This (count) is trying to have clear rules for game To generate a reliable and more attractive ecosystem for investments with guarantees for this growth industry. “
Some studies have found that over five million Colombians own digital assets. Last year, they only completed almost $ 7 billion, but the country is ranked under regional heavyweights such as Brazil, Venezuela, Mexico and Argentina in Latin America.
Watch: Reggie Middleton at Defi, Booms/Busts & Crypto Regulation
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