Mr. Nguyen Thanh Tu, Head of the Department of Civil-Economic Law, Ministry of Justice, Deputy Director of Program Management 585, moderated the conference.
Ho Chi Minh City, November 16, 2018 – Infinity Blockchain Labs (IBL) discussed with the Ministry of Justice in the Dialogue on Difficulties in cryptocurrencies management and recommendations on legal framework. The conference is part of the Interdisciplinary Legal Support Program for Business in the period 2015-2020 to create a formal dialogue between the Government and enterprises as well as legal researchers in proposing a cryptocurrencies and virtual assets legal framework. Mr. Nguyen Thanh Tu, Head of Civil-Economic Law Department, Ministry of Justice, Deputy Director of Program 585 Management, served as the moderator to the conference. Participants of the conference included IBL’s Regional Chief Strategy Officer, Mr. Do Van Long, along with other representatives from enterprises, legal experts, and lecturers from law schools in Vietnam.
In speaking at the opening of the conference, Mr. Nguyen Thanh Tu emphasized that properly clarifying cryptocurrency is not only a matter of Vietnam but also of many countries in the world. In the World Bank report on May 2018, blockchain and cryptocurrency present a new and difficult problem because of the benefits can parallel with negative impacts. On the advice of the World Bank, the legal framework should balance innovation and consumer protection.
IBL’s Regional Chief Strategy Office, Mr. Do Van Long, explained that the IBL research team has studied the legal framework from other countries in order to suggest a legal framework for Vietnam. Abu Dhabi, for example, has been pioneering in encouraging and managing cryptocurrencies. As technology developments move increasingly faster than developing a relevant legal framework, Abu Dhabi adjusts the existing legal framework to suit the actual situation and not proposing a new legal framework.
Mr. Long also highlighted some benefits of Vietnam’s legal framework for cryptocurrency. Firstly, preventing foreign money from flowing out because of Vietnamese trading cryptocurrencies in Singapore. Secondly, the government can centrally manage cryptocurrency exchanges to avoid money laundering and terrorist financing. Third, grasping blockchain technology will help domestic businesses flourish. The ultimate benefit is to help Vietnam get ahead of the tide of technology, with the largest beneficiaries is Vietnamese enterprises.
Mr. Do Van Long, Regional Strategy Director of Infinity Blockchain Labs, talk at the conference
Attorney Nguyen Huynh Phuong Thao said that many countries and territories have identified cryptocurrency in many forms. They generally do not consider cryptocurrency a fiat currency. For example, some European countries and the United States identify cryptocurrency as commodities. Countries in South East Asia such as Thailand, Malaysia and Singapore identify cryptocurrency as commodities and securities. With different approaches, the way of management is different.
Attorney Nguyen Huynh Phuong Thao at the Conference
Mr. Le Ngoc Giang, from Civil-Economic Law Department, Ministry of Justice, suggested that there \be no legal framework for cryptocurrency necessary If Vietnam considers cryptocurrency as securities, securities law will apply. Or, a future commodity or derivative law will be applied if it is considered as commodities
The conference was also attended by researchers from the Department of Civil-Economic Legislation, Ministry of Justice on Legal Policy, and lessons learned from countries around the world such as the United States, Thailand, Singapore, Australia and, Canada.
The conference has received many contributions from speakers, businesses, lawyers, lecturers, and more. Expecting a legal framework for managing cryptocurrency, virtual assets so that the government can control effectively, enterprises have a healthy playing field and investors have full legal and legitimate interests.
Under the direction of the Prime Minister, Ministry of Justice has reviewed the legal framework of cryptocurrency in Vietnam and the experience in the world. In a report sent to the Government in October 2018, The Ministry of Justice has presented three options for managing cryptocurrency and crypto assets. First, leave unregulated (Around 150 countries around the world are following this option). Second, bans on cryptocurrency transaction and ICO issuing (typically China). Thirdly, allow mutual management (like Japan). The Ministry of Justice is evaluating the advantages and disadvantages of each option. This report is classified into four parts: the first part is an overview of cryptocurrencies and crypto assets, the second is about the world’s experiences, the third part is about the Vietnam regulatory framework, and the fourth part is about proposing a legal framework for Vietnam.
Vietnam Blockchain Country (VBC) is a mega project dedicated to transforming Vietnam into the world’s next blockchain ecosystem leader. The project aims to connect Vietnamese regulators, policy-makers, tech entrepreneurs, business leaders, educators, and for-profit and nonprofit organizations that aspire to be part of the transition into the future.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Vietnam with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top ten blockchain technology solution providers in 2018 by APAC CIO Outlook, our 200+ employees at IBL aspire to empower Vietnam to become the global leader in blockchain research and development.
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