On May 12 in Ho Chi Minh City, Vietnam Blockchain Association (VBA) attended the seminar "Improving institutions to promote the application of new technology in national digital transformation" organized by the Committee for Science and Technology. and Environment of the National Assembly in coordination with the Institute of Digital Economic Development Strategy (IDS) and Saigon Giai Phong Newspaper.
At the seminar, Mr. Phan Hong Quan, VBA expert shared content related to blockchain and digital assets in the current economic context. According to him, digital assets with the core foundation of blockchain will play an important role in the process of national digital transformation and global integration. However, unclear legal corridors can be a major barrier that slows down the pace of digitalization.
Mr. Quan believes that digital assets are a concept with economic connotations, not just limited to the legal framework, because it will "touch" many key issues related to ownership and private ownership. , intellectual property... Therefore, a new, broader and more comprehensive approach is needed to build an open legal framework, thereby promoting the digital economy as a new and important growth engine for the country. Vietnam. This overall approach, if studied by the legislature (National Assembly) and allowed by the executive agency (Government) to test the mechanism (Sandbox), will be an important "push" for the new digital economy. , as expected by the Resolutions of the Politburo and the Government.
Countries such as Japan, Korea, Switzerland or regions besides Vietnam such as Singapore, Hong Kong and Thailand have all issued a number of common legal frameworks to manage digital assets. In particular, the "Regulatory Framework for Digital Asset Markets" (MiCA) of the European Union (EU) was just approved in mid-April. Experts consider MiCA to be the most comprehensive regulatory framework in the world today. now for digital assets. Meanwhile, the technology governance movement combining centralization and decentralization is converging into a new trend, which is Regulation Techs (“RegTech”). That could very well be a mainstream trend in the coming period, when countries are deeply aware of the importance of digital assets in the new world order.
Mr. Phan Hong Quan, VBA expert shares about digital assets and blockchain
Realizing the importance of this field, VBA has had many dialogues with legislative agencies such as the National Assembly's Foreign Affairs Committee, financial management agencies such as the State Bank of Vietnam (SBV), and the Ministry of Finance. ... to propose timely solutions to support businesses and the domestic blockchain industry to develop creativity, innovation and compliance with current regulations.
In the context of unclear legal corridors that can pose risks to users and investors, VBA has launched the "Reporting portal for projects with signs of fraud" and received more than 20 reports, Of which 70% of reported projects are founders in Vietnam. This shows the urgency in promptly promulgating relevant regulations and instructions. In addition, VBA has also announced the "Set of standards for identifying fraud", "Set of standards for information security" and "Set of standards for evaluating and ranking projects" to create a transparent and competitive environment. strong for the blockchain industry.
“Digital assets have clearly entered the mainstream, we need to work together to create an effective approach and open legal framework to promote a dynamic new digital economy. It is necessary to take a comprehensive approach in terms of policies to encourage innovation, establish a comprehensive legal framework for digital assets as well as extensive international cooperation that will help digital assets have important value in the economy. nation, building a strong asset summary for businesses and integrating seamlessly with the traditional asset ecosystem. Innovation and establishing the key role of digital assets will be the driving force for new economic development and a very rare opportunity for Vietnam to overcome the current fierce global competition," he said. Quan emphasized.
VBA representatives also made some recommendations. First, it is necessary to bring digital assets into the general legal framework, not into some specialized laws such as: Law on Credit Institutions or Law on Telecommunications... In which ownership of digital assets and intellectual property are the main content. Basic content needs to be clarified. Next, the approach needs to favor economic factors, especially property ownership, from which the board regulates policies in a reasonable, open, and friendly manner with new technology industries to create advantages. in competing and growing in the rapidly changing global digital transformation landscape. Finally, it is necessary to consult and learn from experience in building legal frameworks as well as approaches to digital assets from previous countries, in order to issue a pilot (sandbox) in a specific field before piloting it. points on a large scale.
Digital transformation needs to be done immediately - otherwise you will easily be eliminated
In the field of finance, Ph.D. Duong Quoc Anh, Deputy Director of the Institute of Digital Economic Development Strategy, former Deputy Chairman of the National Assembly's Economic Committee, said that digital transformation in this field has three main trends: Traditional banks apply Using technology to improve processes; Fintech businesses participating in providing services; Completely digital bank.
Dr. Anh assessed that the strongest digitalization activity is the trend of banks applying information technology and digital technology to digitize their operations. Fintechs have two main groups: providing digital solutions that improve payment and credit operations or standing behind financial institutions. There is no digital bank in Vietnam yet, and the State Bank does not have a proper orientation for licensing digital banks.
Doctor. Duong Quoc Anh, Deputy Director of the Institute of Digital Economic Development Strategy, former Deputy Chairman of the National Assembly's Economic Committee, spoke at the discussion
The Deputy Director also made three recommendations. Firstly, it is necessary to orientate to promote the digital transformation process in the banking and finance sector, and at the same time find solutions for banks and credit institutions to take advantage of the achievements of digital technology and provide convenient products. for customers. Second, complete the legal framework for rapid digital transformation in the banking and finance sector, because the digital environment is different from the traditional environment. Third, there must be laws to protect consumers of financial services.
In addition, Mr. Nguyen Duc Kien, Head of the Prime Minister's Economic Advisory Group, assessed that digital transformation in the financial and banking sectors is a vital issue. If we do not transform, we will be eliminated from the market. game, because the world is going very fast. Mr. Kien believes that we still have the inherent "disease" of using old thinking to explain new problems.
The new task set for the bank's digital transformation in the long term must meet the country's socio-economic development requirements, focusing on customer groups that are currently out of reach of traditional organizations. System security must be ensured. The implementation method must be flexible but ensure efficiency and convenience for consumers and state management agencies in supervision.
The discussion "Improving institutions to promote the application of new technology in national digital transformation" is a discussion to gather opinions from leading industry experts and businesses in the fields of finance, banking, fintech, and telecommunications. communication related to amending and supplementing two important laws, the Law on Credit Institutions (amended) and the Law on Telecommunications (amended). This will be important information to serve the process of developing policies on digital transformation and completing draft laws to submit to the National Assembly for consideration and approval at the National Assembly session on May 22. This.
