Opinion by Joe Fotalatte
Despite positive outlooks in the local press on tourism, real estate, stock markets, and other struggling industries, a Hanoi Times article is calling for Vietnam to have a regulatory framework regarding cryptocurrencies. Surprisingly, the author is the Founder of RMIT FinTech-Crypto Hub, Pham Nguyen Anh Huy, Senior Lecturer in Finance at RMIT University Vietnam.
The article noted that exchanges like Binance or Remitano operate freely in Vietnam without a financial services provider license, and investors who profit from cryptocurrency do not pay taxes on their capital gains. In contrast, cryptocurrency exchange providers in Singapore and soon Hong Kong must pass a rigorous licensing process.
The author concluded many cryptocurrency projects, particularly GameFi, Move to Earn, Metaverse, and Web3, were introduced in the unregulated setting, which he claims boosted national innovation and propelled the digital economy.
However, Huy says, the absence of a regulatory framework has resulted in negative aspects, including a volatile business environment, unprotected investors in scams, difficulty in tracking fraudulent and criminal activities such as money laundering, and the inability of tax authorities to collect taxes.
Regardless of the self-promotion, the call for regulation from an industry insider was a breath of fresh air because the local press has been irresponsible on the issue, and the average Joe is left holding the bag in any Ponzi scheme scam.