Deputy Minister of Finance Nguyen Duc Chi sharing information at the regular Government press conference – Photo: VGP/Nhat Bac
Speaking at the regular monthly Government press conference held by the Government Office in Hanoi on August 7, Deputy Minister of Finance Nguyen Duc Chi said that in the process of building the project, the Ministry has studied a lot of experience from countries in the region and around the world. Along with that, the Ministry also assessed the actual situation related to encrypted assets that Vietnamese citizens are participating in trading and buying and selling.
To ensure feasibility and suitability, the Ministry of Finance has coordinated with experts and organizations to hold many workshops and conferences to gather opinions and clarify the legal, technological, and management aspects of this type of asset. This is a necessary step in the context that the global encrypted asset market still poses many risks and has not been widely recognized in the official legal system of many countries.
According to the Ministry of Finance leader, the project for a pilot market for encrypted assets has basically been completed in terms of selection criteria for participating organizations, technical conditions, operating processes, and financial and professional capacity of the proposing units.
The Ministry of Finance has reported the project to the Government. The Government then reported it to the Politburo to seek directions for implementation. Deputy Minister Nguyen Duc Chi said that after receiving the conclusion of the Politburo, the Ministry of Finance will continue to finalize it under the direction and submit it to the Government to issue relevant regulations to organize the pilot implementation.
The Deputy Minister of Finance added that first of all, the Ministry will clarify the criteria, conditions, and standards for selection. These requirements will include factors related to information technology, technical processes, financial capacity, and the professionalism of the registering unit.
After finalizing the specific criteria, the Ministry of Finance will publicly announce these conditions to organize the selection. In the pilot phase, more than one exchange will be allowed to operate to create a healthy competitive environment. However, the number will be kept at a reasonable level to facilitate monitoring and evaluating the effectiveness of the pilot.
A notable point in the project is that the Ministry of Finance proposes to encourage private economic components to participate in providing services in the encrypted asset market. This proposal is completely in line with the spirit of Party Resolution 68 on private economic development, while creating favorable conditions for capable and creative enterprises to participate in this new field.
“This is a highly innovative field that requires flexibility, dynamism, and adaptability to technology. Therefore, the private sector is expected to play a leading role in deploying trading platforms and providing services for the market. However, the selection of service providers must be based on strict criteria to ensure safety, transparency, and effectiveness throughout the pilot implementation process,” emphasized Deputy Minister Nguyen Duc Chi.
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