In the petition, businesses argue that the provisions of the Draft Resolution, which only permit transactions of crypto assets through licensed entities and prohibit activities beyond this scope, could lead to a misinterpretation of purely technical activities as illegal. This directly impacts engineers, programmers, and technology enterprises engaged in researching, testing, and developing blockchain solutions in Vietnam.
According to the analysis, activities such as building decentralized applications, deploying smart contracts, maintaining blockchain systems, or conducting technical interactions with crypto assets are purely technological in nature and do not involve financial, investment, or business objectives. Even the crypto assets used in the software development process are tightly controlled and provided by partners, posing no financial or legal risks such as money laundering or terrorist financing.
The petition also clarifies that the objective of issuing the Resolution is to regulate financial services related to crypto assets, including issuance, custody, market organization, and trading, rather than technical activities. Therefore, without clear exclusionary provisions, a blanket application of the Resolution could have negative consequences, stifling innovation and severely impacting Vietnam’s burgeoning blockchain technology industry.
Endeavor Vietnam also emphasizes that crypto asset transactions conducted during the product development and testing phases are solely for product development purposes and not for “financial” objectives. These transactions pose no risk to the market, financial system, or illegal fund transfer risks as they can be technically monitored, checked, and supervised through blockchain technology. In practice, the source of crypto assets used by engineers and programmers is provided and closely monitored by clients.
Endeavor Vietnam, on behalf of technology enterprises, petitions for the exclusion of the scope of the Draft Resolution on the pilot implementation of the crypto asset market in Vietnam regarding technology development in the field of crypto assets.
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Additionally, the group of enterprises cites international policy and legal frameworks. Legal frameworks such as MiCA (European Union), PSA 2019 and FSA 2022 (Singapore), as well as guidelines from the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD), clearly distinguish between financial service providers and technology developers. The U.S. House of Representatives has also proposed the Blockchain Regulatory Certainty Act to create a legal safe harbor for technology developers who do not control user assets. Accordingly, organizations solely engaged in software, infrastructure, or code development—without providing crypto asset services—would not be subject to financial regulatory oversight.
In terms of policies and directives, the petition also emphasizes alignment with the orientations outlined in Resolutions 57, 66, and 68 of the Politburo and Decision 1236/QD-TTg on blockchain technology development. These policies advocate for a liberal regime and a conducive legal corridor for innovation and the development of new technologies, including blockchain and crypto assets.
Based on these considerations, the group of enterprises petitions the Government and relevant authorities on three main points. First, they request the exclusion of technology development and technical service provision from the scope of the Resolution. Second, they propose the exclusion of these technical activities from the scope of administrative penalty provisions. Third, they advocate for the continued development of a separate legal framework for the field of technology and technical services in the crypto asset domain, in line with the directives of the Party, the Politburo, and the Prime Minister, including the completion of the draft Law on Digital Industry and related legal documents.
Endeavor Vietnam and the group of enterprises stand ready to collaborate with the Government and relevant agencies in refining policies. This collaborative effort aims to ensure both social security and economic development in Vietnam.
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Endeavor is a non-profit organization operating in over 40 countries, dedicated to supporting high-impact entrepreneurial companies. Present in Vietnam since 2018, Endeavor has supported 39 startups across various sectors, predominantly in the technology space. |
– 09:19 05/06/2025
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