Crypto experts, investors, and legal scholars have widely opposed the Ministry of Finance’s draft regulation requiring crypto to be transferred to and stored within licensed domestic exchanges in Vietnam, Tuoi Tre has reported. They argue it is legally premature, technically unworkable, and economically harmful.
The article notes that:
- A crypto forum admin criticised the move as a punitive step without legal recognition, highlighting the absence of tax, insurance, or dispute resolution frameworks. The proposal triggered widespread confusion and concern in the community.
- Le Minh (the article does not make clear who this is) argued that forcing transfers contradicts blockchain’s decentralisation and questioned the legal clarity on market manipulation, especially for projects that engage in liquidity provision and influencer marketing.
- Dinh Lan, a crypto investor, warned the policy could make Vietnam’s nascent crypto sector less competitive, prompting capital flight to more flexible hubs like Singapore or Dubai. He called the proposed fines excessive relative to income levels.
- Phan Phuong Nam (HCMC University of Law) said that while investor protection is important, sanctions must not precede a clear legal framework. He called for a phased rollout, where licensed exchanges prove safety and capability to attract users naturally.
- He advocated for dual-track regulation—allowing regulatory sandboxes alongside measured enforcement—to balance innovation and protection.
- Dang Tran Phuc, Chairman of the Board of Directors of AzFin Vietnam, a financial education provider, said voluntary return of crypto holdings depends on whether Vietnam offers an attractive, secure, and competitive ecosystem. For large holders, trust in domestic platforms will be critical.
- He cautioned that a borderless, decentralised market cannot be governed by rigid rules and urged the government to build incentives rather than impose mandates.
See also: Why Cryptocurrency in Vietnam Is So Popular: Unpacked 2024