Completed legal framework helps better manage virtual assets
Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.
 |
| At the event (Photo: VNA) |
Hanoi (VNA) – Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.
Some 20% of the Vietnamese population own crypto assets which are developed by blockchain technology, they said, stressing without strict management and failure to comply with global taxing principles, VA transactions will pose great challenges for the country in the coming time.
As of the end of December 2023, 32 countries regulated crypto-assets in their jurisdictions, including ten nations of the G20 group officially issuing regulations on VA and VASP, the Alantic Council’s surveys on anti-money laundering and combating the financing of terrorism (AML/CFT) and protection of users and the VASPs revealed.
Standing Vice Chairman of the Vietnam Blockchain Association Phan Duc Trung said 18 related documents have been issued in Vietnam so far. The notable one being the national action plan to carry out the Government’s commitment to preventing money laundering and financing of terrorism and the proliferation of weapons of mass destruction so as to lift Vietnam out of the Financial Action Tasks Force’s list of Jurisdictions under Increased Monitoring (grey list).
He said the plan has focused on the AML/CFT and VASP standard but neglected taxation of VA and protection of users. Therefore, a complete legal framework has not been shaped up yet.
The association hoped to collect opinions from the community and enterprises as well as have dialogue with state management agencies to develop a complete framework before May 2025.
At the event, the association announced the second Switch Up Accelerator, helping startups to call for funds, and highlighted an overview of the blockchain industry in Vietnam and the globe.
The Academy of Blockchain and AI Innovation was debuted on the occasion, aimed at providing blockchain and AI training strategies for 1 million people by 2030, including 100,000 students in 30 universities across the nation.
Source: VNA
See also
Vietnam eyes to boost science, technology cooperation with Brazil
11:29 | 21/05/2024 Science - Technology
Ambassador of Vietnam to Brazil Bui Van Nghi has emphasised that cooperation in science and technology is one of the priority areas between the two countries, especially in telecommunications, high technology, semiconductors, artificial intelligence (AI), big data, quantum science, aerospace, and aviation.
PM urges training of semiconductor workforce
08:05 | 21/05/2024 Science - Technology
(VEN) - At a recent conference on developing human resources to serve the semiconductor industry in Hanoi, Prime Minister Pham Minh Chinh said the semiconductor workforce should be considered a breakthrough in high-quality personnel training.
Semiconductor investment prioritized
06:29 | 17/05/2024 Science - Technology
(VEN) - Vietnam has recently completed the legal corridor to create conditions prioritizing investment and development of semiconductor chips.
Science-technology - foundation for nation’s development PM
06:00 | 16/05/2024 Science - Technology
Science-technology is an important driving force to boost economic growth, create breakthroughs for productivity and increase national competitive edge as the country is developing its socialist-oriented market economy, Prime Minister Pham Minh Chinh reiterated on May 15.
Full cyber stream ahead Bắc Giang focuses on digital society development
06:00 | 11/05/2024 Science - Technology
Director of the provincial Information and Communication Department, Trần Minh Chiêu, said that the province was concentrating on building a safe and reliable digital environment for the community.
35 localities piloting four-wheel EVs for tourists, despite no official legal regulations
07:00 | 09/05/2024 Science - Technology
Four-wheel electric vehicles have been used for this purpose has been since 2010 in the capital city of Hà Nội, and to date, 35/63 localities in the country have received approval by the Prime Minister to pilot the operation.
See more news
2024 VinFuture Prize records 1,469 nominations
06:00 | 07/05/2024 Science - Technology
The 4th edition of VinFuture Prize, an annual international award that honours remarkable scientific breakthroughs and promotes innovations for humankind, has officially closed its nomination portal with a record of 1,469 submissions.
HCM City: Centre for Fourth Industrial Revolution to debut in September
06:00 | 05/05/2024 Science - Technology
A centre for the Fourth Industrial Revolution (C4IR) in Ho Chi Minh City is scheduled to be officially launched in September, with a mission to be Vietnam’s top facility in advising national industrial policies, piloting their implementation in the southern metropolis, and promoting economic transformation in the revolution.
Vietnam’s digital products to go global
06:00 | 04/05/2024 Science - Technology
(VEN) - Vietnamese digital technology businesses have made great strides in development, as more digital application products have been created. In addition to the domestic market, the state needs to support them to bring Make-in-Vietnam digital products and services to the world.
Digital transformation events for banking sector slated for May
06:00 | 03/05/2024 Science - Technology
The State Bank of Vietnam (SBV) announced a series of events focusing on digital transformation in the banking sector, scheduled for May 8 in Hanoi.
Vietnam urged to build legal corridor for AI industry
06:00 | 30/04/2024 Science - Technology
Vietnam needs a policy on artificial intelligence (AI) to help this industry develop strongly, while minimising risks, according to insiders.
PM requires full legal corridor to promote national digital transformation
06:00 | 29/04/2024 Science - Technology
Prime Minister Pham Minh Chinh on April 24 requested more efforts to step up institutional improvement, create a full legal corridor to promote national digital transformation and develop the digital economy while addressing the eighth meeting of the National Committee for Digital Transformation.
Work plan promotes national digital transformation for socio-economic development
06:00 | 28/04/2024 Science - Technology
Prime Minister Pham Minh Chinh, Chairman of the National Committee for Digital Transformation, has signed a decision to issue the committee’s work plan in 2024, aiming to speed up national digital transformation in an effective and practical manner, creating breakthroughs in the country's socio-economic development and contributing to completing all socio-economic targets for 2024 and the 2021-2025 period.
Ministry orders solutions to ensure information security
06:00 | 27/04/2024 Science - Technology
The Ministry of Information and Communications (MIC) has requested agencies, organisations, and enterprises to take measures to ensure cybersecurity and maintain the stable operation of their information systems during the celebration of the upcoming National Reunification Day (April 30) and May Day (May 1) and the 70th anniversary of the Bien Phu Victory (May 7).
Ministry enhances public awareness of creativity and innovation
06:00 | 26/04/2024 Science - Technology
The Ministry of Science and Technology (MoST) held an event in Hanoi on April 19 to respond to the World Creativity and Innovation Day (April 21), aiming to enhance public awareness of the role of creativity and innovation in socio-economic development and calling for organisations and individuals to join hands in promoting innovation activities.
Vietnam racing in AI development
06:00 | 24/04/2024 Science - Technology
The Ministry of Science and Technology (MoST) has proposed the Government approve a national strategy on artificial intelligence (AI) research, development and application by 2030.
Latest
Most Read
New resolution facilitates entrepreneurship development
14:57 | 21/05/2024 Policy
(VEN) - Under the Government’s action program to implement the Politburo’s Resolution 41 dated October 10, 2023 on building and developing local entrepreneurs in the new era, by 2030, the business sector will have contributed 65-70 percent to Vietnam’s gross domestic product (GDP), created jobs for 32-38 percent of the country’s workforce, and accounted for 98-99 percent of the country’s total export value.
Ninh Binh looks to promote trade cooperation with France's Paris Ile-de-France region
14:06 | 21/05/2024 Vietnam and EU
Ninh Binh commits to providing the most favourable conditions for all foreign investors and businesses, including French ones, to explore investment opportunities in the northern locality, Vice Secretary of the provincial Party Committee and Chairman of the People's Council Mai Van Tuat has said.
Vietnam eyes to boost science, technology cooperation with Brazil
11:29 | 21/05/2024 Science - Technology
Ambassador of Vietnam to Brazil Bui Van Nghi has emphasised that cooperation in science and technology is one of the priority areas between the two countries, especially in telecommunications, high technology, semiconductors, artificial intelligence (AI), big data, quantum science, aerospace, and aviation.
International press praises Vietnamese Bun Rieu
11:00 | 21/05/2024 Lifestyle
(VEN) - The Sydney Morning Herald of Australia recently praised Vietnamese Bun Rieu (crab noodle soup), saying the traditional Vietnamese dish which originates from the Red River Delta has gradually become widely known domestically and internationally.
Basket, brocade weaving of S’tiêng people recognised as National Intangible Cultural Heritage
10:59 | 21/05/2024 Lifestyle
Basket weaving and brocade weaving of the S’tiêng people has been included in the National Intangible Cultural Heritage list by the Ministry of Culture, Sports, and Tourism in 2023 and 2024.
Multimedia
Basket, brocade weaving of S’tiêng people recognised as National Intangible Cultural Heritage
10:59 | 21/05/2024 Lifestyle
Basket weaving and brocade weaving of the S’tiêng people has been included in the National Intangible Cultural Heritage list by the Ministry of Culture, Sports, and Tourism in 2023 and 2024.
Royal antiques presented at metaverse exhibition
11:15 | 18/05/2024 Lifestyle
Ten significant antique objects from the Nguyễn Dynasty (1802–1945), the last Vietnamese dynasty have been digitally identified to be presented in 360-degree vision and full sharpness.
Lighting the skies of Hội An Memories Park with a stunning new drone light show
06:00 | 21/05/2024 Tourism
The drone show, Light to Sky Festival, will launch three months of special performances and events in the Hội An Memories Land, tracing the most beautiful images of the ancient town into the skies.
Việt Nam plans to preserve ethnic minorities’ intangible cultures at risk of disappearing
06:00 | 15/05/2024 Lifestyle
The Ministry of Culture, Sports and Tourism has issued a plan to support the study, restoration, and preservation of ethnic minorities’ intangible cultures which are at risk of falling into oblivion.
The Hải Phòng Red Flamboyant Festival celebrated the city's special UNESCO status
16:49 | 13/05/2024 Lifestyle
The Cát Bà Archipelago in Hải Phòng City and the Hạ Long Bay, in the neighbouring province of Quảng Ninh, is Việt Nam's first inter-provincial site listed by UNESCO as a World Heritage Site.
New resolution facilitates entrepreneurship development
14:57 | 21/05/2024 Policy
(VEN) - Under the Government’s action program to implement the Politburo’s Resolution 41 dated October 10, 2023 on building and developing local entrepreneurs in the new era, by 2030, the business sector will have contributed 65-70 percent to Vietnam’s gross domestic product (GDP), created jobs for 32-38 percent of the country’s workforce, and accounted for 98-99 percent of the country’s total export value.
Proposal to amend personal income tax law set for October next year
07:00 | 21/05/2024 Policy
HÀ NỘI — The Personal Income Tax Law will be revised in 2025, following the proposed timeline submitted to the Government and reported to the National Assembly (NA) Standing Committee.
Tax, land rent payment deadlines to be extended this year
06:00 | 19/05/2024 Policy
HÀ NỘI — Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly VNĐ84 trillion (US$3.3 billion).
Ministry proposes tax filing deadline extension for 2024
06:00 | 17/05/2024 Policy
HÀ NỘI — The Ministry of Finance (MoF) is considering proposals from other relevant ministries and agencies on a draft decree that would extend the deadlines for filing taxes.
Tra Vinh moves ahead with advanced manufacturing projects
10:13 | 21/05/2024 Industry promotion
(VEN) - Recently, the Tra Vinh Industry and Trade Promotion Center of Tra Vinh Province organized the acceptance and handover ceremony for the project “Application of advanced machinery and equipment in fine art wood production.”
MoIT seeks to address material bottleneck
16:50 | 20/05/2024 Support industries
(VEN) - A delegation of the Ministry of Industry and Trade (MoIT) led by Minister Nguyen Hong Dien recently worked with the Vietnam Leather, Footwear and Handbag Association (Lefaso) on problems related to the supplies of materials and accessories in the leather and footwear industry.
Vietnamese steel affirms position in world market
07:00 | 20/05/2024 Industry
The steel industry has affirmed its position by reaching the Top 12 in the world in terms of crude steel production. Not only is the production output growing rapidly, but Vietnamese steel products are also gradually becoming more diverse, according to the Vietnam Steel Association (VSA).
Concerted efforts to reduce manufacturing inventory
06:00 | 20/05/2024 Industry
(VEN) - According to the Ministry of Industry and Trade (MoIT), the processing and manufacturing industries underwent positive changes in the first quarter of 2024. However, measures to stimulate consumption are necessary to release inventory.
Dong Nai remains magnet for foreign investors
10:35 | 20/05/2024 FDI
Industrial parks in the southern province of Dong Nai continued to see a strong influx of foreign direct investment (FDI) in the first months of this year, which has surpassed the yearly target by nearly 20%.
Delegation from EU, Netherlands explore investment opportunities in Thai Nguyen
07:10 | 18/05/2024 FDI
A delegation from the European Union (EU), the Netherlands, and the Vietnamese Embassy in Singapore held a working session with leaders of the northern province of Thai Nguyen on May 16 to explore potential investment opportunities in the province.
Desk established in Dong Nai to support Japanese investors
09:02 | 16/05/2024 Investment
Dong Nai province, an industrial hub in the southern region, has set up the Japan Desk at the headquarters of the Dong Nai Industrial Zones Authority to assist Japanese investors operating here.
Vietnam should not miss opportunities to attract FDI
08:00 | 14/05/2024 FDI
(VEN) - Despite its attractive investment environment with numerous advantages, Vietnam may lag behind in the global competition to attract foreign direct investment (FDI) if it does not improve its business environment.
Standard Chartered Bank wins multiple awards at The Asset Triple A Treasurise Awards 2024
09:11 | 21/05/2024 Finance-Banking
Standard Chartered Bank has been named Best Service Provider for Cash Management in Vietnam, Best Payments and Collections Solution for Generali Vietnam, Best Supply Chain Solution for Kuehne + Nagel Co. Ltd, and Best ESG Solution for BIDV at the Asset Triple A Treasurise Awards 2024.
Central bank to inspect gold trading activities
09:17 | 20/05/2024 Finance-Banking
The State Bank of Vietnam (SBV) on May 17 issued a decision to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.
Banks raise interest rates to attract depositors
16:47 | 17/05/2024 Finance-Banking
Many banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this months to lure depositors in the context that the savings amount at the banking system has declined for the first time after 25 consecutive month increase.
Credit access obstacles lifted for collective economic entities
06:00 | 16/05/2024 Finance-Banking
(VEN) - The State Bank of Vietnam (SBV) has announced that it will continue to strengthen review of regulations on lending activities to remove obstacles in accessing capital at banks for the collective economic sector and cooperatives.
First provincial biodiversity museum launched in Quảng Nam
06:00 | 19/05/2024 Environment
QUẢNG NAM — The first-ever provincial-level biodiversity museum was launched in the central province of Quảng Nam on Wednesday, introducing more than 3,700 photos and 1,200 specimens of flora and fauna found in the locality.
Enhancing informal sector’s role in EPR implementation
06:00 | 18/05/2024 Environment
(VEN) - The informal labor force plays a crucial role in the waste value chain, helping producers and exporters achieve recycling rates through the EPR mechanism.
Centre opened to serve environmental data integration, monitoring network operation
06:00 | 16/05/2024 Environment
HÀ NỘI — A national centre for information - data integration and processing and environmental monitoring network operation has been unveiled by the Ministry of Natural Resources and Environment in Hà Nội.
Capacity building for policy makers, large emitters on ETS and carbon market
08:48 | 15/05/2024 Environment
Capacity building for policy makers and large emitters on Emissions Trading System (ETS) and carbon market aims to facilitate the pilot operation of the Vietnamese carbon market by 2025 and its official launch by 2028.
Vietnam eyes to boost science, technology cooperation with Brazil
11:29 | 21/05/2024 Science - Technology
Ambassador of Vietnam to Brazil Bui Van Nghi has emphasised that cooperation in science and technology is one of the priority areas between the two countries, especially in telecommunications, high technology, semiconductors, artificial intelligence (AI), big data, quantum science, aerospace, and aviation.
PM urges training of semiconductor workforce
08:05 | 21/05/2024 Science - Technology
(VEN) - At a recent conference on developing human resources to serve the semiconductor industry in Hanoi, Prime Minister Pham Minh Chinh said the semiconductor workforce should be considered a breakthrough in high-quality personnel training.
Semiconductor investment prioritized
06:29 | 17/05/2024 Science - Technology
(VEN) - Vietnam has recently completed the legal corridor to create conditions prioritizing investment and development of semiconductor chips.
Science-technology - foundation for nation’s development PM
06:00 | 16/05/2024 Science - Technology
Science-technology is an important driving force to boost economic growth, create breakthroughs for productivity and increase national competitive edge as the country is developing its socialist-oriented market economy, Prime Minister Pham Minh Chinh reiterated on May 15.
Noi Bai Airport's international terminal expanded
07:00 | 21/05/2024 Society
The bidding package on the construction, supply and installation of equipment for the expansion of the T2 terminal of the Hanoi-based Noi Bai International Airport kicked off on May 19, with Prime Minister Pham Minh Chinh attending.
Government tightens vessel control to fight IUU fishing
07:00 | 20/05/2024 Society
The Government has ordered harsh punishments on any violation of vessel-monitoring-system (VMS) rules in a move to get the European Commission (EC)’s “yellow card” against the Vietnamese seafood products for illegal, unreported and unregulated (IUU) fishing lifted.
HCM City to complete 183km of metro routes by 2035
06:00 | 17/05/2024 Society
HCM CITY — HCM City is striving to complete about 183 kilometres of six metro routes by 2035.
Railway sector gets creative to attract passengers
07:00 | 15/05/2024 Society
HÀ NỘI — With recent increases in the price of flights, many domestic travellers have chosen to take the train and to build on that popularity whilst the railway sector has been making efforts to improve service quality.
Viettel Global ranks third in market capitalisation
09:22 | 21/05/2024 Vietnamese Brands
The market value of Viettel has more than tripled in just three months.
Branding essential for leverage of FTA opportunities
17:14 | 20/05/2024 Vietnamese Brands
(VEN) - Despite Vietnam’s impressive export growth rate to FTA markets, the market share of Vietnamese goods in those countries remains very modest. One of the reasons for that is most export products have not built their own brands.
Vietnamese agricultural products to take part in Foodservice Australia 2024
15:08 | 17/05/2024 Vietnamese Brands
Brands are looking to increase their presence in the country and to further integrate with local distribution channels.
PV GAS launches Month of Workers
10:22 | 16/05/2024 Companies
(VEN) - On May 4, in Vung Tau City, the PetroVietnam Gas Joint Stock Corporation (PV GAS) organized a ceremony launching the Month of Workers and the Action Month for Occupational Safety and Hygiene in 2024.
International press praises Vietnamese Bun Rieu
11:00 | 21/05/2024 Lifestyle
(VEN) - The Sydney Morning Herald of Australia recently praised Vietnamese Bun Rieu (crab noodle soup), saying the traditional Vietnamese dish which originates from the Red River Delta has gradually become widely known domestically and internationally.
Basket, brocade weaving of S’tiêng people recognised as National Intangible Cultural Heritage
10:59 | 21/05/2024 Lifestyle
Basket weaving and brocade weaving of the S’tiêng people has been included in the National Intangible Cultural Heritage list by the Ministry of Culture, Sports, and Tourism in 2023 and 2024.
Royal antiques presented at metaverse exhibition
11:15 | 18/05/2024 Lifestyle
Ten significant antique objects from the Nguyễn Dynasty (1802–1945), the last Vietnamese dynasty have been digitally identified to be presented in 360-degree vision and full sharpness.
Việt Nam plans to preserve ethnic minorities’ intangible cultures at risk of disappearing
06:00 | 15/05/2024 Lifestyle
The Ministry of Culture, Sports and Tourism has issued a plan to support the study, restoration, and preservation of ethnic minorities’ intangible cultures which are at risk of falling into oblivion.
Thanh Hoa tourism experiences great changes
06:26 | 21/05/2024 Tourism
(VEN) - During the Reunification Day and May Day holidays this year, Thanh Hoa Province was the locality that welcomed the largest number of visitors in the country with over 1.5 million visitors, and the total tourism revenue of the province during this time reached more than VND3.8 trillion.
Lighting the skies of Hội An Memories Park with a stunning new drone light show
06:00 | 21/05/2024 Tourism
The drone show, Light to Sky Festival, will launch three months of special performances and events in the Hội An Memories Land, tracing the most beautiful images of the ancient town into the skies.
Tourism sector goes green for sustainable development
08:22 | 19/05/2024 Tourism
(VEN) - Vietnam has gradually implemented green tourism, focusing on rational exploitation and uses of natural resources to limit negative impacts on the living environment.
Sustainability plays significant role in choices of travellers
13:00 | 18/05/2024 Tourism
Sustainability plays a significant role in the decision-making process of Vietnamese travellers when selecting destinations for their upcoming vacations, experts said.