In the conversation with Tuoi Tre newspaper, SSI Chairman Nguyen Duy Hung emphasized the necessity of a transparent mechanism to prevent "chicken herding" behavior in the crypto asset market. He believes that protecting investors is crucial, especially in the context of this market's strong development in Vietnam. According to Mr. Hung, organizations providing crypto asset services need a minimum legal Capital of **10,000 billion dong** to ensure compensation capabilities in case of security incidents.
Vietnam is currently discussing a sandbox mechanism for the crypto asset market, and the Ministry of Finance has also proposed a draft on administrative penalties related to this field. Mr. Hung notes that although there are still concerns about market management, the increasingly open attitude of regulatory agencies is a positive signal. Previously, Vietnam did not acknowledge the existence of digital assets, but is now gradually building a legal framework for the market to operate rationally.
According to Mr. Hung, the crypto asset market has daily transaction volumes larger than stocks, and investors need to clearly understand their investment goals, avoiding chasing short-term trends without thorough assessment. He also suggests strict monitoring of trading activities to detect and prevent fraud and market manipulation.
Additionally, Mr. Hung believes that implementing a pilot trading platform will help regulatory agencies collect data, assess risks, and develop a more effective official legal framework. However, he also emphasizes that the pilot model needs to be designed without being too restrictive, allowing the market to self-balance and develop naturally.
