“A comprehensive legal framework will turn ambiguous behaviors in the ‘grey zone’ into clearly defined offenses with explicit penalties. That is the most effective way to protect investors and build a clean, transparent market,” said Dr. Tran Quy, director of the Vietnam Institute of Digital Economy Development and chairman of Meta Digital Asset Platform (MetaDAP), in an interview with The Saigon Times. A costly lesson The Saigon Times: The recent case involving a well-known entrepreneur in the technology investment sector, whose legal troubles are linked to crypto assets, has raised widespread concern. In the context of Vietnam’s current crypto market and regulations, how do you view this incident? Dr. Tran Quy: The case is a major shock—but a necessary one—for Vietnam’s technology and financial ecosystem. In my view, this is not a failure of blockchain technology or crypto assets. Rather, it is a classic and telling example of poor governance operating within a legal “grey zone.” Essentially, this was a traditional financial fraud disguised under a modern technological facade to raise funds from the public. The case exposes the full spectrum of risks that arise when a market operates without clear rules, regulations, or investor protection mechanisms. The immediate consequences […]
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