Jun 24, 2022

Welups Foundation is honored to participate in the seminar on Blockchain and Digital Assets held by Science and Technology Development Support Center of Vietnam (STDC) in Vietnam on June 19 in Hanoi

On June 19, Welups attended a seminar organized by the Science and Technology Development Support Center of Vietnam (STDC) and many prestigious units in Vietnam.


The seminar aimed to learn about the legal framework for the management and handling of virtual assets, virtual currencies, and digital assets, according to the tasks set out in Decision 1255 dated August 21, 2017 of the Prime Minister. the Prime Minister, the directives of the Government Leaders and relevant documents; International experience in crypto asset management and Blockchain technology application in today's digital economy.


At the seminar, many participants gathered, not only experts, scholars from universities, research institutes, managers from ministries and branches, such as the State Bank of Vietnam. Country, Ministry of Justice, Ministry of Information and Communications but also many valuable comments of Blockchain Association in Vietnam; International experts from Dubai, SCity Metaverse enterprise and developed countries in the field of Blockchain also offer the characteristics of blockchain technology in today's digital economy transformation.


Hero Vu, CEO of the Welups Foundation from Dubai, said that Vietnam should soon issue a legal framework for the issue of cryptocurrencies and digital assets because Vietnam is a country with great potential to attract investment capital. especially a country with high technical human resources and human resources to meet the development trend of Blockchain in general and cryptocurrency in particular. Due to the lack of a clear legal framework, investment funds are still hesitant to invest in Vietnamese startups in this industry. This brings a lot of disadvantages to Vietnamese enterprises compared to enterprises in countries such as Singapore, Japan and Korea, or the UAE... in the same industry. Therefore, the sooner Vietnam completes and promulgates the law on digital assets, the better for both businesses and the whole country. When there is a law, businesses, especially young Vietnamese people do not have to go abroad to do business or work for other foreign companies. However, coming up with a legal framework for cryptocurrencies and cryptocurrencies is not an easy thing to do, it needs to conduct a lot of research as well as testing coordination from Government agencies to businesses. domestic and foreign enterprises are operating in this field.


In order to contribute to building the progress of the country, helping young Vietnamese students - Vietnamese students grasp and learn deeply about this field, we will invest funds to help train and foster students. University students want to learn, equip knowledge as well as approach to business.


According to Dr. Bui Tin Nghi - Former Secretary of the Party Committee, Former Director of Banking Academy: The world today is in the development stage of the industrial revolution 4.0. This revolution has created many new products, new forms of transactions, new payment methods, new types of assets… One of the outstanding innovations of this revolution is the introduction of technology. Blockchain and virtual money (also known as crypto currency).


In the E-Government Development Strategy towards Digital Government in the period of 2021 - 2025, with a vision to 2030, approved on June 15, 2021, the Prime Minister assigned the State Bank to chair the research, building and piloting the use of virtual currency based on blockchain technology, with the implementation period of 2021 - 2023. With breakthrough technologies, the industrial revolution 4.0 is posing many problems new legislation, including the issue of cryptocurrencies. In order to make assessments on the level of satisfaction of the regulatory requirements of our country's law on the above issues and propose some oriented recommendations to build and perfect the law accordingly. Therefore, it is very necessary to organize the seminar "Legal framework on crypto-assets and Blockchain application in Vietnam", contributing to building a legal framework suitable to the actual situation of Vietnam in the time of integration. to develop.


Many other delegates at the conference also shared the same opinion with Mr. Hero. Mr. Vu Minh Ly, Head of the Organizing Committee also said that comments will be sent to the competent authorities to soon finalize the legality for the management and application of Blockchain in the digital economy.

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