The laws and policies of Vietnam influence many startups to do business in Singapore; this is a problem that ministries and sectors must question. Recently, Prime Minister Nguyen Xuan Phuc asked questions about this problem at the Conference of Implementing Tasks in 2019 of the Ministry of Information and Communications.
Open policies and a greater amount of support from the governments in Singapore and Indonesia are the main motivations that push startup businesses of Vietnam to go to these countries to grow. Among these startups is a first business that has succeeded in Blockchain technology, Oritech., JSC. This is the first trading platform that uses Blockchain technology located in Vietnam, but having their business licenses registered in Singapore.
Mr. Ngo Hoang Quyen, Founder of Bytecoin Foundation Vietnam, CEO of Oritech said, “Blockchain trading platform is a high-tech product, 100% created by young engineers that are highly specialized in the field. Bcnex is pioneering in building the first legal trading platform in Vietnam by using Blockchain technology.”
The CEO of Bcnex said, “The reason why we register in Singapore is due to the fact that Vietnam does not have a legal framework in this field. As soon as Vietnam allows technology testing, Bcnex will return to register its operations in Vietnam.”
Mr. Ngo Hoang Quyen proposed to the Prime Minister and the government to have a licensing policy for trading platforms that use Blockchain allowing them to operate. From there, Blockchain would quickly become a channel to attract investment and international foreign exchange to Vietnam. Bcnex is willing to share information, experience and knowledge in regards to management and operations of platforms with any related parties. Bcnex commits to transfer the operations of their trading platform to Vietnam if the policies change in a positive direction.
Moreover, Mr. Ngo Hoang Quyen proposed that the Prime Minister allows testing of the Sandbox mechanism as soon as possible (virtual specialization mechanism in the ICT sector). This mechanism will support startups to test new technologies.
Listening to the opinions of startup companies, the Prime Minister instructed the Ministry of Information and Communication to start implementing a development support policy. It is essential to create favorable policies for startups as well as conditions for startups that are closer to their needs and therefore more realistic, especially for high-tech startups that are said to be trends in developing countries in the world.
Blockchain is a potential field with a wide range of applicability in many industries, where users can verify the accuracy of all transactions conveniently and transparently.
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