cryptocurrencies in Vietnam, Forex law in Vietnam, Vietnam forex Law, cryptocurrencies law in Vietnam, Vietnam cryptocurrencies law, risk of forex in Vietnam, risk of cryptocurrencies in Vietnam

The risks of Forex and cryptocurrencies in Vietnam

New investment channels such as Forex, cryptocurrencies are attracting a lot of attention from investors. Although there are many life-changing opportunities, investing in these investment channels still has many risks. Therefore, the addition of legal provisions related to this investment channel is very important.

There are still loopholes in the legal regulations, and the problem of cryptocurrency fraud has exploded

In the past few months, many fraudulent cases of cryptocurrencies have appeared. Along with signs of fraud that exist in the forex trading market in Vietnam. The Department of Cyber ​​Security and High-Tech Crime Prevention (A05) has received many indictments from investors and has embarked on investigating a number of fraudulent forex exchanges. However, from the point of view of experts and lawyers, in order to be able to handle the use of forex and cryptocurrencies for fraudulent purposes, the legal regulations need to be revised to become stronger.

Developed countries around the world have many different policies for the use of Bitcoin, forex. Many countries do not have much regulation on how these exchanges operate (investors in these countries often live with scams); Besides, the countries banned this investment channel completely. Some countries allow these exchanges to operate. But they have strict regulations for cryptocurrency transactions and businesses that trade cryptocurrencies must have some special certificates.

For countries that do not allow the use of cryptocurrencies and forex. Strict prohibitions and sanctions are extremely necessary. In addition to timely detection of forex websites, virtual currency exchanges. there are signs of fraud. However, in Vietnam, these jobs have not been really done effectively. This makes forex and cryptocurrency scams raging lately.

This investment channel is super risky, but difficult to ban

The rate of return with traditional investment channels such as savings, real estate, gold … is falling, while this figure with new investment channels such as forex, Cryptocurrencies is increasingly galloping. This makes many investors unable to keep their cool heads and plunge into virtual currency investment.

In fact, if forex exchanges and fraudulent cryptocurrencies aside, forex and Cryptocurrencies are heating up to become an attractive investment channel in the world. The forex market is a huge investment market in the world with a total transaction value of $ 6,600 billion / day by the end of 2019. Besides, the market capitalization of Cryptocurrencies has reached about 580 billion USD. This makes cryptocurrencies increasingly attractive to many investors and institutions.

Lawyer Pham Duy Khuong, managing director of ASL LAW.

Lawyer Pham Duy Khuong, managing director of ASL LAW shared that, along with the development of e-commerce, new investment channels such as forex and cryptocurrencies have been blooming. Attracting more and more investors, while traditional investment channels such as securities or gold are not really profitable. However, investing in these new investment channels can entail serious risks and consequences for inexperienced investors, especially when forex and cryptocurrencies trade are not accepted by Vietnamese law.

Experts say that the Government of Vietnam does not recognize new investment channels for forex and cryptocurrencies is understandable. Because if they do, the unpredictable will most likely happen. However, despite regulations banning these new investment channels. It is difficult for investors to participate in forex exchanges or global virtual currency trading websites. Therefore, even when banning this type of transaction, it is still extremely necessary for the state to supplement legal provisions. In order to avoid the consequences of forex and cryptocurrencies scammer takes advantage of loopholes in the law to steal money from investors’ pockets.

ASL LAW is the top tier vietnam law firm for doing business in Vietnam. If you need any advice, please contact us for further information or collaboration.


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