A major turning point, opening up breakthrough opportunities for the crypto asset market

(Chinhphu.vn) - For the first time, Vietnam has a legal framework for the crypto asset market, with Resolution 05/2025/NQ-CP (Resolution 05). This is considered a major turning point, opening up breakthrough opportunities for the crypto asset market.

For the first time, Vietnam has a legal framework for the crypto asset market, with Resolution 05/2025/NQ-CP, opening up breakthrough opportunities for the crypto asset market.

Statistics from the electronic payment gateway Triple-A show that currently about 21.2% of the population, equivalent to tens of millions of people, are holding cryptocurrencies, putting Vietnam in the top position in the world in terms of ownership rate. This figure shows the great appeal and potential of the digital asset market in Vietnam.

In that context, the Government's recent issuance of Resolution 05 on piloting the crypto-asset market for a period of 5 years is considered a historic step, establishing for the first time a legal framework for trading activities of this new but rapidly developing asset class.

Experts assess that the new legal framework will help minimize risks, limit unregulated platforms, and open up opportunities for Vietnam to gradually become one of the regulated crypto asset centers in Asia.

Sharing at the talk show "Improving the legal framework for the crypto asset market" on September 19, Mr. Vo Trung Tin, Vice President of the Ho Chi Minh City Blockchain Association (HBA) said that the biggest strength of the Resolution is to create specific and clear regulations to manage crypto assets. Previously, people were always vague about whether transactions were legal or not, or protected by law or not. "When the State has an open point for clear and transparent management, this is an extremely important development step",

During the 5-year pilot phase, Mr. Vo Trung Tin said that the top priority is community education . Blockchain technology and products such as NFT and cryptocurrency are still too new. If the community clearly understands what assets they are exploiting and how they are protected by the State, the market can develop stably, strongly and sustainably. Education needs to be carried out widely, not only from experts but also through detailed and clear documents and definitions so that people have official sources of reference.

From an investor's perspective, Mr. Pham Duy Dong, Founder of Saigontradecoin, believes that Resolution 05 has two major positive impacts. Firstly, the resolution has "legitimated investors". Previously, cryptocurrency investors (often called "virtual money"). Now, with a legal framework, they are recognized as investors.

Second, more importantly, investors will be protected by law. After the trial period and official operation, when there is a dispute with the project owner or the exchange, investors will no longer be at a disadvantage. Currently, all risks when trading on international exchanges are borne by investors, even when the exchange's account is "hacked". "When operating domestically with transparent policies, there will be an agency to protect the rights of investors.

Lawyer Phan Vu Tuan, Head of Phan Law Vietnam, said that when regulations are in place, the Government can manage cash flow, prevent crime, and increase budget revenue from taxes and fees. Investors participating in licensed exchanges will be protected from fraudulent projects, because listed assets have been appraised. This is an effort to ensure the legal rights of all parties.

Le Anh

Source: https://baochinhphu.vn/buoc-ngoat-lon-mo-ra-co-hoi-but-pha-cho-thi-truong-tai-san-ma-hoa-102250919163125069.htm