Balancing Innovation and Compliance: The Key to Opening Vietnam's Crypto Asset Market

VHO - The global trend of crypto assets is being shaped by innovation accompanied by compliance, Vietnam needs to proactively grasp it early to create competitive advantages and international integration, Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association shared.

On October 8, the People's Committee of Da Nang City coordinated with the State Securities Commission (SSC) and the Vietnam Blockchain & Digital Assets Association (VBA) to organize the Forum "Crypto Asset Policy Dialogue: From Risk Management to Market Creation".

The program gathered the participation of the National Assembly's Economic and Financial Committee, the State Bank of Vietnam (SBV), local departments and agencies, domestic and international organizations such as Tether, Military Commercial Joint Stock Bank (MB), Center for Research and Application of New Generation Technology, demonstrating the increasingly clear level of interest in the process of creating and promoting the current crypto asset market.

Scene of the Forum “Crypto Asset Policy Dialogue: From Risk Management to Market Creation”

From Risk Management to Market Creation

According to CoinMarketCap, the global crypto-asset market reached more than 4,270 billion USD and is forecast to surpass the 10,000 billion USD mark by 2030, increasing 2.5 times in just 5 years (according to JP MorganChase). The market recorded the participation of more than 600 million users, 24-hour transaction value reached more than 204 billion USD, 850 exchanges, about 60 countries and territories have clear legal mechanisms for crypto-asset exchanges, of which nearly half have specific licensing processes.

Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department, State Securities Commission, said that the crypto asset market is an opportunity for Vietnam to break through in growth. However, from risk management to market creation is a long journey, and Resolution No. 05/2025/NQ-CP (Resolution 05) of the Government and Resolution No. 222/2025/QH15 (Resolution 222) of the National Assembly on the International Financial Center in Vietnam are the fundamental steps for financial institutions, technology enterprises and investors to participate in the market in a transparent manner.

Mr. To Tran Hoa shares about opportunities and orientations for managing the crypto asset market in Vietnam

Answering a direct question at the Forum about licensing trading floors under Resolution 05 and regulations to promote innovation and create an international financial center under Resolution 222, Mr. To Tran Hoa emphasized that enterprises licensed to become members of the international financial center will only serve foreigners under Resolution 222. Trading floors that want to serve Vietnamese people must be licensed by the Ministry of Finance under Resolution 05 of the Government.

“After 6 months from the date the first licensed crypto asset service provider (VASP), Vietnamese investors trading crypto assets without going through a VASP licensed by the Ministry of Finance will be handled depending on the nature and severity of the violation,” Mr. To Tran Hoa emphasized.

From the perspective of a banking and finance macro-supervision and management agency, Ms. Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department, SBV, emphasized that Resolution 05 is an important step forward in implementing the commitment to FATF in the field of crypto assets, contributing to overcoming the limitations pointed out by FATF and Vietnam must commit to when being on the Grey List from June 2023.

Delegates chaired the opening session of the forum on the morning of October 8.

“The clear definition of responsibilities for preventing money laundering and terrorist financing right from the pilot phase, including customer identification from transactions over 1,000 USD, continuous monitoring, reporting suspicious transactions and storing data in Vietnam for up to 10 years (double the data storage period prescribed in the Anti-Money Laundering Law), is not to hinder development, but to strengthen trust, protect investors, and move towards international standards. Developing an innovative market associated with technology products such as crypto assets always has many potential risks. Therefore, State management agencies will continue to accompany and coordinate with businesses and investors to build and operate a safe and effective market,” Ms. Tho emphasized.       

Balancing Innovative Startups and Compliance Management: A Breakthrough Growth Platform for Vietnam's Crypto Asset Market

According to Mr. Phan Duc Trung, Chairman of VBA, Chairman of 1Matrix Company, along with the expansion opportunities, the challenges of financial security are also becoming more evident. In 2024, the FBI's Cybercrime Complaint Center (IC3) recorded global losses from digital asset fraud of more than 9.3 billion USD, an increase of nearly 70% compared to the previous year; Vietnam is ranked among the six global hotspots for fraudulent money flows. This is a reminder that a monitoring mechanism is an indispensable condition to ensure market confidence.

In this context, compliance technology (regtech) is the bridge to reconcile innovation and compliance. The application of regtech solutions such as e-KYC, anti-counterfeiting AI, big data analytics or on-chain tracing platforms has proven its ability to identify unusual transactions early, support investigations and protect investors. When properly integrated, technology not only helps regulators improve monitoring efficiency but also creates a more transparent environment for innovation. This approach shows that compliance and market development can go hand in hand, complementing each other rather than being in opposition.

Mr. Phan Duc Trung emphasized the need to balance innovation and compliance management for sustainable development of the crypto asset market.

In the context of Vietnam, Mr. Phan Duc Trung said that Da Nang has institutional advantages to pioneer the implementation of the domestic crypto asset market model. Specifically, the Law on Digital Technology Industry will take effect from 2026; Resolution 222 of the National Assembly on the International Financial Center; Resolution 136 on regulations on the organization of urban government and piloting specific mechanisms and policies for Da Nang,... In this process, VBA is ready to coordinate with Da Nang in training human resources, supporting fraud investigation and standardization, aiming at an innovative and compliant market to attract domestic and foreign investors.

Delegates discussed at the forum

At the discussion session “From risk management to market creation”, Ms. Le Vu Huong Quynh, Director of APAC Development of Tether, “From Tether’s experience working with nearly 400 law enforcement agencies worldwide, we believe that public-private cooperation and multilateral coordination are the key for management agencies and businesses to ensure both promoting innovation and complying with the law. Tether is always ready to accompany and support units and management agencies in promoting the application of blockchain technology in the fields of finance, technology and especially cross-border payments”.

In his closing speech at the Forum, Mr. Ho Ky Minh, Permanent Vice Chairman of the People's Committee of Da Nang City, highly appreciated and expressed his support for the opinions, shares, and recommendations of VBA, SSC, SBV and experts in developing the crypto asset market in the city.

Mr. Ho Ky Minh - Vice Chairman of Da Nang City People's Committee highly appreciated the experts' sharing and hoped that the units would continue to support Da Nang in promoting human resources to meet the set goals.

Mr. Minh emphasized that Resolution 05, Resolution 222 and Resolution 136 are the basis for Da Nang to strongly develop innovation and gradually realize the goal of International Financial Center and common economic development goals. Particularly for the crypto asset market, Mr. Minh requested units to continue supporting Da Nang in promoting, creating, supporting the prevention of money laundering, fraud, and scams, especially improving the quality of human resources to meet the set goals.

Source: https://baovanhoa.vn/nhip-song-so/can-bang-sang-tao-va-tuan-thu-chia-khoa-mo-cua-thi-truong-tai-san-ma-hoa-viet-nam-173283.html