Speaking at the Forum “Digital Asset Market: From Trend to Breakthrough” organized by the Vietnam Blockchain and Digital Asset Association (VBA) in collaboration with the Ministry of Finance , the Ministry of Science and Technology, the State Securities Commission and many related units on October 2, Mr. Vu Quoc Huy, Director of the National Innovation Center (NIC), said that the global digital economy is witnessing a strong shift; in which, crypto assets are emerging with an unprecedented growth rate. Therefore, a new legal corridor is needed for market transparency.
Mr. Vu Quoc Huy said that data from Chainalysis (a US blockchain analysis company headquartered in New York) shows that the value of on-chain transactions in the Asia- Pacific region increased from about 81 billion USD in July 2022 to a record 244 billion USD in December 2024, tripling in just 30 months and establishing its position as the fastest growing region in the world.
With rapid growth, the Asia- Pacific region has become the fastest growing cryptocurrency market in the world; in which, Vietnam ranks third in the region, with capital flowing into the cryptocurrency market and crypto assets exceeding 220 billion USD.
“However, most of Vietnam’s cryptocurrency trading activities take place on international exchanges, causing tax losses and affecting the work of preventing money laundering, combating terrorist financing, and preventing high-tech crimes. This requires building a transparent, controlled domestic cryptocurrency market that protects the interests of all parties involved,” said Mr. Huy.
Mr. Phan Duc Trung, Chairman of VBA, assessed that tokenization of real assets is becoming an irreversible trend. It is forecasted that the scale of global crypto assets and digital assets will reach 19,000 billion USD by 2033, equivalent to more than 10% of global GDP. This trend is becoming increasingly clear when a series of projects are deployed by the world's leading financial institutions such as JPMorgan operating Tokenized Collateral Network with a cumulative transaction volume of more than 1,500 billion USD, an average transaction value of 2 billion USD/day in 2025.
"We are in the era of tokenization. This is a breakthrough in financial innovation, comparable to the birth of mutual funds in the 1970s, and exchange-traded funds (ETFs) in the 1990s. With the right legal frameworks, the impact of asset tokenization will become much more widespread, allowing any type of asset to be digitized and traded on the blockchain," said Mr. Trung.
Sharing the same view, Mr. David Chan, Director of Market Development in Hong Kong (China) of Boston Consulting Group, shared that crypto assets are the beginning of an economic trend that operates and transacts directly on the blockchain. However, digital assets also have new risks, so countries need to have regulations and guidelines for public-private cooperation towards sustainable development.
On the management side, Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department, State Securities Commission, said that Resolution 05/2025/NQ-CP on piloting the crypto asset market issued by the Government on September 9, 2025 is an important foundation for the formation of a domestic crypto asset market.
The Resolution clearly stipulates issuance conditions, requires the issuing enterprise to be a legal entity in Vietnam and based on real assets; at the same time, establishes strict standards for organizations providing crypto asset services (VASP).
Accordingly, VASPs must have a minimum charter capital of VND10,000 billion, foreign investors' ownership ratio must not exceed 49%, and technology infrastructure must meet level 4 safety standards on a 5-level scale. In addition to providing trading and custody services, businesses must disclose transparent information, separate customer assets, and have a dispute resolution and compensation mechanism in case of incidents.
Mr. Hoa believes that this pilot mechanism not only paves the way for innovation, but also acts as a filter, eliminating potentially risky models. Thanks to that, the market can operate transparently, creating trust for domestic and foreign investors, and at the same time helping Vietnam integrate with international standards in crypto asset management.
This issue was also stated by Lieutenant Colonel Nguyen Thanh Chung, Deputy Head of Department 4, Department A05, that crypto asset transactions at licensed domestic exchanges not only contribute to improving the effectiveness of anti-money laundering and anti-terrorism financing, but also directly ensure customer rights when disputes arise.
In the 5 years (2019 - 2024), nearly 20,000 fraud cases were discovered, involving more than 17,000 subjects, causing damage of over 12,000 billion VND. In the cases of fraud and appropriation of assets on the internet, most of the money obtained from crime was converted into crypto assets through peer-to-peer trading and exchange, organized on international exchanges such as Binance, HTX, OKX... with daily transaction values up to thousands of billions of VND.
Therefore, licensing domestic crypto-asset exchanges not only contributes to improving the effectiveness of anti-money laundering and anti-terrorism financing work, but also directly ensures customer rights when disputes arise, A05 representative added...
Source: https://baotintuc.vn/kinh-te/can-hanh-lang-phap-ly-moi-de-minh-bach-thi-truong-tai-san-ma-hoa-20251002183328574.htm
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