Opportunities for Vietnamese crypto assets

Experts discuss at GM Vietnam 2025 - Southeast Asia's largest Blockchain technology week.

The issuance of a legal framework for digital assets is not only an urgent need for management, but also opens up opportunities for Vietnam to gradually meet international standards.

Legal framework ready for crypto assets

The National Assembly passed the Law on Digital Technology Industry, effective from January 1, 2026, which is a strategic milestone. This is the first time Vietnam has a legal framework specifically regulating areas such as digital platforms, digital data, blockchain technology, artificial intelligence (AI) and digital assets. The National Assembly passed a resolution on the development of financial centers, allowing the construction of specialized exchanges, including crypto-asset exchanges. The Ministry of Finance is completing a pilot project on the crypto-asset market. Accordingly, blockchain technology is identified as the core technology of the infrastructure for operating and monitoring transactions.

Vietnam is one of the few countries that consider blockchain as digital infrastructure and has specific legal steps for digital assets. Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department (State Securities Commission) emphasized: “Issuing a legal framework for digital assets is not only an urgent need for management, but also opens up opportunities for Vietnam to gradually meet international standards. This will be an important stepping stone for the Vietnamese financial market to develop more transparently and stably.”

The issuance of a legal framework for digital assets is not only an urgent need for management, but also opens up opportunities for Vietnam to gradually meet international standards. This will be an important stepping stone for the Vietnamese financial market to develop more transparently and stably.
Mr. To Tran Hoa, Deputy Head of Securities Market Development Department (State Securities Commission)

Sharing more perspectives on the prospects, Mr. Mai Huy Tuan, General Director of SSI Digital, expects: “The combination of sandbox and financial corridor will be the foundation to ensure that each tested technology has the opportunity to go further, not only in Vietnam, but also in the regional and international markets”.

According to the analysis company Chainalysis, the capital flow from the blockchain market into Vietnam in the period of 2023-2024 will reach more than 105 billion USD with a profit of nearly 1.2 billion USD in 2023. The Triple-A report in 2024 shows that more than 20% of Vietnam's population owns cryptocurrencies. Vietnam is among the top three countries in terms of crypto adoption index according to data from the analysis company Chainalysis, with a popularity level 3-4 times higher than the global average.

Mr. Phan Duc Trung, Chairman of 1Matrix Company, said that the pilot of the crypto-asset trading floor will help the State collect taxes from the market of about 100 billion USD/year flowing into Vietnam in the crypto-asset sector. In addition, investors will have more financial channels to choose from, and businesses will also open up new capital mobilization channels.

The pilot of a crypto-asset exchange will help Vietnamese transactions step out of the “gray zone”, expanding development space; at the same time, helping management agencies have a basis for control and prevention of money laundering.

Criteria for becoming a “crypto asset exchange”

With the nature of 24/7 trading, unlimited transferability, borderless through blockchain technology, strict compliance with international regulations and practices on anti-money laundering, crypto-asset exchanges will have different characteristics from stock exchanges.

Currently, there are about 19 million types of tokens being traded in the world . The selection of tokens to be listed on the crypto-asset exchange in Vietnam will be based on many criteria. Mr. Phan Duc Trung believes that in the first phase, Vietnam should only pilot about 50-100 types of tokens, mainly large-cap tokens such as BTC, ETH... "We should have regulations to control but need to create a smooth flow to ensure management while still promoting innovation," Mr. Trung frankly said.

The draft Resolution on piloting the issuance and trading of crypto assets submitted by the Ministry of Finance to the Government has a notable point: The company operating a digital asset trading floor must have a minimum capital of VND 7,000-10,000 billion. Of which, 35% of the capital must be held by at least two organizations: banks, securities companies, fund management companies, insurance companies or technology enterprises. The remaining 65% belongs to organizations, not individuals.

According to Mr. To Tran Hoa, this proposal has a basis when placing the crypto-asset trading floor in a role equivalent to a Stock Exchange, a depository company and a securities company combined. Mr. Hoa said that the company operating the digital asset trading floor is expected to operate in many areas including opening trading markets, payments, asset custody... Digital assets are a type of asset with many risks, so businesses need to have enough resources to compensate for losses and refund investors when there are fluctuations.

By mid-2025, the global crypto-asset market is approaching the $4 trillion mark. Many countries such as Singapore, China, European countries... are piloting the issuance of national digital currencies. In Japan, the Financial Services Agency will approve the issuance of the first yen-denominated stablecoin as early as this fall, aiming to be used for international remittances and many other applications. Countries are determined to control the new flow of value in the digital space. However, no country has a complete set of laws to manage crypto-assets.

The Government is about to issue a draft pilot Digital Asset Exchange, which is expected to create a boost for the Vietnamese financial market, helping Vietnam stand shoulder to shoulder with developed financial systems, creating a breakthrough for blockchain technology and crypto assets. Vietnam is entering the digital age with a proactive stance. That is an effective direction, helping the State to balance between management and creation.

HONG ANH

Source: https://nhandan.vn/co-hoi-cho-tai-san-ma-hoa-viet-nam-post904779.html