Cryptoasset policy dialogue: From risk management to market creation

(Chinhphu.vn) - On the afternoon of October 8, the People's Committee of Da Nang City coordinated with the State Securities Commission and the Vietnam Blockchain & Digital Asset Association to organize the forum "Dialogue on crypto asset policy: From risk management to market creation".

Forum scene - Photo: VGP/MT

According to CoinMarketCap, the global crypto-asset market is worth more than $4,270 billion and will soon surpass $10,000 billion by 2030, a 2.5-fold increase in just five years (according to JP MorganChase). The market has recorded the participation of more than 600 million users, 24-hour trading value of more than $204 billion, 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 opens up great opportunities for Vietnam to make a breakthrough in growth. However, going from risk management to building and developing a transparent market is still a long journey. In particular, Resolution No. 05/2025/NQ-CP of the Government and Resolution No. 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam are considered fundamental steps, helping financial institutions, technology enterprises and investors to participate in the market more legally, transparently and safely.

At the Forum, answering the question about licensing crypto-asset exchanges under the two resolutions above, Mr. To Tran Hoa said that businesses licensed to operate in the International Financial Center (under Resolution 222) are only allowed to serve foreign customers. Meanwhile, exchanges wishing to serve domestic investors must be licensed by the Ministry of Finance under Resolution 05 of the Government.

Mr. To Tran Hoa also emphasized: "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."

From the perspective of a management, supervision and macro-management agency in the finance and banking sector, Ms. Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department ( State Bank of Vietnam ), said that Resolution No. 05 is an important step forward to help Vietnam fulfill its commitments to the Financial Action Task Force (FATF) in the field of crypto assets. This Resolution also contributes to overcoming the limitations that FATF has pointed out, in the context that Vietnam has been put on the Grey List since June 2023 and must fulfill its commitments to improve financial transparency.

Ms. Tho emphasized that strict regulations on anti-money laundering and anti-terrorism financing should be included right from the pilot phase. These include specific requirements such as: verifying customer identity for transactions worth 1,000 USD or more; continuously monitoring and reporting suspicious transactions; storing data domestically for at least 10 years, twice the time limit compared to the current regulations of the Anti-Money Laundering Law.

According to Ms. Tho, these regulations are not intended to hinder development, but to strengthen trust, protect investors and guide the crypto asset market towards international standards.

"Developing an innovative market associated with financial technology always has potential risks, so State management agencies will continue to accompany and coordinate with businesses and investors to build and operate a safe and effective market," Ms. Tho affirmed.

According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain & Digital Assets Association (VBA), Da Nang possesses institutional advantages to pioneer the implementation of a 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... In this process, VBA is ready to coordinate with Da Nang in training human resources, supporting fraud investigation and standardization, aiming for an innovative and compliant market to attract domestic and foreign investors.

Speaking at the forum, Mr. Ho Ky Minh, Permanent Vice Chairman of the People's Committee of Da Nang City, emphasized that Resolution 05, Resolution 222 and previously Resolution 136 on regulations on the organization of urban government and piloting specific mechanisms and policies for Da Nang for a period of 5 years from January 1, 2025 are the basis for Da Nang to strongly develop in innovation and gradually realize the goal of becoming an International Financial Center.

Regarding the crypto asset market, Mr. Ho Ky Minh suggested that units continue to support Da Nang in promoting, creating, and supporting the prevention of money laundering, fraud, and scams, especially improving the quality of human resources to meet the set goals.

Minh Trang

Source: https://baochinhphu.vn/doi-thoai-chinh-sach-tai-san-ma-hoa-tu-quan-ly-rui-ro-den-kien-tao-thi-truong-102251008181907373.htm