Legal corridor for crypto asset market

Recently, due to lack of management loopholes, the crypto asset market in Vietnam has seen many variations and serious scams such as Ifan, Pincoin, Sky Mining... To sustainably develop the crypto asset market, it is necessary to invest heavily in human resources.

Resolution 05 paves the way for the digital asset era.

Early implementation of legal framework

According to the Department of Cyber ​​Security and High-Tech Crime Prevention and Control - Ministry of Public Security , since the beginning of 2025 alone, nearly 1,500 cases of online fraud have been detected, causing losses of more than VND 1,600 billion, of which activities related to virtual currency and cryptocurrency transactions amounted to more than 1,500 channels and groups.

Lieutenant Colonel Nguyen Thanh Chung - Deputy Head of Department 4, Department of Cyber ​​Security and High-Tech Crime Prevention (A05), Ministry of Public Security, commented that crypto assets are being exploited to mobilize capital and other illegal activities in cyberspace, posing many potential risks to national security, social order, tax loss and macro management of the State Bank and the Government . Statistics in 5 years (December 2019 - May 2024) have detected nearly 20,000 fraud cases, involving more than 17,000 subjects, causing losses of over 12,000 billion VND.

In cases of fraud and property appropriation on the internet, most of the money obtained from crime is converted into crypto assets through peer-to-peer trading and exchanges organized on international exchanges such as Binance, HTX, OKX... with daily transaction values ​​reaching thousands of billions of VND.

In that context, the Government issued Resolution 05/NQ-CP on piloting the crypto-asset market, opening a new turning point in the capital market structure - where crypto-assets can become a legal and transparent channel for capital mobilization and allocation.

According to Mr. To Tran Hoa - Deputy Head of the Securities Market Development Department (State Securities Commission), Resolution 05 is an important step forward in Vietnam's financial management mechanism when for the first time there is an official legal corridor for crypto assets.

In this, the management agency has identified a dual goal: to create space for innovation and control risks, ensuring system safety. The pilot will last 5 years, evaluated after 3 years, and only a maximum of 5 organizations will be licensed to operate in the first phase to ensure monitoring and maintain healthy competition.

Economist - Dr. Can Van Luc said that Vietnam currently has about 21 million investors in crypto assets, with turnover exceeding 200 billion USD - a huge number compared to the size of the economy. However, this cash flow has not been clearly managed and oriented.

Notably, Vietnam is often in the top 3-4 in the world in terms of the rate of participants in the crypto-asset market (about 21% of the population), just behind South Korea. However, the risk of losing money and the lack of protection mechanisms have left many investors "empty-handed" without knowing who to complain to. In addition, tax revenue from these transactions is flowing abroad, while Vietnam bears the management risk. Therefore, Resolution 05 is considered a "golden drop" - both ensuring safety for tens of millions of investors and helping the State mobilize huge financial resources.

Mr. Luc assessed that bringing crypto assets into the legal framework is expected to bring 3 strategic benefits: Taking advantage of technological advantages; New capital mobilization channel through the "tokenization" model - dividing assets; Opening up opportunities for global financial integration, creating a foundation for Vietnam to participate in the international digital financial network, towards building a regional financial center.

Note on money flow tracing

Economist Nguyen Tri Hieu believes that the core issue when discussing crypto assets is the value and authenticity of the original assets. He worries that assets that are “dressed in flowery clothes” – that is, encrypted but whose real value has not been verified or quantified – could turn into a tool for speculation or money laundering.

“Even with tangible real estate, the situation of a mortgaged asset at one bank but sold to another still happens,” Mr. Hieu said, recommending that all crypto-asset transactions must go through the banking system to control capital flow.

However, Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Assets Association (VBA), said that the risk of money laundering is decreasing sharply globally thanks to tracing technology.

“The rate of blockchain-related financial crimes has decreased from 0.4–0.5% to 0.15% in 2024, while the total transaction value is still increasing sharply,” Mr. Trung informed. In fact, banks today can detect money laundering through digital assets more easily than traditional transactions, because every transaction on the blockchain leaves traces. According to Mr. Trung, if we build an effective management mechanism, crypto assets can become a new channel for mobilizing and leading capital for the digital economy, in addition to the stock market and the traditional banking system.

H. Huong

Source: https://daidoanket.vn/hanh-lang-phap-ly-cho-thi-truong-tai-san-ma-hoa.html