Should 'open the door' for domestic professional investors to buy crypto assets

DNVN - According to experts, only allowing foreign investors to participate in purchasing crypto assets in the early stages as stipulated in Resolution 05 will cause Vietnam to lose its internal potential.

On September 9, 2025, the Government issued Resolution 05/2025/NQ-CP on piloting the crypto asset market. This Resolution is considered an important foundation for the formation of a domestic crypto asset market, not only paving the way for innovation, but also acting as a "filter", eliminating potentially risky models.

At the seminar "Crypto Assets: From Gray Area to Pilot - Solutions to Ensure Transparency, Safety and Efficiency" on November 6 in Hanoi , answering the question of why domestic investors have not been allowed to participate in the market in the early stages, Mr. To Tran Hoa - Deputy Head of the Securities Market Development Department (State Securities Commission) said that this decision comes from the spirit of maximum caution.

“The top goal is to protect investors and control risks,” Mr. Hoa emphasized. Although statistics show that Vietnam has 19-21 million accounts related to digital assets, this number does not reflect the reality when many people own multiple accounts. More importantly, the financial knowledge of domestic investors is still limited, while scams related to digital assets have caused a lot of damage in recent times.

Mr. To Tran Hoa - Deputy Head of Securities Market Development Department (State Securities Commission).

"Money is transferred in a split second, and it is almost impossible to retrieve it if fraud occurs. Therefore, opening the market must come with the ability to monitor and handle it effectively," Mr. Hoa analyzed.

Accordingly, the first phase will prioritize foreign investors to attract international capital, while creating the necessary "quiet space" for Vietnam to complete the legal framework and raise public awareness. The attractiveness of the market does not lie in immediate opening, but in product quality, transparency and safety."

Meanwhile, Dr. Can Van Luc - Chief Economist of BIDV said that completely eliminating domestic investors will cause Vietnam to lose its internal potential.

“We need to develop step by step but should not be too restrictive. I suggest allowing domestic professional investors to participate,” Mr. Luc suggested. The “professional” criteria can be expanded, not only based on stock experience but also requiring certificates and training degrees in digital assets, including from international courses.

Mr. Luc also pointed out other strategic issues that need to be accelerated. In particular, the State Bank needs to accelerate research and testing of Central Bank Digital Currency (CBDC) to avoid falling behind, because payment by digital currency is an inevitable trend. Crypto-securities should not be excluded from the pilot scope. This is a transparent and more accessible capital mobilization channel for retail investors. At the same time, it is necessary to establish a fund to train journalists and experts on digital assets so that society has a correct view of this new market.

Dr. Can Van Luc - Chief Economist of BIDV.

“The digital asset market is an irreversible trend. The issue is not whether to allow it or not, but how to manage and utilize it safely and effectively,” Mr. Luc emphasized.

From the association's perspective, according to Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Assets Association, risk prevention and investor protection must be given top priority. Drawing on experience from Singapore, he believes that Vietnam needs to have strict regulations on licensing and classifying investors according to financial capacity and level of understanding.

"Financial institutions must be responsible for guiding customers to allocate their portfolios appropriately, and should only reserve a small proportion for high-risk products," said Mr. Trung.

Sharing the same view, Dr. Can Van Luc proposed mandatory regulations such as requiring trading floors to separate customers' money and asset accounts, and to make mandatory deposits to have a source of compensation when an incident occurs.

The opinions at the seminar, from building a legal corridor, warnings about risks, to specific proposals on pilot mechanisms, are all highly practical and suggest many approaches for management agencies as well as the media.

The need for a “new playground” is real, as more and more young investors and technology businesses want the opportunity to experiment, invest, and create new value for the digital economy. Crypto assets can become an attractive channel for capital, a new driving force for growth if managed properly.

Minh Thu

Source: https://doanhnghiepvn.vn/chuyen-doi-so/nen-he-cua-cho-nha-dau-tu-chuyen-nghiep-trong-nuoc-mua-tai-san-ma-hoa/20251107083915036