Cryptocurrency assets - A strategic piece in Vietnam's journey towards global financial integration.

Cryptocurrency market: The "latecomer" advantage and the leverage of tokenization.

The global cryptocurrency market is reshaping how we raise capital, own assets, and conduct transactions. Vietnam, once a vibrant market but lacking legal recognition, now has the opportunity to leverage its "latecomer" status to build a solid cryptocurrency platform, learning from the experiences of more established countries.

According to many investors and financial experts, the biggest opportunity lies in the potential for asset tokenization. This is not just a technological concept, but a strategic business solution, expected to address the major challenges of liquidity and capital for businesses. "Tokenization allows Vietnamese businesses, which currently hold large but illiquid physical assets such as real estate and energy projects, to break down their value and digitize them. This creates a more direct and efficient fundraising channel, reducing reliance on bank credit or complex traditional funding rounds," shared Mr. Tran Tuan Minh, an investor with over 10 years of experience in the digital finance sector.

The government's pilot project to develop a cryptocurrency market aims not only to manage risks but also to lay the foundation for Vietnam to enter a new era of the digital economy . This is seen as a strategy to "unlock" potential, helping the domestic market keep pace with international financial flows.

Increased liquidity not only activates dormant assets but also attracts foreign individual and institutional investors. When cryptocurrency transactions take place on blockchain platforms, transaction transparency, traceability, and oversight are enhanced, creating a more reliable investment environment, which is particularly important for meeting international governance standards.

Legal frameworks pave the way: Investor confidence increases and national governance capacity is enhanced.

The government's official announcement of Resolution 05/2025/NQ-CP on piloting the cryptocurrency market is seen as a decisive step to move the Vietnamese market from a "gray area" to a regulated area. This is a strategic policy tool that helps Vietnam officially integrate with the global flow of capital and technology.

This legal identification is a key factor enabling traditional financial institutions to participate, thereby formalizing and scaling up the market. The application of rigorous mechanisms such as Know Your Customer (KYC) and Anti-Money Laundering (AML), which are mandatory requirements of international organizations, will build a "protective shield of trust" for the Vietnamese market.

Speaking to reporters, Ms. Nguyen Hai Yen, a long-time individual investor in the cryptocurrency sector, expressed her expectations: "What we need most is not 'super huge' profits anymore, but safety and transparency. Previously, we traded on international exchanges without legal protection. The government's pilot program and the capital requirement of 10,000 billion VND is a 'commitment' to quality, making us feel much more secure when transferring our transactions domestically, paying taxes in full, and having our rights protected."

Establishing and operating a regulated cryptocurrency market also presents an opportunity for Vietnam to enhance its financial governance capacity. Resolution 05, with its stringent capital requirements (minimum 10,000 billion VND) and high cybersecurity standards (level 4 or higher), acts as a "filter" to ensure that only businesses with the necessary resources and responsibility participate in the pilot program.

According to the State Securities Commission's guidelines, the licensing of organizations participating in the cryptocurrency market pilot program will be carried out cautiously, accompanied by a strict monitoring mechanism. The regulatory body is also researching the application of on-chain analytics tools to improve the ability to monitor and prevent financial risks and ensure the transparency of capital flows.

Challenges in identification, risk management, and macroeconomic balancing.

Although the prospects for market expansion are clear, the cryptocurrency market possesses many "unconventional" characteristics – decentralization, high volatility, and cross-border trading. This creates significant challenges in establishing a harmonious and effective legal framework.

Furthermore, according to economic experts, the biggest legal challenge is the identification and classification of assets. Applying securities regulations to crypto assets is a temporary solution. However, economic experts argue that the diverse nature of the market (e.g., NFTs, stablecoins, utility tokens, etc.) necessitates a specialized classification framework.

Regarding this issue, Dr. Nguyen Tri Hieu, an expert in economics and finance, expressed a cautious view, stating that the cryptocurrency market is attractive but also full of risks. The government has taken the right step by putting it into a pilot program, but special attention needs to be paid to systemic risk management and investor education . My view is that extreme caution is necessary, because cryptocurrencies are highly volatile, and the fact that Vietnamese investors have previously invested a huge amount of capital in the 'virtual currency' market shows that there is great demand but a lack of synchronized knowledge. At the same time, he emphasized that the tax issue is a major bottleneck. It cannot be taxed rigidly like traditional securities; a flexible policy is needed to encourage transparency and avoid pushing staking and airdrop activities into a gray area where it is difficult to determine the basis for tax calculation.

Furthermore, the cryptocurrency market has the potential for almost instantaneous cross-border capital flows. This places significant pressure on regulators to control capital inflows and outflows and prevent transnational money laundering, a top priority in global financial integration. According to Mr. Tran Tuan Minh, the challenge for businesses is not just the 10 trillion VND capital, but also ensuring continuous level 4 cybersecurity. Transactions on the blockchain are permanent, and the risk of hackers is very high…

Clearly, the five-year pilot program presents a golden opportunity for Vietnam to find a balance between innovation and risk management. Success will depend on the ability to conduct flexible mid-term evaluations and publicly disclose results. Dr. Nguyen Tri Hieu and other experts suggest that, after the initial pilot years, Vietnam should consult international models to develop a formal legal framework, including clearly classifying different types of tokens and establishing a competitive tax policy that encourages long-term holding. This will help increase market attractiveness and minimize legal risks.

"The government's proactive approach to 'unlocking' crypto assets demonstrates strategic vision. If the pilot program is successful, Vietnam will not only retain domestic capital but also attract international capital flows, officially entering the new financial era with a highly competitive position in the region. This development requires synchronization between three core elements: flexible policies, high-security technology, and professional risk management capabilities," Mr. Hieu emphasized.

Source: https://vtv.vn/tai-san-ma-hoa-manh-ghep-chien-luoc-trong-hanh-trinh-viet-nam-hoi-nhap-tai-chinh-toan-cau-1002510151314465.htm