What are the challenges in implementing the Resolution on piloting the crypto asset market?

The issuance of Resolution No. 05/2025/NQ-CP is considered a strategic step, not only to strictly manage and control, but also to test new models to shape the digital asset market in the future.

Resolution No. 05/2025/NQ-CP issued on September 9, 2025 on piloting the crypto asset market has been long awaited by the crypto asset market and investors in Vietnam. This document marks the first milestone of implementation under the law after the Law on Digital Technology Industry was passed in June 2025.

The biggest challenge is human resources.

Sharing with VietnamPlus reporters, Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Assets Association (VBA) said that the issuance of Resolution No. 05/2025/NQ-CP shows that the Government focuses a lot on the feasibility of implementing this market.

"VBA is a member of the drafting team, together with inter-ministerial agencies (State Securities Commission, Ministry of Finance, Ministry of Public Security ) to refer to experiences from countries with developed crypto-asset markets, typically Hong Kong (China)," Mr. Trung shared.

Currently, Vietnam divides crypto assets into two types: those tied to real assets (tokenized) and those not tied to real assets. Vietnam's orientation is to develop the crypto asset market to attract capital and increase liquidity for other markets. In particular, when Boston Consulting Group (BCG) forecasts that the real asset tokenization market will account for 10% of global GDP by 2033, equivalent to a scale of nearly 19,000 billion USD.

Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Asset Association. (Photo: PV/Vietnam+)

According to Mr. Trung, the issuance of Resolution 05/2025/NQ-CP in 2025 is a great advantage. This is the period when the global crypto asset market has matured strongly. This helps Vietnam learn from the difficulties that advanced countries encountered when issuing laws in 2014 or 2018.

"The resolution will limit financial fraud and create a transparent market. From the first year, high-profit investment opportunities from "closed groups" will no longer exist. Instead, investors can participate in the market through public capital calling channels through the exchange," said Mr. Trung.

However, the biggest challenge now is human resources. According to him, the current market is mainly spontaneous investors, at the same time we are lacking human resources to operate the market, from state management agencies, service providers to knowledge training for participants. The maturity of the market needs to keep up with current laws.

Illustration photo.

In particular, Vietnam is currently lacking in anti-money laundering personnel according to international standards such as ACAMS - the globally recognized international anti-money laundering certificate. A person who wants to obtain this certificate must invest 2-3 years of study time with a minimum cost of 18,000 USD.

The current desire of the Government in promoting the issuance of crypto assets is to attract capital flows from abroad (through regulations that only foreigners can buy crypto assets). However, according to Mr. Phan Duc Trung, the problem is whether those assets are attractive to international investors or not, and at the same time, the maturity of the market creates a large enough playing field or not.

"The global crypto asset market is still young compared to the stock market, which has a history of hundreds of years of development. This is both an opportunity and a challenge. We need at least 3-5 years for the market to mature and learn from the experience of more than a decade of the global digital asset market," he said.

No more than 3 floors have enough capacity to operate in the pilot phase.

Also according to Mr. Phan Duc Trung, in a maximum of 3 years, with the right direction, we can learn from the experience of more than 10 years of history of the global digital asset market.

Resolution No. 05/2025/NQ-CP sets out strict standards for businesses licensed to establish digital asset exchanges. A minimum charter capital of VND10,000 billion is one of the main requirements. This is different from many other countries, where they focus more on standards for technology investment, insurance and anti-money laundering.

According to Mr. Phan Duc Trung, in a maximum of 3 years, with the right direction, we can learn from the experience of more than 10 years of history of the global digital asset market. (Photo: VBA)

In Vietnam, the focus on capital size in the first testing phase is to ensure safety. However, there are still many issues that need to be clarified such as regulations on custody, separation of proprietary trading and customer transactions, or hot wallets - cold wallets.

According to Mr. Trung’s objective assessment, to effectively implement the pilot phase, there are no more than 3 exchanges with sufficient capacity. Even for those units that get the license, operating effectively (serving investors, generating revenue and contributing to the common goal) is not easy.

Regarding information security regulations, the requirement that the IT system must meet level 4 security standards demonstrates the seriousness that companies need to take when establishing an exchange. This is not a concern for companies with a charter capital of VND 10,000 billion. The important thing is whether this investment brings value and meets the Government's expectations.

In addition, opening an account requires investors to transfer their accounts from abroad to the country. This shows that the market has professional participants, not newcomers. Those who have experience in foreign markets and participate in the Vietnamese market will have their own comparison. If trading on foreign exchanges is "playing", in Vietnam it will be safer when recognized by law. This brings benefits to both investors, service providers and tax authorities.

According to the VBA leader, in the coming time, the completion of the legal framework and the codification of resolutions with legal documents will certainly create a more specific corridor. The policy needs to balance the interests of investors and management agencies, both protecting the foreign exchange market and attracting the participation of all components.

In addition, the regulation that crypto assets can only be offered and issued to foreign investors is a special point in the drafting process. Chairman Phan Duc Trung said that this separation has the advantage of protecting the foreign exchange market when there is no connection with the domestic market, but it may reduce the attractiveness of the market in the initial stage.

This is also a challenge for creators and businesses to have a plan to increase the attractiveness of the Vietnamese crypto asset market compared to other domestic and international investment markets. Mr. Trung said that during the testing process, policies need to balance the interests of management agencies and investors and market participants./.

(Vietnam+)

Source: https://www.vietnamplus.vn/thach-thuc-nao-khi-thuc-thi-nghi-quyet-ve-thi-diem-thi-truong-tai-san-ma-hoa-post1061473.vnp