Mr. Bui Hoang Hai speaking at Vietnam Blockchain Day 2025 - Photo: NH
Speaking at Vietnam Blockchain Day 2025 on the afternoon of August 29th, Mr. Bui Hoang Hai, Vice Chairman of the Securities Commission, stated that they are submitting a draft Resolution to the Government for early issuance regarding the pilot implementation of crypto assets in Vietnam.
There will be more than one entity licensed to operate a digital asset exchange.
According to Mr. Hai, only organizations licensed by the Ministry of Finance are allowed to provide services related to crypto assets, advertising, and marketing related to crypto assets.
Accordingly, the resolution sets out criteria for selecting participating organizations, including technical capabilities, operational procedures, financial capacity, and expertise.
"During the pilot phase, it is expected that more than one digital asset provider will be licensed to operate in order to create a competitive environment," Mr. Hai emphasized.
He also noted that the number of service providers will be kept at a reasonable level to ensure easy monitoring and evaluation of effectiveness after the pilot program.
The pilot program for the cryptocurrency market in Vietnam is expected to last five years. During this period, the Ministry of Finance will coordinate with relevant ministries, agencies, and organizations to monitor the process, periodically report to the Government, and propose solutions to address any emerging issues.
Currently, the Ministry of Finance and the Securities Commission are carrying out the necessary work to pilot the cryptocurrency market in accordance with the legal framework and roadmap with clear criteria.
Prepare both the technological infrastructure and the legal aspects.
Earlier at the event, Ms. Nguyen Ngoc Anh, CEO of SSIAM, posed the question: "Where will Vietnam stand in the era of digital finance and blockchain that is reshaping the world ?"
Ms. Ngoc Anh stated that the Vietnamese stock market currently has the highest trading value in Southeast Asia. While 25 years ago, the stock market was Vietnam's "gateway to integration," today, Ms. Ngoc Anh believes that blockchain opens a second, broader door, especially for Generation Z – a young, creative force willing to experiment and ready to innovate.
According to the latest report, Vietnam ranks among the top 5 globally in crypto adoption, with over 21 million people – equivalent to 21% of the population – owning digital assets. Not only does Vietnam have a large user base, but it also boasts a generation of young, technologically capable builders, and the government has identified blockchain as one of the 11 pillars of the national digital economy.
However, unlike Singapore or Hong Kong, Vietnam still lacks a clear legal framework, a sufficiently large sandbox for experimentation, and internationally standardized infrastructure to absorb innovation.
Numerous memoranda of cooperation were exchanged, demonstrating Vietnam's preparation to build a financial center and anticipate the wave of the digital economy. - Photo: NH
During the development process, Ms. Ngoc Anh emphasized that Vietnam cannot go it alone. Blockchain and digital assets are inherently global – they only have value when they are compatible and connected to the international ecosystem.
Along with international cooperation, SSIAM leaders pointed out the need for a responsible sandbox – a place where businesses, startups, banks, and regulatory agencies can experiment together based on criteria of safety, transparency, and scalability.
A sandbox shouldn't just be for testing; it should serve as a stepping stone to transform test results into a real-world operational infrastructure. Therefore, the technological infrastructure is crucial.
Ms. Ngoc Anh stated that blockchain technology "Made in Vietnam" cannot exist solely within the country; it must demonstrate its ability to connect across borders and serve the people. Infrastructure layers for digital identity, e-wallets, and on-chain auditing mechanisms also need to be designed to ensure transparency, ease of use, and security.
The waves of anticipation
Mr. Mai Huy Tuan, General Director of SSI Digital, said that the company has built a comprehensive infrastructure system including a centralized trading platform, e-wallets, etc.
According to Jenny Nguyen, Chief Operating Officer of Kyros Ventures, many "built by Vietnamese" projects previously did not register as legal entities in Vietnam, instead choosing Singapore – a country with more open and supportive policies. This resulted in products, even those developed by Vietnamese people, not being fully recognized as "Made in Vietnam".
In this context, the signing of the Memorandum of Understanding (MOU) between SSI, Da Nang, and Vaneck at Vietnam Blockchain Day 2025 signifies a noteworthy preparation for the future.
Source: https://tuoitre.vn/thi-diem-san-giao-dich-tai-san-so-5-nam-nhung-he-lo-ban-dau-dinh-hinh-thi-truong-tram-ti-usd-20250829145435879.htm
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