Crypto Asset Market Pilot:

Potential market

Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department (State Securities Commission), said that Vietnam is in the top 3 countries in the world in terms of crypto assets, with an estimated scale of more than 220 billion USD and about 20 million owners.

However, due to operating in a legal "gray area", many crypto-asset projects have been exploited for fraud, from disguised multi-level fundraising, virtual trading floors to bogus "real estate tokenization" models.

Over the past 5 years, hundreds of thousands of Vietnamese investors have lost tens of thousands of billions of dong due to scams, typically Antex, Ifan, Pincoin, Sky Mining, Lion Group...

According to the Department of Cyber Security and High-Tech Crime Prevention ( Ministry of Public Security ), from the beginning of 2025 to now, the authorities have detected nearly 1,500 cases of online fraud, causing losses of more than 1,660 billion VND. Particularly, activities related to virtual currency and cryptocurrency transactions have appeared on more than 1,500 channels and groups.

The Government's issuance of Resolution No. 05/2025/NQ-CP on piloting the crypto-asset market in Vietnam is considered a turning point in the capital market structure, when crypto-assets can become a legal and transparent channel for capital mobilization and allocation.

Immediately after the resolution was issued, the Ministry of Finance developed a detailed implementation plan, including the process of receiving, processing dossiers and monitoring the crypto-asset market. Tax and accounting regulations for this type of asset are also being developed, applicable to service providers, issuers and investors.

According to Mr. To Tran Hoa, the crypto asset market in Vietnam has many opportunities to break through, not only in the investment field but also in the development of blockchain technology and digital applications. Currently, many Vietnamese engineers are taking on key positions at blockchain companies and international exchanges. This is a valuable resource that Vietnam can attract again when the legal framework and market are clearly shaped.

Sharing the same view, at the discussion "Crypto assets from gray area to pilot: Solutions to ensure transparency, safety and efficiency" organized by Tien Phong Newspaper in coordination with the State Securities Commission on the morning of November 6, economic expert, Dr. Nguyen Tri Hieu commented that Vietnam is entering a new phase of the digital economy, in which digital assets and blockchain technology become important growth drivers.

Tokenization of assets, especially in the real estate sector, is expected to create an effective capital mobilization channel, reducing dependence on bank credit. When the project is completed and has clear legal status, investors can issue digital assets to the public to attract capital instead of just borrowing medium and long-term capital from banks. This mechanism brings benefits to many parties: Banks reduce liquidity risks, businesses are more proactive in managing capital flows, and investors have a new profit channel.

Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department, State Securities Commission, informed at the seminar. Photo: Contributor

“The recognition of crypto assets will create opportunities to attract foreign investment capital to Vietnam. In particular, real estate - a field with great value and high attractiveness - can become a breakthrough channel in the early stages. At the same time, the construction of a crypto asset trading floor will contribute to promoting financial technology, improving cybersecurity capacity and risk management in the banking and financial system,” said the expert.

Flexible tax policy

According to Dr. Can Van Luc, chief economist of BIDV, the introduction of crypto assets into the legal framework is expected to bring three benefits. That is, taking advantage of technology, helping Vietnam become a pioneer in financial technology (Fintech), while promoting innovation and development of domestic trading platforms. Opening a new capital mobilization channel through the "tokenization" model - that is, dividing valuable assets (such as real estate, works of art, copyrights, etc.) into millions of small tradable parts. Thanks to that, millions of small investors can participate in the market, creating a more attractive and transparent investment channel.

In addition, crypto assets also help Vietnam strengthen its global financial integration, create a foundation to participate in the international digital financial network and aim to become a regional financial center. In the first phase, the pilot in Da Nang - a location with suitable scale and developed technology infrastructure - will help control risks, ensuring a safe and effective testing process.

For Resolution 05/NQ-CP to be effective, expert Can Van Luc believes that it is necessary to synchronously deploy a number of groups of solutions. Specifically, classifying crypto assets (building a detailed classification system according to international standards to apply appropriate management to each type of asset); flexible tax policy (tax should be calculated according to the level of risk - high-risk assets are subject to higher taxes, assets that are encouraged to invest will have tax reductions); promoting education (early introducing knowledge about finance and digital assets into high school and university curricula); paying special attention to digital infrastructure, data information systems and building mechanisms to protect investors.

Expert Can Van Luc shares at the seminar. Photo: Contributor

“If deployed effectively, crypto assets will become an important lever, helping Vietnam take advantage of technology, attract global capital and affirm its position on the international financial map,” Dr. Can Van Luc emphasized.

Regarding the issue of transparency, Mr. To Tran Hoa emphasized that this is the focus of market management. Enterprises participating in the crypto-asset market must comply with the information disclosure regime, periodic reporting and be subject to strict supervision. Regulations on depository, issuance consultancy, asset value assurance and network security are also designed in detail, aiming to create a foundation for the market to operate safely, limiting the risk of fraud and money laundering.

“Based on the pilot results, the management agencies will continue to research, evaluate and report to the Government to consider finalizing the Resolution or develop a specialized law specifically for the crypto asset market in the future,” said Mr. To Tran Hoa.

According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, crypto assets being identified and piloted within an official legal framework is a fundamental step, ensuring the principles of risk control, protecting national interests and investor rights. It is forecasted that in the next 2-3 years, Vietnam will be able to form a legal framework compatible with the world.

Source: https://hanoimoi.vn/thi-diem-thi-truong-tai-san-ma-hoa-giai-phap-bao-dam-minh-bach-hieu-qua-722316.html