Speaking at the Vietnam Investment Forum 2025 discussion session on June 3, Mr. To Tran Hoa, Deputy Head of Market Development, Securities Commission, State Securities Commission of Vietnam, assessed that with a young population and a strong interest in digital assets in recent years, Vietnam’s establishment of a legal framework for a digital asset exchange is expected to create a new investment channel, leading the financial market in the future.
BRINGING DIGITAL ASSETS OUT OF THE SHADOWS
According to the representative of the State Securities Commission, the government is submitting the Law on Digital Technology Industry to the National Assembly, which will include concepts of digital and virtual assets, providing a basis for policies to manage this new asset class.
“Without legal recognition, all activities related to digital assets are in a gray area and carry risks. We have received numerous requests to verify digital asset transactions, and almost 90% of these cases involve violations and fraud,” shared Mr. Hoa at the event.
Legalizing the digital asset market is a crucial step taken by the government to protect citizens from fraud. Additionally, a legal framework for digital assets will provide Vietnam with an accurate understanding of the market’s scale and potential, marking the beginning of creating new investment and fundraising channels for businesses and a new tax revenue stream for the government.
Emphasizing the urgency of swiftly enacting a legal framework defining digital assets, Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA), stated that due to the high demand and fear of missing out among citizens, the government and the National Assembly need to promptly enact the Law on Digital Technology Industry to create a fluid capital source for the securities market and asset management.
Drawing on international experiences, Mr. Trung mentioned that many advanced countries have enacted various laws regarding the application of blockchain technology – the foundation of digital assets – in business and daily life. These laws are based on four key aspects: tax policies, anti-money laundering and counter-terrorism, investor protection, and licensing.
With the blockchain market growing but lacking a legal framework, it is essential to enact regulations to manage the technology’s impact on the economy.
ENCOURAGING INVESTORS TO BRING DIGITAL ASSETS BACK TO VIETNAM
Once the necessary legal framework is in place, Mr. Mai Huy Tuan, CEO of SSI Digital Technology JSC, believes that if Vietnam can attract domestic investors, the digital asset market can rapidly accelerate from the initial stages.
Sharing his personal experience, Mr. Tuan mentioned that he knows many domestic investors who have participated in the international digital asset market early on and now possess significant resources, including thousands of bitcoins.
However, due to the lack of clear regulations in Vietnam, they are unable to bring these digital assets back to the country. With proper legalization, these digital assets held by domestic investors could become an enormous resource for economic development.
In the past year, SSI has also connected with major global exchanges such as Binance, OKX, Bybit, BingX, and leading investment funds like VanEck. All of them are awaiting a clear legal framework from Vietnam to collaborate with SSI, establish funds and companies, and boost investment in the digital asset market, bringing international capital to Vietnam.
While acknowledging that recognizing digital assets will unlock significant domestic investment potential, Ms. Doan Mai Hanh, Senior Director of Sales and Proprietary Trading at TCBS, cautioned that digital assets are a novel field fraught with risks, including valuation challenges and data-related crimes and cybersecurity threats.
Therefore, it is imperative to impose stringent and cautious requirements for organizations participating in providing services, especially during Vietnam’s pilot phase of the digital asset exchange. This should include the involvement of commercial banks, securities companies, insurance companies, fund management companies, and technology companies, as these entities possess substantial financial strength, reducing market risks.
Additionally, these financial institutions maintain rigorous standards for data security, anti-money laundering measures, and are experienced in handling transactions, order matching, and asset management for their clients.
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