A draft resolution on piloting the development of the digital asset and digital currency market is expected to be submitted to the competent authorities in August 2025. A notable aspect is the permission to establish the first digital asset exchange in Vietnam.
Vietnam Pilots Digital Asset Exchange
According to CoinMarketCap, there are currently over 19 million types of digital currencies globally, with a total market capitalization of approximately $3.72 trillion. Bitcoin leads the way with a market cap of around $2.278 trillion, followed by Ethereum, XRP, USDT, and BNB.
Bitcoin currently dominates the digital currency market with a market capitalization of approximately $2.278 trillion |
However, not all digital assets are suitable for inclusion in the pilot program. Lawyer Dao Tien Phong, Executive Director of Investpush Law Firm, suggested that Vietnam needs transparent and stringent criteria to select permissible digital assets for trading. Considerations should include liquidity, popularity, and a listing process similar to that of stocks on a securities exchange. “In the initial phase, focus should be placed on popular currencies with large market caps, such as Bitcoin and Ethereum. Less traded coins, especially meme coins, pose higher risks and should be excluded for now,” Mr. Phong proposed.
He also emphasized the importance of Know Your Customer (KYC) procedures to prevent money laundering.
Some experts suggested that for a coin to be included in the pilot, it should meet criteria such as high market capitalization, a large user community, and a stable operating history of at least five years.
Additionally, experts cautioned about clearly categorizing digital assets to prevent investor confusion and potential exploitation.
Risk Warning for Inexperienced Investors
A survey by Ivy, a digital asset media company in Vietnam, revealed that nearly 50% of investors with monthly incomes below $500 incurred losses in the cryptocurrency market. Many investors also confused different types of assets, even including stocks, gold, and real estate in their “digital asset” portfolios.
Preliminary analyses by the Institute for Banking Technology Research (Faculty of Economics and Law, Vietnam National University, Ho Chi Minh City) indicated that while Vietnam ranks second globally in the proportion of cryptocurrency ownership (21.2%), there remains a significant gap between investors’ subjective perception and actual knowledge.
Given this situation, experts advocated for financial education and investment awareness campaigns alongside the market pilot to empower Vietnamese citizens to make informed decisions and mitigate risks of fraud.
Le Tinh
– 12:16 08/04/2025
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