HÀ NỘI — According to industry experts, the development of Việt Nam's crypto asset market not only aligns the country with global fintech trends, but also positions it as a trailblazer in establishing regulatory standards for the rapidly evolving crypto landscape.

Việt Nam has taken a bold and calculated step into the world of digital finance with the issuance of Resolution 05/2025/NQ-CP on September 9, launching a five-year pilot programme for crypto asset trading.

The resolution highlights Việt Nam’s cautious yet progressive entry into the regulated cryptocurrency market, establishing strict control and protecting the legitimate rights and interests of both domestic and foreign organisations and individuals.

Colonel Dr Hoàng Văn Thức, director of the Academy of Cryptography Techniques and a senior advisor of the Việt Nam Blockchain and Digital Asset Association, stressed that the controlled pilot demonstrates smart risk governance, a sign of caution amid breakthroughs.

He highlighted it as the clearest evidence of the Party and State’s leadership mindset, a transition from pure management to a guided development approach.

The State has laid a legal foundation for recognising and managing a completely new asset, which, the expert said, is a concrete step to safeguard the legitimate rights and interests of investors, enterprises and people while preventing illegal activities.

Thức said the pilot programme would not be successful with loose management, particularly for crypto assets, which are tied to complicated technologies and exposed to non-traditional security risks. He explained that the State-controlled crypto market not only ensures financial security but also upholds the nation’s digital sovereignty. 

The timeframe of the five-year trial has been carefully calculated, long enough to test, evaluate and adapt policies while ensuring financial stability. He said that developing a crypto asset trading market will create a transaction platform and build trust, as well as promote transparency and social responsibility.

Việt Nam needs a pool of well-trained specialists in information security, blockchain technology and digital financial risk management to operate the market in a safe and transparent way, Thức added.

Building a legal framework

Financial experts said the resolution is a blueprint for Việt Nam’s crypto asset trading market during the trial period.

Chairman of the Việt Nam Blockchain and Digital Asset Association Phan Đức Trung said the issuance of the resolution underscores the Government’s determination to create an enabling environment for investors and refine policies in line with international norms, helping to build confidence among global investors.

Under the resolution, any service provider needs a chartered capital of at least VNĐ10 trillion (US$379 million), at least 65 per cent of which must be contributed by institutional investors.

Trung explained that this standard diverges from international practice, where technology, compliance, insurance, workforce and money laundering controls are often prioritised over capital thresholds.

However, in Việt Nam’s pilot phase, the rule is meant to ensure that only players capable of covering losses to protect investors can enter the market.

The regulation, however, has sparked concern among start-ups, with several Vietnamese blockchain firms already restricting domestic transactions to review compliance risks.

Trung stated that while Việt Nam has long supported innovation through start-up initiatives in Đà Nẵng and HCM City and through the Ministry of Science and Technology, new complementary legal corridors should be penned to balance innovation with effective management.

The association will continue coordination with relevant ministries to rapidly build a complete legal framework, he added.

Trung also stressed that the lack of qualified workers is one of the biggest hurdles facing Việt Nam’s emerging digital asset ecosystem.

“Currently, the market is driven by spontaneous investors, while specialised personnel for regulation, service provision and participant education are still in short supply,” he said.

In particular, there is a glaring deficit in professionals with internationally recognised anti-money laundering certifications such as ACAMS, which requires 2–3 years of training and costs upwards of $18,000.

He estimated that it would take three to five years for Việt Nam to absorb lessons from over a decade of global crypto market development.

Trung also highlighted technical and operational challenges, including compliance with Level 4 information security, establishing proper custody mechanisms and transaction segregation.

According to the expert, only an estimated 2–3 exchanges currently possess the infrastructure and capacity to meet these requirements.

Another significant stipulation for the pilot is that only foreign investors are permitted to purchase crypto assets. While this aims to shield the domestic foreign exchange market, Trung acknowledged it may affect the attractiveness of Việt Nam’s crypto ecosystem to global participants.

Nonetheless, around five digital asset exchanges are expected to be licensed and connected with international platforms to ensure liquidity and competitiveness. This move is seen as a key step towards attracting foreign tech investment, creating high-value jobs in cybersecurity, blockchain and risk management.

Unlocking new capital for businesses

The crypto pilot also opens new funding channels for Vietnamese enterprises. Tô Trần Hòa, deputy head of the Securities Market Development Department under the State Securities Commission, likened the role of a digital asset exchange to that of a stock exchange, a depository company and a brokerage all rolled into one. As such, it requires high levels of transparency, stability and security.

Nguyễn Thế Minh, head of Research and Development at Yuanta Securities Việt Nam, added that crypto could serve as a new capital mobilisation tool alongside traditional methods such as bank loans, IPOs and bond issuances.

Though the market is currently limited to foreign investors, domestic banks and securities firms with existing infrastructure and risk management experience, they are poised to capitalise on emerging opportunities.

Prominent financial expert Phan Dũng Khánh said that Việt Nam has a large investor base ready to comply with tax and regulatory requirements if offered safe and legal trading platforms.

In response to the new digital asset market, several securities companies have already taken proactive steps.

SSI Securities Corporation launched SSI Digital in 2022 with a charter capital of VNĐ200 billion, partnering with Tether, U2U Network and Amazon Web Services to build digital finance and cloud infrastructure.

VIX Securities Corporation invested VNĐ150 billion to establish VIX Crypto Asset Exchange JSC, headquartered in Hà Nội.

Still, SSI chairman Nguyễn Duy Hưng cautioned that while the digital asset market offers immense potential, it remains risky and complex.

“Investors must be thoroughly informed before entering this space,” he advised.

Under the pilot programme, all cryptocurrency transactions must take place through exchanges licensed by the Ministry of Finance. Vietnamese investors currently using international exchanges will be required to transfer their assets to licensed domestic platforms. After a six-month grace period, non-compliant individuals may face administrative penalties or criminal prosecution.

Investors will also be subject to tax disclosure and risk management obligations similar to those applied in the securities market, pending the rollout of a dedicated tax regime for crypto. — VNS