Digital assets are not limited to cryptocurrencies like Bitcoin or Ethereum but also include many other forms such as non-fungible tokens (NFTs), tokenised stocks, stablecoins, or even digital currencies issued by central banks.
According to Chainalysis, a US-based blockchain data analysis service provider, Vietnam ranked third globally for the proportion of citizens involved in digital asset transactions in 2023. Capital flows related to these assets into Vietnam reached about 105-120 billion USD, demonstrating great potential for attracting investment and promoting economic growth.
However, the digital asset market in Vietnam is still not tightly regulated. The absence of a clear legal framework exposes investors to risks such as fraud, information security breaches, and issues related to money laundering and financial fraud. This also causes significant revenue losses for the state budget as transactions primarily take place on international exchanges or through informal channels.
In this situation, the government has taken positive steps towards building appropriate management mechanisms. At the end of February 2025, General Secretary To Lam directed research into applying sandbox in the field of digital assets. The Ministry of Finance and the State Bank of Vietnam have been tasked with submitting a legal framework for digital asset management to the government this March.
According to experts, building a legal framework should not just be limited to piloting digital currency exchanges but should also cover various types of crypto assets. Developed countries such as Japan, Singapore, and the UAE have already recognised the importance of regulating this field. Since 2017, Japan has required that all exchanges be registered with the Financial Services Agency (FSA). Meanwhile, Dubai established a dedicated Virtual Asset Regulatory Authority (VARA) to attract investment and promote innovation in the blockchain field.
Vietnam can learn from international experience while also leveraging its own advantages to build a suitable model. A significant advantage is the national population database managed by the Ministry of Public Security, which can be integrated with Know Your Customer (KYC) solutions, helping to control transactions better and minimise the risk of money laundering. Blockchain technology can also be used to permanently record all transactions, facilitating the tracking of money flows when necessary.
The government should also consider issuing a central bank digital currency (CBDC). This trend is being tested by many major countries to improve payment efficiency and strengthen monetary sovereignty. Issuing a CBDC would help promote cashless payments in Vietnam while reducing dependence on international payment platforms.
Another notable issue relates to the training of high-quality human resources in blockchain technology and digital assets. Currently, the pool of talent with profound understanding of this field in Vietnam remains limited. Therefore, the government needs policies to encourage universities and research institutes to cooperate with businesses to train high-quality financial technology experts.
At the same time, it is necessary to raise community awareness about the benefits and risks of participating in the digital asset market. Relevant authorities should enhance communication to help people better understand the nature of these new asset types and how to participate safely.
Building a legal framework for managing digital assets in Vietnam is not only an urgent requirement but also opens great opportunities for the country to leverage the potential of the rapidly developing digital economy globally.
With a more comprehensive and flexible approach from the government, along with close coordination between businesses and the investment community, Vietnam could entirely become a leading digital asset development centre in Southeast Asia.
