Vietnamese Digital Asset Exchanges: Will They Publicly Display User Assets On-Chain Like Global Platforms?
As Vietnam rolls out its digital asset market pilot under Resolution No. 05/2025/NQ-CP, financial transparency remains one of the primary concerns for both investors and industry participants. A key question is whether domestic exchanges will adopt on-chain transparency mechanisms—such as Proof of Reserves (PoR)—similar to major international crypto platforms.
Global PoR Mechanisms vs. Vietnam’s Regulatory Approach
1. International Proof of Reserves (PoR) Standard
Following the collapse of several global trading platforms, major international exchanges introduced Proof of Reserves (PoR) backed by Merkle Tree cryptography.
How It Works: Exchanges publicly share wallet addresses containing reserve assets, enabling individual users to independently verify whether their funds are fully backed at a 1:1 ratio or higher.
Core Objective: To prove 100%+ asset coverage without compromising individual user privacy.
2. Regulatory Supervision Model in Vietnam
For pilot digital asset exchanges in Vietnam, asset control mechanisms lean heavily toward rigorous state oversight and institutional compliance:
Segregated Centralized Custody: Investor fiat funds (VND) and digital assets must be strictly separated and managed through licensed commercial banks and authorized custodian entities.
Periodic Audits and Compliance Reporting: Exchanges are required to submit regular financial reports to the Ministry of Finance and the State Bank of Vietnam, undergoing independent third-party audits rather than relying solely on on-chain data.
Data Privacy Regulations: Publicly disclosing assets on a public blockchain introduces technical complexities that must align with Decree No. 13/2023/ND-CP regarding personal data protection.
Outlook for On-Chain Transparency Technologies
While initial regulatory frameworks rely primarily on traditional financial auditing and banking controls, adopting blockchain-native verification technology remains a promising future trend:
Building Market Trust: Combining traditional auditing with on-chain solutions (PoR / Merkle Tree) will help domestic exchanges build credibility among both local and international investors.
Integrating Real-Time Auditing Solutions: Pilot exchanges may eventually collaborate with global blockchain analytics firms to deliver real-time reserve auditing and transparency reports.
Conclusion: Complete public disclosure of assets on the blockchain may not be an immediate requirement during the initial pilot phase. However, a hybrid framework combining strict legal oversight and on-chain transparency solutions will be essential for building a safe and sustainable digital asset market in Vietnam.（Vietnam Crypto Exchange）