Vietnam’s digital asset market is moving from anonymity to demands for openness and transparency
Transparency in the digital asset market is an opportunity for Vietnam to escape the FATF’s gray list, avoiding potential losses of up to 3-5% of its GDP annually.
Major shifts in the digital asset market.
In the context of the digital asset market , as cryptocurrencies approach the official pilot trading phase, there are major shifts taking place in the legal framework, business operations, and even the way employees work.
Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board, State Securities Commission, Ministry of Finance, said that the biggest challenge currently is changing the mindset of the system.
Previously, investors and institutions were accustomed to decentralized finance and anonymous transactions, which had many negative consequences. Therefore, shifting from the old habits to openness and transparency is a necessary step to protect the rights of domestic investors and to seriously combat illegal financial activities.
Mr. To Tran Hoa emphasized: “If Vietnam does not effectively control the issue of anti-money laundering and continues to be on the FATF’s gray list, it is estimated that annual GDP could suffer losses of 3-5%. This is a very large figure, requiring the market to operate transparently to protect national reputation and finances.”
Based on Resolution No. 05/2025/NQ-CP, which has been issued, Dr. Le Thi Hoang Thanh, Deputy Director of the Department of Civil and Economic Law, Ministry of Justice, presented three future legal scenarios for the digital asset and cryptocurrency market.
According to her, Vietnam could issue separate decrees and regulations on digital assets and crypto assets; submit a pilot resolution to the National Assembly at a higher level; or move towards developing a specialized law on digital assets, if the pilot program proves safe and effective.
Although Vietnam does not yet have a specific law on digital assets or crypto assets, Ms. Thanh believes that investors and the business community can place their trust in the regulatory authorities and the flexibility of the legislative body.
“One of the important principles of Vietnamese law is that there is no retroactive application of regulations to violations committed before the new law comes into effect. Businesses can rest assured and invest in the market,” Ms. Thanh emphasized.
Currently, the legal framework is being adjusted to align with the digital asset and cryptocurrency market, as a series of related laws such as the Enterprise Law, the Investment Law, the Competition Law, the Law on Consumer Protection, and the Law on Derivatives Trading have been and are being supplemented with appropriate sanctions.
Representing the voice of the business community, lawyer Phan Vu Tuan, Vice President of the Ho Chi Minh City Association of Media and Electronics, pointed out the reality that many entities operating in the digital asset sector are based in Vietnam, but their costs, revenue, and legal entities are located abroad. This leads to inconsistencies regarding labor contracts, tax obligations, and social insurance benefits.
He stated: “Most businesses want the opportunity to contribute to the country and have their products listed on domestic stock exchanges.”
From this, the lawyer suggested that the regulatory agency should soon issue detailed and clear assessment procedures, including a mechanism for recognizing or standardizing digital assets, giving businesses a period of 6 months to 1 year to self-adjust and fully meet legal standards.
If Vietnam fails to effectively control money laundering and remains on the FATF’s gray list, it is estimated that its annual GDP could suffer losses of 3-5%. This is a very significant figure, requiring the market to operate transparently to protect national credibility and finances.
This marked the beginning of the “repatriation” wave.
The situation described by Mr. Tuan is also the story of many digital businesses that had operations abroad before the pilot resolution was implemented in the Vietnamese market.
Mr. Nguyen Thanh Trung, co-founder and CEO of Sky Mavis, expressed that although many Vietnamese businesses have proven their capabilities by bringing products to compete in the international market, the desire to “return home” still faces many obstacles.
According to Mr. Trung, the biggest difficulty for businesses wanting to bring resources back to Vietnam lies in the mechanism for receiving foreign capital and valuing intellectual property. Currently, startups face legal and procedural barriers in receiving international investment through financial instruments.
Furthermore, the lack of a valuation mechanism, along with the intangible nature of digital assets, makes it difficult for businesses to bring digital assets onto their accounting books to access domestic financial instruments.
From this perspective, Sky Mavis CEO suggested that regulatory authorities should utilize the International Finance Corporation (IFC) model to resolve the issue of capital flows, allowing businesses to complete procedures for receiving foreign capital within 2-4 weeks.
At the same time, Mr. Trung proposed expanding regulations to allow pilot digital asset exchanges to provide more financial services, creating conditions for businesses to list source code and intangible assets, and accumulate value right here in Vietnam.
Among the domestic businesses that have already undergone early transformation, Mr. Nguyen The Vinh, co-founder and CEO of Ninety Eight and Fanos, acknowledged the efforts of regulatory agencies in identifying blockchain as a national strategic technology, along with recent pilot resolutions on digital assets and crypto assets.
Representatives from Ninety Eight stated that initial market concerns have gradually been addressed through constructive dialogue with regulatory agencies in Vietnam. However, the biggest aspiration of domestic technology businesses remains the continued support and speed of institutional reform.
Mr. Nguyen The Vinh shared: “Our wish is that the legal framework will be completed soon, to create a solid foundation for businesses to develop.”
CEO Ninety Eight emphasized that improved legal frameworks and compliance practices will further boost international partners’ confidence in collaborating and bringing Vietnamese digital technology solutions to the global market.（Vietnam Crypto Exchange）