With approximately 21 million people owning digital assets valued at over $200 billion, Vietnam ranks among the top three countries globally in terms of participation in the digital asset market.
However, this massive capital flow has long been in a legal "gray area," leading to many digital asset projects being exploited as scams, from disguised multi-level capital mobilization, fake investment platforms to non-existent "real estate tokenization" models.
The Government's Resolution 05 on piloting the digital asset market was issued with the goal of "managing for development, not prohibiting."
At a seminar theming "Digital Assets from Gray Area to Pilot: Solutions for Transparency, Safety, and Efficiency," held on November 6, Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department (State Securities Commission), said that Resolution 05 is an important step in Vietnam's financial management mechanism, marking the first time an official legal framework for digital assets is established.
"The understanding capacity of Vietnamese investors is still low, while many digital asset fraud cases have occurred recently," Mr. Hoa explained. "Money can be transferred in an instant, and recovery or compensation is almost impossible if fraud occurs. Therefore, the initial phase prioritizes attracting international capital while allowing time to complete the legal framework and raise public awareness."
Dr. Can Van Luc, Chief Economist of BIDV, argued that if only foreign investors are allowed to participate, "Vietnam will lose its internal potential." Therefore, he suggested allowing professional domestic investors to purchase digital assets.
Also assessing Vietnam's digital asset market as very potential, Mr. Le Bao Nguyen, Deputy General Director of SSI Digital, affirmed that Vietnam is a large market with purchasing power and a young, tech-savvy development team. "This is an advantage for Vietnam not only to participate but also to lead the future digital financial platform, for both domestic and international markets," he said. "Vietnam needs an open legal framework to promote innovation and transform Vietnam into a "gateway" for global digital asset infrastructure development."
One of the major concerns raised at the seminar is the risk of money laundering and the authenticity of assets. Expert Nguyen Tri Hieu suggested that all digital asset transactions should go through the banking system to control capital flow.
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