Vietnam Economic Times February 02, 2026

Dear readers,

Digital and cryptocurrency asset markets have developed extensively around the world and are becoming increasingly popular, as they act as a convenient and effective fundraising channel in the era of the digital economy.

Many countries, such as China, the US, Japan, South Korea, and the UAE, apply different market models. In terms of technology and technique, these models do not significantly differ from each other, though their levels of development are not the same. However, the associated legal regulations are completely different, and depend upon the overall legal framework of each country.

How a digital and cryptocurrency asset market operates, whether it is favorable or unfavorable in terms of legal aspects, as well as whether the rights, interests, and assets of businesses, organizations, and individuals participating are guaranteed and protected, all depend on legal regulations in the host country.

Vietnam is in the process of preparing to pilot a digital asset market. The first and most important step is to create a legal framework towards “regulating” but not “restraining” such a market. The Law on Digital Technology Industry, passed by the National Assembly on June 14, 2025, and effective from January 1, 2026, clearly defines the concept of “digital assets” and related activities concerning this important asset type, aiming to facilitate the legal aspects of storing, accumulating, exchanging, buying, selling, and investing in digital assets, now that this type of asset is officially legal.

Government Resolution No. 05/2025/NQ-CP, issued on September 9, 2025, and effective on the same day, allows for a pilot crypto asset market in Vietnam, and clearly stipulates the implementation of pilot offerings, the issuance of crypto assets, the organization of a crypto asset market, and the provision of crypto asset services, while also outlining State management of the market. In implementing Resolution No. 05, the Ministry of Finance issued Decision No. 96/QD-BTC on January 20, announcing new administrative procedures in the field, within the scope of its management functions.

Thus, fundamentally, the legal environment for organizing and piloting a crypto asset market in Vietnam has been established. The legal framework not only serves as the foundational basis for establishing and operating such a market but also sets the parameters for the market to operate according to regulations, creating trust among participating domestic and foreign investors.

However, in the process of introducing these legal regulations, it is inevitable that issues will arise which, if not adequately addressed, could create bottlenecks for the market and even undermine investor confidence. The primary question, though, is which digital asset market model should Vietnam adopt to align with its legal environment and specific socio-economic conditions.

A regular thematic dialogue entitled “Following the Digital Asset Flow” - an in-depth forum connecting State management agencies, policy experts, technology and finance businesses, and the investment community - was initiated and organized by Vietnam Economic Times / VnEconomy and took place on January 26, with the first dialogue session focusing on the topic “Legal Pathways and Development Models for Vietnam’s Digital Asset Market”, clarifying issues related to legal regulations and alternative options for a suitable digital asset market model in Vietnam.

Our Cover Story in this edition therefore focuses on analyzing the legal framework for a digital asset market that will open up prospects and opportunities for investors to participate, while also introducing a comprehensive overview of the global digital asset market, with Vietnam remaining in the initial pilot phase of market development.

Warmest regards,

Dr. CHU VAN LAM
CHAIRMAN OF THE EDITORIAL BOARD