| Five national scholarships are expected to be authorized for digital asset pilot trading. – AFP / VNA photo |
Hà nội – Confidence, credibility and clarity are the keys to keys to Việt Nam because it tracks down a daring path towards the launch of digital asset exchanges. If the country has succeeded, it could transform its commercial environment currently fragmented into a global competitive financial center.
With more than 17 million Vietnamese with digital assets and blockchain investment inputs exceeding $ 105 billion in 2023-24 – a sum described as “the tip of the iceberg” – the appetite for a legitimate and transparent market is undeniable.
However, so far, Việt Nam has lacked an exchange of digital assets which is recognized by law, reliable by investors and sufficiently transparent to unlock the full potential of the sector.
A major boost came with the adoption of the law on digital technology industry, which should take effect on January 1, 2026. This historic legislation opens the way to the management of digital asset exchanges in accordance with the country’s wider ambition to develop an international financial center.
As part of this framework, the Ministry of Finance writes the drafting of regulations to obtain several exchanges of digital assets. Analysts note that this decision could not only legitimize an booming investment channel, but also extend tax revenue, attract foreign capital and open new financing pathways for technological start-ups.
The president of the Vietnam Blockchain and Digital Asset Association (VBA) Phan ức Trung provides that around five national exchanges will be authorized for the pilot. These platforms can connect with international markets to ensure liquidity and competitiveness, allowing the trade of major cryptocurrencies such as Bitcoin and Ethereum.
To a talk show entitled What opportunities for exchanging digital assets? Held at HCM City on August 21, the secretary general of the HCM City Blockchain Association Trần Xuân Tiến stressed that the absence of a legal framework has long smothed the sector.
“A clear and lawful framework would strengthen the confidence of investors. If Việt Nam Pilots five exchanges, the market will become much more transparent and capable of unlocking its true potential. ”
The development of digital asset exchanges is a race against time. Tiến has warned that the country is likely to be delayed if the exchanges are not open in the coming at two years. However, he also warned that haste without appropriate guarantees could present risks.
“We need to build local exchanges to manage liquidity and data while allowing international platforms to participate to ensure sharing of competition and experience,” he said.
Tiến added that Việt Nam could learn models applied to Dubai, Singapore and in the Republic of Korea. In South Korea, for example, digital asset transaction accounts are directly linked to banks to ensure the transparency of cash flows.
The CEO of eighty-eight (formerly Coin98) Nguyễn Thế Vinh noted that blockchain allows low-cost transactions, high liquidity and global connectivity.
“If Việt Nam moves in the right direction, he could attract foreign capital and build a Fintech ecosystem equally with world leaders,” he said.
Although Việt Nam has the ability to develop his own exchanges, Vinh stressed that partnership with major global platforms would be essential to take advantage of their infrastructure and expertise.
“More importantly, the key is to act now,” he said. “If we delay, the opportunity will escape, even if the resources are already there.”
Transparency and investor protection are the first priorities for sustainable development of the digital asset market.
OKX Global Huỳnh’s business development director that C. Nam said that the collapse of a top two world exchange had a warning for regulators and investors. This platform failed due to the abusive use of user assets, ultimately leading to insolvency.
To avoid similar risks, Nam argued that exchanges must publish transparent trading volumes, liquidity data and provide asset guarantees. He also called for investor insurance, robust cybersecurity teams and strict protocols on your client of your client (KYC) to prevent fraud and money laundering.
To integrate the exchange of digital assets in the future International Financial Center, Việt Nam must correspond to the pace of global digital finance. In addition to the basic products, Nam said that the market should develop in derivatives and in exchange for margin – which both dominate international cryptographic activity but remain largely absent at the national level.
“A sandbox will allow investors to try these products in a controlled environment, avoiding unnecessary risks,” he added.
The director of the law firm Investpush đào Tiến Phong said that confidence and credibility are essential in the management of digital asset exchanges. The regulators, he added, must impose strict license standards to ensure that virtual asset service providers (VASP) have operational capacity, technical capacities and sufficient security infrastructures.
In regions like Singapore, Hong Kong and Dubai, license regimes include rules on asset custody, account guarantees, minimum capital requirements and compulsory insurance.
“VIệT Nam should adopt similar standards and require approved exchanges to have a legal entity and a physical presence in the country to facilitate management,” said Phong.
He also noted that the personal data protection law will be essential to protect investors information in digital asset trading.
Phong has added that Việt Nam should consider allowing international exchanges to operate at the national level in order to learn from their technology and their models. At the same time, he urged the education of local platforms to better manage data and protect users.
“Việt Nam must move quickly but with a safety stamp through a regulatory sandbox,” he said.
According to the VIệT Nam Blockchain Association, the approved grants could offer an exchange in up to 50 cryptocurrencies, in particular Bitcoin, Ethereum, USDT and USDC.
The draft decree on the implementation of the digital asset trading pilot should be finalized later this month. – VNS
