On the afternoon of June 16 in Ho Chi Minh City, the Vietnam Blockchain Association (VBA) and 1 Matrix Company organized a training course on "L legal framework and identification of cryptocurrency fraud", for media units.
According to Mr. Phan Duc Trung, Chairman of VBA, Chairman of the Board of Directors of 1 Matrix, Vietnam's digital technology legal context is changing rapidly, creating favorable conditions for technology enterprises and investors when in the first half of June 2025, 3 important documents were issued consecutively.
The rapid completion of the legal corridor is an important premise for the blockchain technology industry, cryptocurrency assets and related services to develop strongly, making Vietnam a mark on the global technology map, Mr. Trung commented.
However, along with the strong development of digital assets and blockchain technology, there are new challenges in management due to the rapid development of technology and the shortage of a common global legal framework on new types of fraud.
According to the US Federal Bureau of Investigation's Internet Crime Complaints Center (IC3 - FBI), in 2024 alone, there were up to 150,000 cases of fraud related to cryptocurrency assets with a total loss of more than 9.3 billion USD, an increase of nearly 70% compared to the previous year. Vietnam is among the 6 countries with the highest fraud transaction volume globally.
Mr. Tran Huyen Dinh, Head of the Tracing of Projects with Signs of ChainTracer fraud, VBA, said that the forms of cryptocurrency fraud are very diverse.
With the form of pure technology fraud, the common sign is that the project was developed by an anonymous group, the exchange price increased dramatically, the account was automatically accepted in the wallet, and the project did not have real community activities...
In addition, psychological scams combined with technology as well as promising high profits, inviting multi-level systems; forging wallet or website interfaces to lure users; scammers pretending to be support units, creating projects promising high profits to commit fraud... are also current problems.
With this type, the sign is a commitment to high interest rates every day, need to invite people to receive bonuses, the project cannot prove a business model, strange links sent from telegrams, emails; cannot withdraw money, requires to pay new fees for withdrawal...
To prevent this, according to experts, people need to prioritize projects with investment audits; use reputable account checking tools; do not interact with strange accounts on wallets; check the operating models of projects; do not invest through strangers, no matter how close they are; do not use apps of unknown origin; do not provide personal information, private photos...
On June 14, 2025, the National Assembly officially passed the Law on Digital Technology Industry (DIT), effective from January 1, 2026. This is the first legal document in Vietnam to define digital assets, creating a clear corridor to promote innovation while improving the efficiency of investor management, supervision and protection.
Previously, on June 12, Blockchain was identified as a Strategic Technology according to Decision 1131/QD-TTg of the Prime Minister. Specific applications identified as strategic technology products include: Blockchain Network Infrastructure, Digital Asset, cryptocurrency, cryptocurrency, and Origin Traceability System.
On June 5, the Ministry of Science and Technology also announced 21 major problems of innovation, posing 2 major problems for blockchain: Building and deploying Vietnam Blockchain service network and Building the "Blockchain as a Service" Platform.
