Opportunities for the Vietnamese digital asset market

Lục Giang |

The Vietnamese digital asset market is facing a breakthrough opportunity as the legal corridor is about to be issued, businesses and investors are ready, opening up the prospect of becoming the digital asset center of the region.

New market, but no longer strange

Although there have never been official regulations in the legal system, cryptographic assets have been quietly developing in Vietnam for more than a decade.

Mr. Truong Gia Binh - Chairman of the Board of Directors of FPT - said that there are about 120 billion USD of blockchain transactions in Vietnam and on average, 1 person per 5 owns digital assets such as Bitcoin, Ethereum or convenient TikTok. This is a number that shows a significant level of popularity, especially among young people and the technology community.

From a policy perspective, according to Mr. Pham Tien Dung - Deputy Governor of the State Bank, there have been 3 major policies shaping the legal foundation for the digital asset market in recent times.

The first is the resolution on developing financial centers passed by the National Assembly, in which, promoting innovation and establishing a specialized exchange for digital assets - including both guaranteed and unsecured assets, requiring appropriate management mechanisms.

Second, the Ministry of Finance has submitted to the Government a resolution to pilot a cryptocurrency asset exchange, creating a premise for a transparent and controlled market.

Third, the Law on Digital Technology Industry has just been issued, clearly establishing the legal definition of digital assets for the first time, creating a corridor for applying technology to govern and develop the digital economy.

Mr. Dung also emphasized the role of Resolution 57 in "paving a legal path" for innovation activities, removing barriers for new technology models, including digital assets and decentralized digital platforms.

Enterprises are ready to break through

Ong Mai Huy Tuan - CEO SSI Digital. Anh: Luc Giang
Mr. Mai Huy Tuan - CEO of SSI Digital. Photo: Luc Giang

According to Mr. Mai Huy Tuan - General Director of SSI Digital Technology Joint Stock Company (SSI Digital), the digital asset market in Vietnam has never been " absent", only there is no official mechanism for development in the right direction.

He believes that once the market is recognized and clearly managed, domestic digital asset companies will have the conditions to expand their scale, attract high-quality human resources and contribute to the shaping digital financial ecosystem. Digital assets are no longer a game of a technology group. It is part of the national digital transformation strategy, he affirmed.

The new legal framework will also help businesses access official capital, cooperate with financial institutions and improve operational standards. This is a necessary condition for the market to develop transparently and sustainably.

Vietnam market may reach regional level

Mr. Thuat Nguyen - co-founder of Kyros Ventures - said that due to the lack of a clear legal corridor in Vietnam, most startups are forced to establish legal entities in Singapore or other countries to be able to raise capital and operate legally.

" Assets and intelligence are created by the Vietnamese people, but cannot be developed in Vietnam. That is a paradox, said Mr. Nguyen. According to him, if it wants to become a digital asset hub in the region, Vietnam needs an open but strict legal mechanism, with control but not oppression of creativity - especially with the cross-border and decentralization of blockchain technology.

Mr. Thuat Nguyen suggested that in the pilot phase, it should start with assets with high liquidity and international recognition such as Bitcoin, Ethereum and large stablecoin. Clearly distinguishing between real asset account and utility account in a closed ecosystem is also very important to apply an appropriate management mechanism.

Mr. Thuat Nguyen also warned about security risks and user lack of knowledge. Just one wrong click can cause users to lose all their assets. It is necessary to popularize digital asset knowledge in universities, mass media and the investment community. According to Mr. Thuat Nguyen, only when Vietnam has a solid legal corridor and social awareness foundation can the digital asset market develop sustainably and affirm its position in the region.

If we take advantage of the time when policies and markets converge well, Vietnam has the opportunity to position itself on the global digital asset map - not only as a place for product origin, but also as a center for operations, investment and innovation.

Lục Giang
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