Strict sanctions are needed for each type of cryptocurrency asset
On September 9, the Government issued Resolution No. 05/2025/NQ-CP on the pilot implementation of the cryptocurrency asset market in Vietnam. In Resolution No. 05, the Government clearly stipulates the principles for piloting the cryptocurrency asset market, conditions, regulations for offering and issuing cryptocurrency assets or organizing a cryptocurrency asset trading market...
Sharing about the reality of applying cryptographic assets in the world, Mr. Trinh Ha - Market Strategy Expert at Exness Investment Bank said: "In Singapore, asset encryption has been deployed since 2022. At that time, many organizations tested it and about 15 products were put into practice. However, when implementing, Singapore had many strict laws on digital signatures and money laundering prevention. They require all sources of money to be transparent because encrypting assets in the market is considered a good condition for criminals to commit money laundering. Therefore, there needs to be strict sanctions to contribute to "cleaning" the market.
Mr. Trinh Ha commented that Resolution 05 implemented by the Government will be the foundation for market development, however, it is necessary to strictly apply strict sanctions on money sources, digital signatures, and clearly distinguish each type of cryptocurrency asset.
"If that account is classified as a stock account or an investment asset according to legal regulations, it must comply with the laws related to the stock market, such as regulations on issuance, trading, information disclosure, investor protection, etc." - Mr. Ha gave a specific example.
Code of real estate assets
Looking at the current market in Vietnam, Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, said that blockchain has a strong impact on the real estate market, especially in capital mobilization activities, digital notary handling, reducing bottlenecks when the number of transactions is large at about 100,000 - 200,000 transactions/second. Meanwhile, blockchain technology is open source code, processing about 7 transactions/second.
Through Resolution 05, Mr. Trung considered this an important breakthrough in opening up the cryptocurrency asset market in Vietnam, allowing the mobilization of new capital sources based on real-estate assets, including real estate. Although blockchain and accounting technology only account for 10% of the total value of real assets, much of the success and market value depend on the legal framework, regulatory policies as well as related economic factors.
"Real estate contracts are similar to real estate investment fund certificates (REITs), however, to develop effectively, a reasonable and appropriate tax mechanism is needed" - Mr. Trung emphasized.
According to the Chairman of the Vietnam Blockchain and Digital Assets Association, the Time share Exchange trend is becoming more and more popular, allowing customers to own and exchange the right to use resort apartments instead of buying the entire resort. blockchain technology contributes to transparency of transactions, reducing intermediary costs such as notarization, speeding up the transaction process and ensuring data security.
Blockchain can be widely applied in the banking and finance sector, helping to reduce costs for third parties and improve transaction efficiency. Many large financial institutions have succeeded in applying blockchain. For example, Tether has total assets of about 170 billion USD, with a staff of about 70 people and achieved great profits. This technology supports faster and more transparent capital mobilization and is not limited to investing in digital assets such as Bitcoin.
With the advantages that digital assets bring, however, according to Dr. Can Van Luc - Chief Economist of BIDV, it is also noteworthy: "L legal issues, risk control, adaptation to domestic and international market scale are very important. Vietnam is gradually building a legal basis and policies to develop international financial centers, promoting the advantages of new technology. It is necessary to pay attention to balancing innovation and strict management to protect investors, avoid speculation and fraud".
