Digital assets explode, risks run in parallel
In early March 2025, Prime Minister Pham Minh Chinh signed and issued Directive No. 05/CT-TTg on key tasks and solutions to promote economic growth, promote disbursement of public investment capital, towards the national growth target of 8% or more in 2025.
In particular, the Prime Minister assigned the Ministry of Finance to preside over and coordinate with the State Bank of Vietnam according to its assigned functions and tasks, propose and submit to the Government in March on a legal framework for management, promoting the development of digital assets and digital currencies in a healthy and effective direction.
This is the first time that a specific directive on the legal corridor for digital assets has been issued with a clear deadline, showing the Government's determination to control the market while still facilitating innovation.
Recently, the digital asset market has attracted special attention from the public and investors, especially after the information that the Pi Network cryptocurrency was listed on the Hong Kong (China) exchange. The domestic cryptocurrency investment community is widely sharing images of the value of Pi on exchanges such as OKX and Bitget, creating a wave of controversy about the legality and real value of this currency.
At the same time, Bitcoin also entered the price increase wave, at one point surpassing the 95,000 USD mark, attracting the excitement of investors.
Although not yet recognized in Vietnam, digital transactions are still bustling on decentralized platforms, international exchanges and peer-to-peer transactions (a form of direct buying and selling between two individuals without intermediaries). In addition, the "black market" market also appeared, creating many risks due to lack of control".
Domestic investors are participating heavily in the market, from buying and selling Bitcoin, Ethereum, Pi Network... Or participating in new blockchain projects. On social networks, a series of groups and forums on digital currency attracted hundreds of thousands of members, discussing investment trends, transaction techniques as well as profit opportunities from this market.
Be cautious in building a legal framework
The excitement of cryptocurrencies comes with unpredictable risks. Transactions taking place in an environment without a legal corridor make investors easily fall into multi-level models and disguised fraud projects.
In a speech on digital assets at a technology event in December 2024, Mr. Nguyen Duy Hung - Chairman of SSI - said that digital assets are no longer a strange concept but have become a part of the global financial system. However, due to the lack of a clear legal framework, this field is still facing many challenges. Enterprises in the field of blockchain and digital assets in Vietnam must operate in conditions of lack of direction, leading to a loss of competitive advantage compared to neighboring countries such as Singapore or Thailand, said Mr. Hung.
Investors and market participants also face many risks when there is no protection mechanism against fraudulent activities or non-transparent transactions. Mr. Hung said that to make the most of the potential of digital assets, a core factor is transparency and clarity in the legal framework. This is a fundamental factor that helps investors, businesses and the community to develop in a safe and sustainable environment.
Discussing the development of a legal framework for digital assets, sharing with reporters on March 4, 2025, Mr. Nguyen Quang Huy, lecturer at the Faculty of Finance - Banking, Nguyen Trai University, said that Vietnam should approach cautiously, conduct research before officially recognizing and standardizing digital assets to limit risks and ensure stability for the market.
"In reality, the cryptocurrency market has had huge fluctuations. When US President Donald Trump signed a document recognizing some digital currencies, Bitcoin prices increased sharply, but after just one night, prices fell sharply, causing unpredictable risks.
Therefore, Vietnam needs to conduct practical testing and thorough assessment before applying it nationwide. At the same time, the legal framework needs to be built according to international standards, both ensuring compatible with the global financial system and minimizing legal risks during the integration process, Mr. Nguyen Quang Huy proposed.
