$100 billion in cryptocurrency in the hands of Vietnamese: Tightening the 'black market', opening the door for mainstream exchanges

Vietnam is currently in the top 5 in the world in terms of cryptocurrency popularity, with an estimated holding of up to 100 billion USD. Resolution 05, which has just officially taken effect, is considered an important boost, promoting the market to develop faster and in the right direction.

Vietnam's crypto asset management model (pilot) is relatively cautious - Photo: AI

Reduce risk, open the door to mainstream exchanges

The Government has just issued Resolution 05/2025 implementing a 5-year pilot framework for the issuance and trading of crypto assets.

Ms. Dang Nguyet Minh - Director of Research at Dragon Capital - commented that this resolution is an important step to promote the market to develop quickly and in the right direction. In the context that Vietnam is ranked 5th in the world in terms of cryptocurrency popularity, with an estimated holding size of about 100 billion USD.

"We believe that this legal framework will contribute to minimizing speculative risks by restricting unregulated platforms, while also meeting the orientation of further developing the domestic capital market by positioning Vietnam to become one of the regulated crypto asset centers in Asia in the near future," said Ms. Minh.

Resolution 05 covers activities: offering, issuing, trading, payment and providing services related to crypto-assets, but does not apply to securities or currencies.

Licensed platforms must have a minimum capital of VND 10,000 billion, in which the investment organization holds a dominant role, while the ownership ratio of foreign investors does not exceed 49%. All transactions must be paid in Vietnamese Dong, and only domestic enterprises are allowed to issue new crypto assets.

Licensed businesses must meet strict requirements on capital, ownership, technology and personnel. Off-system transactions will be handled, even prosecuted. During the pilot period, crypto-asset activities will be subject to the same tax policies as securities.

Vietnam is cautious, how do many countries deal with crypto assets?

Compared to international financial centers, Mr. Nguyen The Minh - Director of individual client analysis at Yuanta Vietnam Securities - commented that Vietnam's piloting of issuing and trading crypto assets for 5 years is a cautious step.

The current management model shows that Vietnam is only in the testing phase with many prominent constraints such as: businesses must have a minimum capital of 10,000 billion VND, transactions are required in VND and only foreign investors are allowed to participate in ICO (initial coin offering)...

Meanwhile, Singapore has fully legalized and regulated crypto assets through the Monetary Authority of Singapore (MAS).

Switzerland also soon enacted the Blockchain & DLT (Distributed Ledger Technology) Law, to legalize digital asset transactions, ensure system security, protect investors, combat money laundering and prevent terrorist financing. This has helped the canton of Zug become a “crypto valley”.

Similarly, the UAE (Dubai/ADGM) has emerged as an open hub, allowing trading of a wide range of assets from cryptocurrencies, security tokens to stablecoins (cryptocurrencies pegged to a stable value like the USD). Licensing is carried out by VARA - Dubai Virtual Assets Authority and FSRA - Abu Dhabi Financial Services Authority.

In contrast, China has taken a hard line, banning public cryptocurrencies like Bitcoin and Ethereum altogether, and focusing solely on developing the digital yuan.

According to Mr. Nguyen The Minh, a comprehensive assessment of Resolution 05 has positive implications for attracting foreign currency. The issue of holding crypto assets by domestic investors has not yet been clearly regulated, and more specific guidance is needed in the near future.

Mr. Trinh Thanh Can - General Director of Kafi Securities Company - said that recently many investors have traded crypto assets on different exchanges, through online advertisements, collaborator systems or brokers.

This makes it difficult for many people to distinguish between real and unofficial floors, and the risk of losing all their assets is very high. Therefore, having access to licensed organizations will help investors feel more secure about their assets.

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Source: https://tuoitre.vn/100-ti-usd-tien-ma-hoa-trong-tay-nguoi-viet-siet-cho-den-mo-canh-cua-cho-san-chinh-thong-20250917154941885.htm