New opportunities from piloting the crypto asset market

The pilot crypto asset market is carried out on the principles of caution, control, safety and transparency. (Photo: DUC HUNG)

Resolution No. 05/2025/NQ-CP dated September 9, 2025 of the Government on piloting the crypto-asset market in Vietnam is an important milestone, creating a legal basis for putting crypto-assets under management, ensuring the safety of the financial and monetary system; at the same time opening a new channel for mobilizing resources to serve the country's development goals.

Strict legal conditions

With the principle of deploying the crypto asset market cautiously, under control, with a roadmap suitable to practice and ensuring safety, transparency, efficiency, and protection of the legitimate rights and interests of market participants, Resolution No. 05/2025/NQ-CP sets out very strict legal conditions.

Specifically, enterprises participating in providing services of organizing crypto-asset trading markets must have a minimum charter capital of VND 10,000 billion; have at least 65% of charter capital contributed by institutional shareholders; of which at least 2 large financial institutions (commercial banks, securities companies, fund management companies, insurance companies, enterprises operating in the technology sector) participating in capital contribution with a ratio of more than 35% of charter capital.

The Resolution also stipulates that organizations and individuals participating in the market must comply with legal provisions on anti-money laundering, anti-terrorism financing, network information security, and safety in the crypto-asset market.

Organizations providing crypto-asset services must have an information technology system that meets level 4 safety standards before being put into operation and exploitation, and must be assessed by the Ministry of Public Security . In particular, crypto-assets can only be offered, issued and traded between foreign investors through service providers licensed by the Ministry of Finance.

The resolution also states that foreign and domestic investors are allowed to open accounts at crypto-asset service providers licensed by the Ministry of Finance . After 6 months from the date the first trading floor is licensed, domestic investors who trade crypto-assets without going through a service provider licensed by the Ministry of Finance will be subject to administrative sanctions or criminal prosecution depending on the nature and severity of the violation.

Thus, the mandatory transfer of crypto assets to domestic exchanges is considered a step from the "gray area" to the official market, helping investors avoid risks and protect their legitimate rights and interests.

Mr. Le Bao Nguyen, Deputy General Director of SSI Digital Technology Joint Stock Company (SSI Digital), commented that the Government's issuance of a Resolution on piloting the crypto asset market with strict legal conditions is a cautious but necessary approach, ensuring that only organizations with real capacity are qualified to participate in the market, in order to build a transparent, supervised market that meets international integration requirements.

During the pilot period, the Ministry of Finance will coordinate with the State Bank and the Ministry of Public Security to select up to 5 organizations to provide crypto-asset services.

New economic development levers

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association (VBA), commented that the Government's issuance of Resolution No. 05/NQ-CP at the present time is an advantage because the global crypto-asset market is in a strong stage of maturity. However, compared to the stock market, this market is still in the early stages of development, bringing many opportunities but also posing many challenges in the operation process.

Crypto assets are divided into two types, those tied to real assets (tokenized) and those not tied to real assets. According to Boston Consulting's forecast, digital assets tied to real assets could reach a scale of about 19,000 billion USD by 2033, equivalent to 10% of global GDP. Data from many international research organizations shows that Vietnam currently has more than 17 million people owning crypto assets with an annual cash flow of more than 100 billion USD, about 4 to 5 times the total amount of foreign direct investment in Vietnam.

In that context, requiring domestic investors who have crypto assets to transfer them to trade through domestic exchanges licensed by the Ministry of Finance also aims to create a playground for professional investors, recognized by law.

As a member of the Drafting Committee of Resolution 05/NQ-CP, Mr. Phan Duc Trung said that Vietnam's orientation in promoting the issuance of crypto assets is to attract capital flows from abroad, through regulations that only foreigners are allowed to buy crypto assets. Technically, this regulation will create a separation and protect the foreign exchange market when there is no connection with the domestic market.

However, it may reduce the attractiveness of Vietnam's crypto-asset trading market during the pilot phase. In addition, the lack of human resources to operate is also a difficult problem for Vietnam's crypto-asset market.

According to experts, the five-year pilot phase will lay the foundation for the sustainable development of Vietnam's digital asset market. While regulatory agencies continue to develop operational standards, organizations and businesses need to be ready to meet four basic factors to participate in the market, including infrastructure, financial resources, human resources, and compliance systems.

For new investors, although they cannot participate immediately, they need to be thoroughly prepared in terms of knowledge, establish financial discipline, and master the operating mechanism to participate in capital calling channels through legal trading floors.

PHUONG ANH

Source: https://nhandan.vn/co-hoi-moi-tu-thi-diem-thi-truong-tai-san-ma-hoa-post912829.html