Nearly 20,000 crypto-asset scams have been detected, causing losses of over VND12,000 billion.

Nearly 20,000 cases, causing damage of over 12,000 billion VND is the number of fraud cases related to crypto assets during the 5-year period from 2019 to 2024. Most of the money in these cases and cases was converted by criminals into crypto assets through peer-to-peer trading and exchange transactions on international exchanges such as Binance, HTX, OKX with daily transaction values up to thousands of billions of VND. This reality poses a challenge for authorities to identify the subjects participating in crypto asset transactions. This is the common opinion of many experts at the Forum "Digital Asset Market: From Trend to Breakthrough", held within the framework of the 2025 Innovation Festival.

Crypto-asset trading groups such as USDT and bitcoin operate openly on social networks. Individually, there are transactions of up to millions of USD per day. Anonymous thanks to online and cross-border transactions, crypto-assets are thoroughly exploited by criminals to create an underground market for money flow for illegal, uncontrolled activities in cyberspace.

Lieutenant Colonel Nguyen Thanh Chung - Department of Cyber Security and High-Tech Crime Prevention (A05), Ministry of Public Security said: "In a special case fought and destroyed in 2024, regarding a group that committed fraud and property appropriation in cyberspace, the police agency determined that the fraudsters who appropriated the victims' property had colluded to hire a money laundering unit called 777pay. This unit provided bank accounts, laundered money by transferring money around through bank accounts, then bought and sold encrypted assets to erase the origin."

Resolution 05 on piloting the crypto asset market stipulates that transactions of this type of asset must be conducted on exchanges licensed by the State management agency for piloting. In the first phase, only 5 businesses are licensed to provide services. This will be a "filter" to eliminate potentially risky models.

Mr. To Tran Hoa - Deputy Head of the Securities Market Development Department, State Securities Commission shared: "Enterprises are actively implementing system development, building processes and establishing businesses that meet the requirements of the Resolution to register to provide crypto asset services in the Vietnamese market".

During the pilot phase, only domestic investors with crypto assets or foreign investors are allowed to open accounts. After 6 months from the first floor being licensed, domestic investors who do not trade on these floors will be punished for violations. Experts say that strict regulations are necessary when the market is still new.

Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Asset Association commented: "The active preparation from management agencies in issuing the Resolution, especially the dissemination and propaganda work. This is a first step. But in the coming time, management agencies will issue more policies to promote the release of assets, exploiting the potential in this market".

On average, every day, there are more than 600 million USD, or more than 16,000 billion VND worth of crypto assets traded from Vietnam, according to a report from market research organization Chainalysis. Issuing a policy mechanism for this market not only helps control risks, but is also the necessary foundation for Vietnam to maintain digital sovereignty , unleash innovation resources and enter the era of smart assets.

Source: https://vtv.vn/da-phat-hien-gan-20000-vu-lua-dao-ve-tai-san-ma-hoa-gay-thiet-hai-tren-12000-ty-dong-100251002230353231.htm