Expected to submit draft Resolution on piloting crypto asset market in August 2025

Sharing at the sideline event within the GM Vietnam 2025 activities with the theme "International financial center and sharing perspectives on digital assets", Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department (State Securities Commission) said that the draft resolution on piloting the crypto asset market is being completed and is expected to be submitted in August.

More specifically about the above draft resolution, Mr. Hoa said that the drafting agency closely follows the common international view on the management of crypto assets, focusing on issues of transactions, transfers of crypto assets between users, management through money transfer and payment activities.

The goal is to prevent money laundering, meeting the standards and recommendations of the Financial Action Task Force (FATF) . The representative of the State Securities Commission also said that Vietnam is currently on the FATF gray list. The issuance of a legal framework for digital assets will also help meet international standards, thereby opening up opportunities to remove Vietnam from the gray list and open up new development opportunities in the Vietnamese financial market in the future.

A representative of the State Securities Commission said that the draft resolution on piloting the crypto asset market is being completed and is expected to be submitted in August 2025.

Also at the discussion, Master Le Thanh Hai, Director of the Center for Economic Application Consulting , Ho Chi Minh City Institute of Economic Research, said that the Government is also simultaneously developing 8 legal documents to guide Resolution 222/2025/QH15 on the International Financial Center in Vietnam. Along with detailed regulations on the sandbox for crypto assets, standards for businesses providing services related to blockchain and crypto assets in the International Financial Center, the guiding documents will also include preferential policies for business development, market development, human resources for services in the International Financial Center, especially services for crypto assets, blockchain and fintech experiments.

According to Mr. Hoa, the viewpoint of building a legal framework is to create a legal mechanism that is sufficient for management agencies to have conditions to experiment and research, while also giving businesses and investors the opportunity to develop, expand, and increase in scale.

The subjects of management will include activities related to crypto assets of issuers, crypto asset service providers, investors, and investment organizations participating in the market for buying, selling, and exchanging crypto assets. The regulations will set standards for trading and listing crypto assets, and at the same time, give great power to crypto asset service providers, allowing crypto asset service providers to choose crypto assets for listing and trading.

The management agency will recommend organizations to choose crypto assets that are highly liquid and popular in the market to ensure the market operates effectively and transparently. At the same time, it is possible to manage and monitor activities that show signs of listing fraudulent crypto assets, and coordinate with competent authorities to inspect business operations. According to the representative of the State Securities Commission, this is a new market for the management agency and also involves many ministries, from the State Bank, the Ministry of Public Security , and the Ministry of Finance. Localities will also work with central agencies to come up with appropriate and effective management measures, closely following the general spirit of the Party and Government on innovation and digital transformation.

The drafting agency is also drafting a draft to allow the establishment of businesses providing crypto-asset services. Mr. To Tran Hoa emphasized that this is the stage for businesses wishing to participate in the market to urgently complete the infrastructure system, especially in information technology, to meet the level 4 security standards according to the draft resolution. At the same time, it is necessary to develop operational implementation processes. The representative of the State Securities Commission pointed out the key points that businesses need to prepare to participate in this market.

As one of the businesses that have been with the market for the past 3 years, Mr. Mai Huy Tuan, CEO of SSI Digital Technology Joint Stock Company (SSID) said that the company has prepared technical infrastructure and security standards, as well as researched daily trading methods to make the crypto asset market the safest.

Local preparations for the plan to build a financial center have also been carried out over the years. According to the National Assembly's Resolution on the development of an international financial center in Vietnam, Vietnam's international financial center will be located in Ho Chi Minh City and Da Nang, including controlled testing of digital assets and the development of a sandbox mechanism.

The financial center in Ho Chi Minh City is expected to develop the capital market; banking, currency market; develop a testing mechanism (sandbox) on Fintech; establish specialized trading floors, new trading platforms; develop the commodity market. For Da Nang, with the advantage of being the center of the Central region and the gateway to the sea of the East-West economic corridors, the international financial center here will develop green finance, apply financial technology, digital services, and conduct controlled testing of digital assets, digital currencies, payments and attract investment funds, remittance funds, small and medium-sized fund management companies.

Currently, Ho Chi Minh City and Da Nang have been focusing on allocating human resources, and at the same time building training programs for highly specialized human resources and management teams for the financial center. At the same time, they are preparing facilities, infrastructure, promoting investment, and contacting strategic and potential investors. According to Mr. Ho Ky Minh, Standing Vice Chairman of the Da Nang People's Committee, the 20-storey building in Software Park No. 2 with a construction floor area of more than 27,000 m² is expected to be put into use at the end of 2025, early 2026. Land fund, technology infrastructure, human resources and institutions have been and are being prepared by Da Nang City in the plan with central agencies to build the Vietnam International Financial Center in this city.

Source: https://baodautu.vn/du-kien-trinh-du-thao-nghi-quyet-thi-diem-thi-truong-tai-san-ma-hoa-ngay-thang-82025-d345838.html