Digital assets on the institutional "rails" The key to opening new capital flows

The digital asset market in our country has entered a new phase - piloting the crypto asset market according to Resolution 05/2025/NQ-CP. This is not only a "legal ticket" for a capital flow shifting globally, but also an opportunity to standardize data, increase budget revenue, protect investors and upgrade real-time financial risk management capacity.

Three pillars of benefits

Over the past decade, digital assets have grown rapidly, but most transactions operate outside the official framework, leaving cash flows and tax obligations “hidden” from the system; risks for retail investors have therefore increased.

In that context, Resolution 05/2025/NQ-CP has changed the situation: establishing the scope of the pilot, participating subjects, market organization principles and licensing mechanisms, that is, setting the "rules of the game" and accountability for the entire service chain. This timely intervention is especially meaningful in the context of Vietnam being among the countries with a high level of digital asset acceptance, with an estimated 17 million users (approximately 17% of the population) and an annual transaction volume of 100 - 105 billion USD.

From a policy perspective, “being one step ahead” is not about loosening controls, but about proactively designing barriers and standards before the product explodes. When the rules of the game are clear, serious businesses have the basis to invest in infrastructure, while fraudulent, money laundering, and manipulation will have difficulty “living”.

Overall, this will bring three pillars of benefits. First, a new capital mobilization channel for infrastructure - industry. Tokenizing cash flow rights from infrastructure, logistics, energy, processing industry projects... allows for the division of ownership, shortening distribution time and expanding the domestic investor base. In the long term, this can be a complementary piece to the traditional capital market, especially for projects with long-term, stable cash flow.

Second, financial inclusion and liquidity depth. Thanks to fragmented ownership and 24/7 trading, assets that were once “exclusive” to institutional investors (e.g., commercial real estate, infrastructure projects) can be opened to individual investors, thereby increasing the depth of domestic capital markets.

Third , data standardization and transparency. Crypto assets can be attached with real-time metadata, allowing for near-instant post-transaction reconciliation, facilitating more efficient risk monitoring, accounting, digital auditing, and tax management. This requires unified data standards and a multi-agency interconnected monitoring system.

Pilot framework creates “anchor” for risk management

Resolution 05/2025/NQ-CP assigns the Ministry of Finance to preside over licensing organizations providing crypto-asset services (exchanges, proprietary trading, custody, issuance platforms). Key conditions clearly demonstrate the philosophy of "system safety is paramount": minimum charter capital of VND 10,000 billion, contributed in VND; maximum foreign ownership limit of 49%; minimum 65% of capital contributed by organizations, of which over 35% is contributed by at least two organizations in the financial, technology, insurance, fund management sectors...

Regarding personnel, the general director must have at least 2 years of experience in finance, securities, banking, insurance/fund management; the technology director must have at least 5 years; the information security engineering team and the securities operations team must each have at least 10 people. The technology system must reach level 4 in information security before operation; complete the process of risk management, security, handling conflicts of interest, customer compensation...; at the same time fully comply with anti-money laundering/terrorist financing regulations; only use VND in payment...

These “anchors” create an initial safety net, requiring high standards of financial and technological compliance, thereby reducing the risk of system failure during the pilot phase.

Seven groups of recommendations for the pilot phase

To make the pilot successful, there are 7 solutions to consider. First, complete the set of technical compliance standards. Issue circulars/standards on on-chain custody early, segregate customer assets, announce cybersecurity incidents within 24-72 hours, and conduct regular system audits.

Second, limit products according to risk level. Start with underlying assets with easy cash flow verification (infrastructure bonds, industrial assets, etc.), do not pilot derivative leverage until there is a governance framework equivalent to the traditional stock/derivatives market.

Third, classify investors and assess suitability. Apply risk understanding test, limit according to risk profile; mandatory risk warning before transaction.

Fourth, connect inter-agency monitoring data. Build a real-time data portal between the Ministry of Finance, the State Bank, the Ministry of Public Security , the Ministry of Science and Technology; integrate personal data protection and the Law on Anti-Money Laundering.

Fifth, protect frontline users. Mandatory segregated customer accounts, professional liability insurance, incident risk reserves, and rapid redress mechanisms for information security breaches or operational errors.

Sixth, proactive international cooperation. Sign a memorandum of understanding to cooperate in sharing data with supervisory agencies in major financial centers; participate in the hack and fraud warning network (on-chain intelligence) to prevent the movement of stolen assets.

Seventh, conduct public and periodic quantitative assessment. Publish a set of pilot indicators: number of investors, issuance value, transactions, depository, number of consumer protection cases, information security incidents, tax and fee revenue; report to the National Assembly /Government every 6 months for timely adjustment.

In short, paving the way for crypto assets requires a sufficiently thick “barrier”. The crypto asset market is not only a new capital channel, but also an important test for modernizing the financial management framework - dataized, real-time, internationally interconnected.

With clear definitions, VND principles, strict capital - technology - human resource requirements, Resolution 05/2025/NQ-CP has laid the institutional foundation. The remaining task is to organize smart implementation: starting with low-risk products; protecting consumers like "electricity and water"; standardizing monitoring data; connecting fintech sandboxes and transparent quantitative assessments on a cyclical basis. By doing so, Vietnam can turn the advantage of a large user base into specific economic and fiscal benefits, while minimizing negative consequences that have been repeated in many markets.

Source: https://daibieunhandan.vn/tai-san-so-vao-duong-ray-the-che-chia-khoa-mo-dong-von-moi-10387419.html