Piloting the Crypto Asset Market: Towards International Standards

Resolution No. 05/2025/NQ-CP of the Government on pilot implementation of the crypto-asset market in Vietnam (Resolution) was issued on September 9, 2025, effective from the date of signing, with a pilot implementation period of 5 years.

Experts say the Resolution is not only a timely response to global technology and financial trends but also demonstrates the Government's proactiveness, daring to think and act.

This is also an affirmation of the aspiration to rise up, demonstrating Vietnam's pioneering role in creating new management standards for the global financial technology sector.

Transformation in leadership thinking

The Resolution stipulates that the pilot implementation of the crypto-asset market must be carried out on the principles of caution, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the rights and legitimate interests of organizations and individuals.

Colonel, Dr. Hoang Van Thuc - Director of the Academy of Cryptography, Senior Advisor to the Vietnam Blockchain and Digital Asset Association - emphasized that the choice of a controlled pilot method reflects the government's smart, prudent, and innovative risk management mindset. This clearly demonstrates the shift in leadership thinking of the Party and State from pure management to creation and development orientation.

According to Dr. Hoang Van Thuc, the change in leadership thinking is demonstrated through the State laying the legal foundation for the recognition and management of a completely new type of property.

This not only creates a transparent and stable legal environment but also takes concrete actions to protect the legitimate rights and interests of investors, businesses and people, minimizes risks and limits illegal activities.

A pilot market that wants to succeed cannot be "floating" or "loose."

Reality shows that in any field, from finance, technology to education and healthcare, if there is a lack of control and appropriate management framework, it can easily lead to risks, instability and unpredictable consequences.

For crypto assets, control is even more necessary because this is a special type of asset, associated with complex technology and non-traditional security risks.

Putting the market under State control not only ensures order and financial security but also affirms national digital sovereignty .

More importantly, it creates a “security fence” to prevent the use of crypto assets for money laundering, terrorist financing or violating national financial sovereignty.

The 5-year pilot period, Dr. Hoang Van Thuc commented, is not a random number but represents scientific and careful calculation, creating a large enough space for testing, evaluating practices, drawing lessons and adjusting policies flexibly.

This approach has both a long-term vision and ensures the safety of the national financial-monetary system.

From the practical training and research activities on information security and safety of the Academy of Cryptography, Dr. Hoang Van Thuc assessed that safety and transparency are issues that society, investors and especially management agencies are very interested in when piloting the crypto asset market.

Dr. Hoang Van Thuc shared that trust is the most valuable asset in the field of crypto assets. Investors have witnessed large exchanges such as Binance and KuCoin being attacked, losing billions of dollars, not only causing economic damage but also losing trust from the investor and user community.

Building a crypto asset exchange is not just about creating a platform for trading, but also about trust, promoting transparency and social responsibility.

In addition, when participating in the market with the goal of profit, investors need to make sure that their assets are protected, managed transparently and legally. This initial step, done well, will create the foundation for a healthy and sustainable development of the crypto-asset ecosystem.

To operate the crypto asset market safely and transparently, according to Dr. Hoang Van Thuc, Vietnam needs a team of experts who are well-trained in information security, blockchain technology and digital financial risk management.

The Cryptography Academy has reviewed its training programs to add blockchain technology content in appropriate training majors.

At the Vietnam Blockchain Talent Search Competition - VietChain Talents 2025, the KMASC team of the Cryptography Engineering Academy won the first prize in the Blockchain Layer-1 topic with the solution "National Certificate Management Platform", affirming the position of the Academy in training and developing high-quality human resources for this field.

Building a legal framework approaching international regulations

Financial experts assess that Resolution 05 is not simply an administrative document but is considered a "blueprint" of the crypto asset market in Vietnam during the pilot phase.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association, said that the Government's issuance of the Resolution shows a strong determination to take crypto assets out of the legal "gray zone", creating a wide enough experimental space for businesses and investors to have a foothold and opportunities to develop.

This is also a practical basis for management agencies to observe, research and adjust policies in accordance with Vietnamese reality, building a legal framework approaching international regulations to create trust with global investors.

With many years of experience working in the field of financial technology, Mr. Phan Duc Trung commented that licensing conditions are one of the notable points of the Resolution.

To participate in providing services to organize the crypto asset trading market, enterprises must have a minimum charter capital of VND 10,000 billion.

In the ownership structure, at least 65% of capital must belong to organizations, of which over 35% of capital must come from at least two financial-technology institutions such as banks, securities companies, fund management companies, and insurance companies. This is a big difference compared to international practice.

In many countries, they do not focus on charter capital but on technology standards, insurance, human resources and money laundering control. In the pilot phase, setting limits is necessary.

This regulation is not intended to "make things difficult" for businesses, but to ensure that participating businesses have sufficient financial capacity to immediately meet insurance and safety requirements.

This capital can be used in case of an incident, the business is able to compensate customers.

However, this regulation is creating certain concerns for the creative startup sector. “After the Resolution was issued, in recent days, some creative startup groups have blocked transactions with Vietnamese users, showing that they are seriously reviewing compliance review activities,” Mr. Phan Duc Trung shared.

In fact, this area has always been facilitated by the State to develop through programs to promote creative startups in Da Nang, Ho Chi Minh City, and the Ministry of Science and Technology.

In the coming time, policies to promote traditional economy and creative startups need additional legal corridors to balance promotion benefits and effective management.

Within the scope of a Resolution, it is not possible to satisfy all the interests of all stakeholders, but depending on the priorities at each time, some entities are given more favorable conditions.

Because Resolution 05 is a pilot project and will be adjusted according to actual development, Mr. Phan Duc Trung hopes that the management agency will soon issue more detailed documents or implementation instructions to promote the market through adjusting the operations of the above-mentioned entities.

As a member of the Resolution Drafting Team, the Vietnam Blockchain and Digital Assets Association continues to coordinate with drafting agencies such as the Ministry of Finance, the Ministry of Public Security, the State Bank... to listen to opinions to have direct records and comments.

The Association looks forward to receiving comments and recommendations from the community to contribute to building a complete legal framework in the shortest time.

Resolution No. 05/2025/NQ-CP of the Government on piloting the crypto-asset market in Vietnam is considered a step that is both strategic and experimental.

Piloting the crypto asset market not only brings immediate benefits but also paves the way for Vietnam's digital economy to move closer to international standards.

The remaining important thing lies in the accompaniment of qualified businesses and supervision from management agencies so that not only the crypto-asset market but also the Vietnamese digital economy can turn a new page, towards sustainable development./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/thi-diem-thi-truong-tai-san-ma-hoa-huong-toi-cac-chuan-muc-quoc-te-post1062776.vnp