Golden opportunity to pilot digital assets in Vietnam

The fact that digital assets, crypto assets and cryptocurrencies are legally recognized in the Law on Digital Technology Industry, as well as being identified as national strategic technology in Decision 1131/QD-TTg of the Prime Minister, is a legal turning point, expected to create a breakthrough for the crypto asset market in particular and the digital economy in general.

According to CoinMarketCap's updated data on July 2, the total market capitalization of digital assets worldwide reached $3,270 billion, with more than 500 million users having owned or traded at least one type of crypto asset. The scale of tokenized real assets (converting sensitive data or ownership of assets into a form of digital symbols - RWA) is forecast to reach nearly $19,000 billion, accounting for up to 10% of the total global GDP by 2033 (according to a report by Boston Consulting Group).

These impressive figures reflect the growing importance of digital assets in the international financial system. More than just an investment tool, crypto assets are reshaping the way capital markets operate, facilitating greater financial access and driving a wave of innovation across multiple sectors.

Digital assets, crypto assets and cryptocurrencies are legally recognized in the Digital Technology Industry Law (Illustration photo: National Economy Newspaper).

However, the reality shows that the crypto asset market is still in its early stages and is an “equally shared” opportunity for all economies , especially developing countries like Vietnam. By building an open and flexible legal corridor while still ensuring risk control and macroeconomic stability, Vietnam can maximize the potential of digital assets, create a strong breakthrough, and change the country's position on the global technology-finance map.

From administrative management to promoting innovation

As of May, according to a report by the Atlantic Council, a US-based strategic consulting organization, 45 out of 75 countries surveyed (equivalent to 60%) have legalized digital assets, an increase of 12 countries compared to August 2024. This reflects the strong trend of legalizing digital assets.

In the Asia- Pacific region, some economies such as Hong Kong or Thailand have a complete legal framework to manage the crypto asset market in a way that promotes innovation rather than mere administrative management.

From 2024, Thailand will exempt VAT on crypto asset transactions via legal exchanges, moving towards exempting personal income tax if transactions are via licensed platforms from 2025–2029. This is a clear demonstration of the open-mindedness and appreciation of the role of digital assets as a strategic investment channel.

Meanwhile, in other global financial centers, crypto assets also receive many special incentives. specifically, Singapore implements a policy of not taxing capital gains on digital assets, creating stable conditions for individual investors. Switzerland approaches by classifying digital assets as assets subject to property tax, but exempts non-commercial transactions from tax.

Vietnam, as a latecomer, has the opportunity to learn and study the strengths of current management models. If we consider carefully and approach them in an open and flexible manner, based on international policy models, we will certainly build a clear and transparent legal framework.

Positive progress of Vietnam's digital asset legal corridor

The National Assembly's passage of the Digital Technology Industry Law on June 14 is a landmark. This is one of the first laws in the world specifically designed for the digital technology industry, covering key areas such as semiconductors, artificial intelligence, big data and digital assets. The vision of the law is not only to “regulate” but also to guide “creation” – from an innovative ecosystem to independent, sustainable and ready-to-integrate technology platforms.

It should be added that on June 12, the Prime Minister issued Decision No. 1131/QD-TTg on the list of strategic technologies and technology products. In particular, blockchain and three related product groups, including: Digital assets, digital currencies, cryptocurrencies; Blockchain network infrastructure; and traceability systems are identified as strategic technologies and strategic technology products.

These documents all concretize the strategic vision of the Party and State expressed in Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and national digital transformation, Resolution 68-NQ/TW on private economic development and Decision No. 1236 of the Prime Minister promulgating the national strategy on application and development of blockchain technology to 2025, with a vision to 2030.

According to the Atlantic Council, although 45 countries in the world have legalized digital assets, only 28 of these countries meet four comprehensive criteria, including: (1) taxation; (2) anti-money laundering and counter-terrorism financing (AML/CFT) mechanisms; (3) user protection and (4) licensing.

This shows that Vietnam has the opportunity to complete a comprehensive and appropriate legal framework at an early stage, not only ensuring effective enforcement, but also creating conditions for Vietnamese enterprises to be able to anticipate the development trend of the global crypto-asset market.

In particular, the implementation of a pilot digital asset exchange model is of great interest to the blockchain community. This is an inevitable step to test the policy in a real environment. For example, Thailand has implemented a similar model in the Phuket tourist area, allowing the use of digital assets in tourism activities under close government supervision. Some other countries such as Switzerland also allow payments in digital assets in certain areas under the model of "small-scale pilot - strict control - gradual expansion", with the goal of promoting, attracting international capital flows and accumulating policy experience.

In Vietnam, localities with specific mechanisms and technological potential such as Ho Chi Minh City and Da Nang - places that will build international financial centers - can absolutely play the role of "testing zones", from which to draw experience to expand the national scale. Active participation from local authorities will be a key factor to help the pilot model operate effectively and gain trust from the people.

However, it is also important to note that digital assets are a new, complex and rapidly changing field. Therefore, training a team of experts in blockchain, crypto assets and the digital economy should be considered a strategic priority in the coming period.

On the other hand, businesses, especially technology startups, also need to proactively improve their legal capacity, understand and regularly update relevant regulations to adjust their operations accordingly. This not only helps businesses avoid legal risks but also creates conditions for developing innovative business models within the permitted framework, contributing to promoting innovation and healthy competition in the market. At the same time, businesses also need to consider compliance as part of a sustainable development strategy, not just a mandatory responsibility.

When the above factors are deployed synchronously, combined with a clear legal framework, the digital asset market will be promoted to develop, contributing to shaping the future of Vietnam's digital economy to develop strongly.

It can be said that Vietnam is facing a golden opportunity - an opportunity to transform the potential of digital assets into practical, sustainable and brisk economic values, contributing to shaping the future of finance - technology and creating a new look for Vietnam's digital economy.

Author: Mr. Phan Duc Trung is a pioneer in Blockchain Applications in Vietnam, especially in Fintech and Tokenized Real Assets (RWA). He has contributed important opinions on digital assets during the drafting of the Law on Digital Technology Industry.

Mr. Trung is currently the Chairman of the Vietnam Blockchain Association; Director and Chairman of the Board of Directors of the Blockchain Technology and Artificial Intelligence Institute ABAII. He is also the Founder and Chairman of the Board of Directors of DeCom Holdings, an organization specializing in investing in blockchain applications and digital assets. He is also the founder of the Blockchain Popularization Forum with over 35,000 members, to share blockchain knowledge with the community. Before that, he had more than 20 years of senior leadership at leading banking and financial institutions, investment funds and technology corporations in Vietnam, such as Techcombank, GPBank, TPbank, FPT, ...

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Source: https://dantri.com.vn/tam-diem/co-hoi-vang-thi-diem-tai-san-so-o-viet-nam-20250704170745574.htm