Digital assets recognized, Vietnamese blockchain startups no longer have to 'lodge' internationally

Vietnamese blockchain startups can set up headquarters in the country when the Law on Digital Technology Industry officially recognizes digital assets, which has just been passed by the National Assembly.

Mr. Mai Huy Tuan - CEO of SSI Digital - Photo: HN

Vietnam regulates legal framework for digital assets, many foreign organizations are interested

The National Assembly has just passed the Law on Digital Technology Industry, which for the first time establishes a legal framework for digital assets, a topic that has attracted great attention recently.

According to experts, this is a "golden time" for Vietnam to proactively improve its legal foundation, paving the way for technology businesses to develop right in the domestic market.

Just days after the law was passed, the blockchain sector witnessed a notable event: SSI Securities' group of member companies - including SSI Asset Management, SSI Digital Ventures and SSI Digital - signed strategic cooperation agreements with Tether, U2U Network and Amazon Web Services (AWS).

These are all big names in the global blockchain and cloud computing space. Like Tether, the issuer of the stablecoin USDT, a stablecoin with a market capitalization of over $155 billion and serving 440 million users worldwide .

U2U Network is a next-generation blockchain project, ranked in the top 3 blockchain platforms serving global decentralized physical infrastructure, according to Messari's report.

Meanwhile, Amazon Web Services is a cloud computing service provider of Amazon Corporation, supporting millions of businesses and technology projects worldwide.

"Vietnam's official recognition of digital assets has marked a major turning point in the digital economy era," Mai Huy Tuan, CEO of SSI Digital, told Tuoi Tre Online on the sidelines of the event.

He affirmed that important legal premises will open up many opportunities for businesses, attract significant foreign investment capital and help Vietnam firmly position itself on the global blockchain map.

According to Mr. Tuan, the passing of the Digital Technology Industry Law and the recognition of digital assets as legal are milestones that the Vietnamese and international blockchain community, including developers and businesses, have long awaited.

At the same time, the law also prioritizes initiatives related to AI, blockchain, cloud computing and open data, creating a clear legal corridor for public-private partnership models to be strongly deployed.

Previously, despite being a bright spot on the world blockchain map, most Vietnamese blockchain companies chose Singapore as their headquarters to avoid legal risks.

"Vietnamese blockchain startups often have to establish legal entities abroad, such as Singapore or Dubai, where digital assets are legally recognized," said Mr. Tuan. But now, according to him, they are given favorable conditions to develop in Vietnam.

Great opportunity to attract foreign capital

Ms. Quynh Le - Tether's Asia-Pacific development director - said Vietnam is at a turning point.

Blockchain technology has just been included in the list of national strategic technologies. Along with that, the Law on Digital Technology Industry was passed, recognizing digital assets and artificial intelligence (AI) as part of the country's long-term development orientation.

"This is an important foundation to promote innovation and creativity. And this is the time for action and we want to accompany Vietnam," she emphasized.

Ms. Trang Phung - CEO of U2U Network - also believes that Vietnam's promotion of the legal framework for new technology will pave the way for businesses like U2U to develop more strongly in the innovation ecosystem.

Mr. Mai Huy Tuan, CEO of SSI Digital, commented that when there is a clear legal corridor, the digital asset market will attract a large amount of foreign investment capital into Vietnam. Recently, SSI has worked with many of the world's leading investment funds.

"These are not only large sums of money but also new and high-quality capital flows," Mr. Tuan emphasized. At the same time, opening up opportunities for domestic startups will also help digital assets created by Vietnamese people bring in foreign currency and contribute to the national budget.

Vietnam currently has a "golden population" of more than 100 million people, making it one of the most populous countries in the world. The population is young, adaptable to technology, and benefits from widespread internet infrastructure, even in remote areas. The rate of acceptance and application of digital assets by Vietnamese people is also very high.

These factors combine to make Vietnam an indispensable market for global businesses, naturally attracting profit-seeking capital flows, thereby directly contributing to economic growth and budget revenue.

BINH KHANH

Source: https://tuoitre.vn/tai-san-so-duoc-cong-nhan-startup-blockchain-viet-khong-con-o-tro-quoc-te-20250620154628918.htm