5-year digital asset exchange pilot, initial revelations shape a hundred-billion-dollar market

The pilot implementation of the digital asset market in Vietnam is expected to last for 5 years, according to the leader of the Securities Commission. The criteria for selecting participating organizations, including technical factors and financial capacity...

Mr. Bui Hoang Hai speaks at Vietnam Blockchain Day 2025 - Photo: NH

Speaking at Vietnam Blockchain Day 2025 on the afternoon of August 29, Mr. Bui Hoang Hai - Vice Chairman of the Securities Commission, said that he is submitting to the Government to soon issue a draft Resolution on piloting crypto assets in Vietnam.

There will be more than 1 licensed entity as a digital asset exchange.

According to Mr. Hai, only organizations licensed by the Ministry of Finance are allowed to provide services related to crypto assets, advertising, and marketing related to crypto assets.

Accordingly, the resolution sets out criteria for selecting participating organizations, including techniques, operating procedures, financial capacity and expertise.

"During the pilot period, it is expected that more than one digital asset provider will be licensed to operate to create a competitive environment," Mr. Hai emphasized.

This person also noted that the number of service providers will be controlled at a reasonable level to ensure convenience in monitoring and evaluating effectiveness after the pilot.

It is expected that the pilot implementation of the crypto asset market in Vietnam will last for 5 years. During this process, the Ministry of Finance will coordinate with relevant ministries, branches and agencies to monitor and periodically report to the Government, and propose solutions to handle arising problems.

Currently, the Ministry of Finance and the Securities Commission are carrying out the necessary work to put the crypto asset market into pilot implementation in accordance with the legal framework and roadmap with clear criteria.

Prepare both technology infrastructure and legal story

Earlier at the event, Ms. Nguyen Ngoc Anh, General Director of SSIAM, asked the question: "Where will Vietnam stand in the era of digital finance and blockchain that is reshaping the world ?".

Ms. Ngoc Anh said that the Vietnamese stock market currently has the leading trading value in Southeast Asia. If 25 years ago, stocks were the "integration door" of Vietnam, today, Ms. Ngoc Anh believes that blockchain opens a second, wider door, especially for Gen Z - a young force that is creative, daring to experiment and ready to create.

According to the latest report, Vietnam is in the top 5 globally in terms of crypto adoption, with more than 21 million people - equivalent to 21% of the population - owning digital assets. Not only does Vietnam have a large number of users, it also has a generation of young, technologically capable builders, and the Government has also identified blockchain as one of the 11 pillars of the national digital economy.

However, unlike Singapore or Hong Kong, Vietnam still lacks a clear legal corridor, a large enough sandbox for testing, and an internationally-standard infrastructure to absorb innovation.

Many cooperation memorandums were signed, demonstrating Vietnam's preparation to build a financial center and welcome the digital economic wave - Photo: NH

In the development process, Ms. Ngoc Anh emphasized, Vietnam cannot go it alone. Blockchain and digital assets are inherently global - they only have value when compatible, when connected to the international ecosystem.

Along with international cooperation, SSIAM leaders pointed out the need for a responsible sandbox - where businesses, startups, banks, and regulatory agencies can experiment together based on safety, transparency, and scalability criteria.

Sandbox is not just for testing, but must become a stepping stone to turn the test results into actual operational infrastructure. Therefore, the technology infrastructure factor is very important.

Ms. Ngoc Anh said that "Made in Vietnam" blockchain cannot only exist domestically, but must prove its ability to connect across borders and serve the people. Infrastructure layers for digital identity, e-wallets, and on-chain auditing mechanisms also need to be designed to ensure transparency, ease of use, and security.

The waves of welcome

Mr. Mai Huy Tuan, General Director of SSI Digital, said that this enterprise has built a comprehensive infrastructure system including a centralized exchange, e-wallet...

According to Ms. Jenny Nguyen, CEO of Kyros Ventures, many "built by Vietnamese" projects did not register their legal entities in Vietnam but chose Singapore - where policies are more open and supportive. This causes products, even though built by Vietnamese people, to not be fully recognized as "Made in Vietnam".

In that context, the signing ceremony of the Memorandum of Understanding (MOU) between SSI, Da Nang and Vaneck at Vietnam Blockchain Day 2025 is a remarkable preparation.

BINH KHANH

Source: https://tuoitre.vn/thi-diem-san-giao-dich-tai-san-so-5-nam-nhung-he-lo-ban-dau-dinh-hinh-thi-truong-tram-ti-usd-20250829145435879.htm