The draft resolution for the pilot digital asset market in Vietnam is expected to be presented in August, allowing the establishment of a digital asset exchange.
The regulatory authority will empower exchanges to select listed asset types, but recommends prioritizing cryptocurrencies with high liquidity, global popularity, and large holding communities such as Bitcoin, Ethereum, and USDT.
Mr. Tô Trần Hòa, representative of the State Securities Commission, emphasized:
We recommend choosing products with high liquidity, popular in the market.
Only Choose Tokens That Are Listed In Multiple Countries
Domestic experts also support a cautious approach. Mr. Zane Nguyễn, CEO of Kyros Ventures, commented:
“It is very easy to create or counterfeit a cryptocurrency. I believe that, in the early stages, Vietnam will not choose to list lesser-known digital currencies.”
Meanwhile, Mr. Mai Huy Tuần, CEO of SSI Digital, proposed prioritizing tokens with real-world applications, listed in multiple countries, and having transparent cash flows.
Nevertheless, Mr. Zane also emphasized the need to grant product choice to businesses, as 'licenses cannot be a shield for weak capabilities.'
Investors Will Have To Trade Through Domestic Platforms
From 2026, the Digital Technology Industry Law officially comes into effect, creating a legal framework to protect investors.
Digital currency holders are not required to transfer back to the country, but if there are buying and selling activities, they must be conducted on a licensed platform in Vietnam.
“Crypto is not a physical asset like gold or a phone that can be easily transferred back to Vietnam. It exists on digital platforms, without borders,” Mr. Tuần explained.
He also recommends storing assets in Vietnam to be legally protected. With over 20% of the population owning digital currency, Vietnam is one of the top three countries globally in crypto adoption, according to Chainalysis.