Việt Nam currently has about 21 million cryptocurrency investors, with a turnover exceeding US$200 billion, a huge figure compared to the scale of the economy.

 

The information was shared by Cấn Văn Lực, chief economist at BIDV, at a seminar on digital assets in Hà Nội on Thursday. The seminar was held by the Tiền Phong (Vanguard) newspaper in collaboration with the State Securities Commission of Vietnam.

 

However, this flow of capital has yet to be managed and directed clearly, Lực said. The risk of losing money and the lack of protective mechanisms has caused many investors to lose their capital without knowing who to turn to for help.

 

The tax revenue from these transactions was also flowing abroad, while Việt Nam was left with the management risks, he said.

 

Therefore, Resolution No 05/2025/NQ-CP on piloting a digital asset market, issued in September 2025, was considered a ‘golden opportunity’ as it ensures safety for tens of millions of investors while helping the state mobilise a huge financial resource, Lực said.

 

To make Resolution 05 effective, it is necessary to implement four main groups of solutions, he noted.

 

The first is cryptocurrency classification. This involves building a detailed classification system according to international standards, such as IMF and MiCA-EU, to apply appropriate management for each type of asset.

 

The second solution is flexible tax policies. Taxes should be based on risk level. High-risk assets should be taxed at a higher rate, while assets that encourage investment should benefit from tax reductions.

 

The third solution is clear licensing and charter capital regulations. Companies must have a minimum capital of VNĐ10 trillion ($385 million) and at least two shareholders from banks, securities firms or finance companies.

 

The fourth solution is an intersectoral management mechanism aimed at controlling money laundering, cybersecurity, intellectual property rights and counterterrorism financing. The pilot phase will last for five years, with an evaluation after three years.

 

He emphasised that financial education was a necessary condition for the sustainable development of the market. Despite having a large number of investors, most lack basic knowledge and were easily influenced by crowd mentality.

 

Balanced regulatory framework

 

From the perspective of regulators, the pilot phase is expected to help accumulate practical experience for building a long-term legal framework.

 

Tô Trần Hòa, deputy director of market development at SSC, said Resolution 05 marked a historic step in finance in Việt Nam, laying the legal foundation for cryptocurrency activities.

 

During the pilot phase, regulators will focus on overseeing cryptocurrency service providers, who act as intermediaries between issuing companies and investors. This model was seen as reasonable for testing new operational methods, limiting systemic risks, and accumulating practical experience to refine the legal framework in the future, Hòa said.

 

A major challenge was the capacity of human resources and expertise in blockchain technology, cybersecurity and financial risk management, he added. Việt Nam needed to develop systematic training programmes, certification for professional qualification and build a team of experts with enough capacity to manage risks, prevent money laundering and counterterrorism financing.

 

Regulators aim to apply the balanced management principle, encouraging innovation while controlling risks. The goal was to create a transparent, efficient cryptocurrency market that protects investor interests and contributes positively to the development of the digital economy, Hòa said.

 

The results of the pilot phase would serve as a basis for research, reporting, and submitting to the Government for consideration, either to complete Resolution 05 or build a specialised law for the cryptocurrency market, he said. This was considered an important legal foundation, helping Việt Nam gradually integrate and develop sustainably in the digital financial era, he added. — BIZHUB/VNS