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Pilot Cryptocurrency Asset Trading: Beyond “Playing Coin”

The Vietnamese government has issued Resolution 05/2025, launching a five-year pilot program for a regulated digital asset market. The resolution, effective from September 9, 2025, is regarded as a strategic move to integrate tokenized assets into the formal financial system.

Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), emphasized that this is not about speculation:
“Resolution 05 is a landmark step that reflects the government’s intent to establish a transparent, compliant market—one that attracts capital, enhances liquidity, and minimizes fraudulent activities.”

A Clear Legal Framework

The resolution ensures transactions on centralized exchanges are transparent, tax-compliant, and aligned with global standards on identity verification, anti–money laundering (AML), and counter-terrorism financing (CTF). Vietnam recognizes two categories of digital assets: tokenized assets linked to real-world assets and non-asset-backed tokens. The focus is to harness tokenization as a tool to channel investment and boost liquidity across markets.

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Analysts project that tokenization could account for 10% of global GDP—around USD 19 trillion—by 2033. Vietnam’s timing is favorable, allowing it to learn from both the missteps and progress of early movers like the U.S. and EU.

Market Concerns and Compliance

Some foreign exchanges and decentralized platforms have restricted Vietnamese IP access due to regulatory uncertainty. Trung viewed this as a positive sign of compliance rather than an exodus. He noted, however, that many foreign firms failed to participate in Vietnam’s two-year consultation process—a missed chance to influence policy.

Not for “Coin Games”

One controversial point is the minimum charter capital requirement of VND 10 trillion (USD ~400 million) for licensed exchanges—by far the highest in the world. While critics argue this bars smaller players, Trung explained the rationale: Vietnam’s financial market remains young, and the government is prioritizing robust safeguards—from cybersecurity (level-4 protection) to insurance, AML/CTF standards, and investor protection.

That said, smaller firms are not excluded; they may participate in secondary markets, startups, or innovation hubs through partnerships with larger institutions.

Restrictions and Strategy

Another debated rule is that tokenized assets may only be offered to foreign investors, aiming to attract external capital while protecting Vietnam’s forex market. While this limits domestic liquidity in the short term, secondary trading could alleviate the constraint. Trung stressed that Vietnamese issuers must compete globally with strong, high-yield, safe, and liquid products.

Human Capital and Execution Challenges

According to Trung, the biggest challenge is not regulation but execution by pioneering exchanges. Fewer than three platforms may have the capacity to meet the standards, and their success will shape the market’s credibility.

Vietnam also faces a shortage of qualified personnel, particularly in AML/CTF compliance. For instance, achieving ACAMS certification—an international AML credential—requires 2–3 years of training and at least USD 18,000, highlighting the gap in expertise.

Taxation and Currency

Resolution 05 mandates transactions in Vietnamese dong, with tax treatment aligned to securities. Trung argued that dong-denominated trading is not a barrier; the true test is whether Vietnam can make its digital asset market attractive enough for investors, despite risks such as exchange rate volatility.

However, he warned that applying the securities transfer tax of 0.1% per transaction could be excessive, given the high-frequency, high-risk nature of digital asset trading compared to traditional securities.

Outlook

Trung believes that within three years, Vietnam can learn from a decade of global digital asset evolution. To succeed, the government must quickly clarify rules on custody, separation of client and proprietary trading, and wallet infrastructure. Ultimately, the market’s health will depend on balancing investor protection, regulatory stability, and capital inflows—not speculation.

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