August 29, 2025
HANOI – Trust, credibility and clarity are the keystones for Việt Nam as it charts a bold path towards launching digital asset exchanges. Should the country get this right, it could transform its currently fragmented trading environment into a globally competitive financial hub.
With over 17 million Vietnamese holding digital assets and blockchain investment inflows surpassing US$105 billion in 2023–24 — a sum described as merely ‘the tip of the iceberg’ — the appetite for a legitimate, transparent marketplace is undeniable.
Yet until now, Việt Nam has lacked a digital asset exchange that is recognised by law, trusted by investors and transparent enough to unlock the sector’s full potential.
A major boost came with the passage of the Law on Digital Technology Industry, slated to take effect on January 1, 2026. This landmark legislation sets the stage for piloting digital asset exchanges in line with the country’s broader ambition to develop an international financial centre.
Under this framework, the Ministry of Finance is drafting regulations to license multiple digital asset exchanges. Analysts note this move could not only legitimise a booming investment channel but also expand tax revenues, attract foreign capital, and open new funding pathways for tech start-ups.
President of the Vietnam Blockchain and Digital Asset Association (VBA) Phan Đức Trung anticipates around five domestic exchanges will be licensed for the pilot. These platforms may connect with international markets to ensure liquidity and competitiveness, allowing the trading of major cryptocurrencies such as Bitcoin and Ethereum.
At a talk show titled What Opportunities for Digital Asset Exchanges? held in HCM City on August 21, General Secretary of the HCM City Blockchain Association Trần Xuân Tiến emphasised that the absence of a legal framework has long stifled the sector.
“A clear, lawful framework would build investor confidence. If Việt Nam pilots five exchanges, the market will become far more transparent and able to unlock its true potential.”
Digital asset exchange development is a race against time. Tiến warned that the country risks falling behind if exchanges are not opened within the next one to two years. Yet he also cautioned that haste without proper safeguards may introduce risks.
“We must build local exchanges to manage liquidity and data while letting international platforms participate to ensure competition and experience sharing,” he said.
Tiến added that Việt Nam could learn from models applied in Dubai, Singapore and the Republic of Korea. In South Korea, for example, digital asset transaction accounts are directly linked to banks to ensure transparency in cash flow.
CEO of Ninety Eight (formerly Coin98) Nguyễn Thế Vinh noted that blockchain enables low-cost transactions, high liquidity and global connectivity.
“If Việt Nam moves in the right direction, it could attract foreign capital and build a fintech ecosystem on par with global leaders,” he said.
Although Việt Nam has the capacity to develop its own exchanges, Vinh stressed that partnering with major global platforms would be essential to leverage their infrastructure and expertise.
“More importantly, the key is to act now,” he said. “If we delay, the opportunity will slip away, even though the resources are already here.”
Transparency and investor protection are first priorities for the sustainable development of the digital asset market.
Business Development Director of OKX Global Huỳnh Quốc Nam said the collapse of a top-two global exchange sounded a warning for both regulators and investors. That platform failed due to the misuse of users’ assets, ultimately leading to insolvency.
To avoid similar risks, Nam argued that exchanges must publish transparent trading volumes, liquidity data, and provide asset guarantees. He also called for investor insurance, robust cybersecurity teams and strict know-your-customer (KYC) protocols to prevent fraud and money laundering.
To integrate digital asset exchanges into the future international financial centre, Việt Nam must match the pace of global digital finance. In addition to basic products, Nam said the market should expand into derivatives and margin trading — both of which dominate international crypto activity but remain largely absent domestically.
“A sandbox will allow investors to try these products in a controlled environment, avoiding unnecessary risks,” he added.
Director of law firm Investpush Đào Tiến Phong said trust and credibility are critical in running digital asset exchanges. Regulators, he added, must impose strict licensing standards to ensure virtual asset service providers (VASPs) have sufficient operational capacity, technical capabilities and security infrastructure.
In regions like Singapore, Hong Kong and Dubai, licensing regimes include rules on asset custody, account guarantees, minimum capital requirements and mandatory insurance.
“Việt Nam should adopt similar standards and require licensed exchanges to have a legal entity and physical presence in the country to facilitate management,” Phong said.
He also noted that the Law on Personal Data Protection will be key to safeguarding investor information in digital asset trading.
Phong added that Việt Nam should consider allowing international exchanges to operate domestically in order to learn from their technology and models. Simultaneously, he urged the nurturing of homegrown platforms to better manage data and protect users.
“Việt Nam must move quickly but with a safety buffer through a regulatory sandbox,” he said.
According to the Việt Nam Blockchain Association, licensed exchanges could offer trading in up to 50 cryptocurrencies, including Bitcoin, Ethereum, USDT and USDC.
The draft decree on the pilot implementation of digital asset trading is expected to be finalised later this month.— VNS