Launching a new era for digital assets with a groundbreaking legal framework
Resolution 05 officially paves the way for the transparent development of the crypto asset market, marking a historic turning point for Vietnam in the field of financial technology.
Historic Breakthrough of Crypto Asset Market
Vietnam has officially had its first legal framework for the crypto asset market through Resolution 05/2025/NQ-CP. This important milestone opens up breakthrough opportunities for this young but potential sector in the domestic market.
According to statistics from the electronic payment gateway Triple-A, about 21.2% of Vietnam's population currently holds cryptocurrencies, equivalent to tens of millions of people. This impressive figure puts Vietnam in the group of countries leading the world in terms of digital asset ownership, reflecting its attractiveness and huge growth potential.
Transparent regulations replace legal gray areas
Mr. Vo Trung Tin, Vice President of the Blockchain Association of Ho Chi Minh City, assessed that the biggest strength of Resolution 05 is to provide specific and transparent regulations to manage the crypto asset market. Previously, investors and people were always unclear about the legality of transactions as well as the possibility of legal protection.
The State having an open point for clear and transparent management is considered an extremely important development. The legal framework will help minimize risks, limit the operation of unregulated platforms, and at the same time create conditions for Vietnam to gradually become a regulated crypto asset center in Asia.
Community education - top priority
During the 5-year pilot phase, the top priority is to educate the community about blockchain technology and products such as NFT or cryptocurrency. When people clearly understand the type of assets they are exploiting, as well as how the State protects them, the crypto asset market can develop stably and sustainably.
Education needs to be widely implemented, not only through experts but also through a system of detailed and official documents and definitions so that people have a reliable source of reference.
Mr. Pham Duy Dong, Founder of Saigontradecoin, said that Resolution 05 has brought two major positive impacts to investors. First, the resolution has "elevated investors to the status of being legitimate". If previously participants were often labeled as "playing virtual money", now with a legal framework, they are recognized as investors in the crypto asset market.
More importantly, investors will be protected by law. After the pilot period, when the exchanges and projects operate officially, any disputes that arise will be handled by the authorities. Investors will no longer be in a weak position as when trading on international exchanges.
Multidimensional benefits for the economy
From a legal perspective, lawyer Phan Vu Tuan affirmed that when there are specific regulations, the Government will be able to manage cash flow, prevent crime, and increase budget revenue through taxes and fees. For investors, participating in licensed exchanges will help protect them from the risk of encountering fraudulent projects.
Assets listed on licensed exchanges will be thoroughly assessed, ensuring the legal rights of all parties participating in the crypto asset market.
Establishing a legal framework for the crypto asset market in Vietnam not only addresses long-standing management gaps but also opens the door for the market to develop in a transparent and sustainable direction.
With a large user base, rapid growth rate and legal protection from the State, the Vietnamese crypto asset market is expected to become a new bright spot in the Asian region. The 5-year pilot phase will be an important time to evaluate the effectiveness and perfect regulations for the future.