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ToggleVietnam to Submit Draft Pilot Digital Asset Market to Government in August 2025
An important step in establishing a legal framework for the digital asset market in Vietnam is being promoted. The draft Resolution on the pilot mechanism for this new asset type is expected to be submitted to the Government in August this year, according to a representative from the State Securities Commission.
The draft clearly defines the conditions for domestic enterprises to participate in providing services related to digital assets, including encrypted assets, with high criteria for technology, capital, and security. The goal of the pilot mechanism is to test the market model within a strict legal framework while remaining flexible enough to support innovation in the digital financial sector.
Digital Asset Market: Opportunities with High Standards
According to the State Securities Commission leadership, to participate in the digital asset market, companies must comply with strict standards, especially in cybersecurity – with a minimum requirement of level 4 in the current information security assessment system. Additionally, the capital requirement is also noteworthy: a company wanting to operate a digital asset trading platform may need a minimum capital of up to 10,000 billion dong, much higher than traditional financial sectors.
These high requirements indicate a development orientation not based on quantity, but prioritizing quality and risk management capabilities of participating entities.
Some Enterprises Already Prepared with Infrastructure and Capital
Although the digital asset market has not yet officially operated, it has attracted careful preparation from enterprises. Some domestic financial technology companies have stated that they have proactively invested in technical infrastructure, developed operational processes, and prepared capital for many years, ready to participate in the market as soon as they are licensed.
Products targeting individual investors are also being developed, showing the significant potential of this field as it enters the experimental deployment stage.
Encrypted Assets Not Considered as Currency
The draft Resolution clearly states that encrypted assets – although they can be traded and stored – will not be recognized as legal tender in Vietnam. The only currency currently recognized by law is the Vietnamese dong (VND), issued by the State Bank.
This approach is consistent with the government and financial agencies' orientation, aimed at limiting systemic risks and ensuring consumer safety, while creating a premise to prevent activities such as money laundering, terrorist financing, or misuse of digital assets.
Strengthening Supervision While Encouraging Innovation
One notable point in the draft is the expansion of supervised entities, including digital asset issuers, intermediary service providers, and individual investors. Trading platforms will have to comply with listing standards, trading, information transparency, and encourage the selection of high-liquidation products.
The draft also clearly shows the perspective of "risk management without stifling innovation". Legislators aim to create a safe ecosystem that is flexible enough to promote digital technology innovation and development.
Legal Basis from the Digital Technology Industry Law
The Digital Technology Industry Law – passed by the National Assembly in June 2025 and effective from January 1, 2026 – is an important legal foundation for managing encrypted assets in Vietnam. The law clearly defines encrypted assets as a digital asset, using encryption or digital technology to create, issue, transfer, and store.
The law also empowers state agencies in inspecting, examining, handling violations, and specifying business conditions for enterprises providing digital asset services, ensuring compliance with security requirements, anti-money laundering, and investor protection.
Government Accelerates Legal Framework Construction Process
From the beginning of July 2025, the Prime Minister assigned the Ministry of Finance to urgently complete and submit the draft Resolution on piloting the encrypted asset market. Although the initial deadline was set before July 15, completing it in August still demonstrates the government's strong commitment to paving the way for a potentially promising technology-finance field, which needs to be closely controlled from the beginning.
With an orientation towards sustainable, transparent, and safe development, the digital asset market in Vietnam is approaching an important transformation, promising to open a new development phase in the digital finance era.
