Shortly after the resolution for the pilot implementation of the digital asset market was announced, the investment community focused heavily on one key provision: all digital assets must be transferred to Vietnam within six months of the first licensed exchange going into operation.

“The gains and losses are clear. This policy does not open a new market - it reshapes and regulates an existing one,” said Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA).

Bringing existing transactions home

The government has officially issued a resolution to pilot a digital asset market, outlining a five-year roadmap. This marks a bold move by Vietnam, accompanied by strict regulatory measures, even as many countries remain cautious. Some trial-stage provisions also highlight Vietnam’s unique approach compared to international norms.

The requirement that investors currently trading on international platforms must transfer their assets into the domestic system has caused uncertainty. After the six-month period, any trading on unauthorized platforms may result in administrative penalties or even criminal liability.

“After six months from the licensing of the first platform, all off-system crypto transactions will be penalized.”

According to Phan Duc Trung, this market is not meant for newcomers. Instead, it is designed for experienced investors who already operate in the crypto space.

He emphasized that the requirement to transfer foreign accounts to Vietnam is not about creating new users, but rather about bringing existing capital flows under domestic oversight. The greatest benefit for investors and businesses is that their operations will no longer be considered illegal and will gain legal protection. However, they must now share profits through various fees and taxes.

“The impact isn’t in creating a new market - it’s in managing part of an old one that already exists.”

Vietnam’s regulatory model differs from international norms

Mr. Trung pointed out that unlike many countries - which prioritize technology, operations, team experience, certifications (like ACAMS for anti-money laundering), and multi-million-dollar insurance policies - Vietnam places greater emphasis on minimum capital requirements.

“In Vietnam’s context, requiring high capital is a way to ensure that participating businesses have real financial strength. This capital could even serve as a form of insurance to compensate customers in the event of a breach,” Trung explained.

Regarding Level-4 security standards, Trung acknowledged that while this is a serious requirement, true safety doesn’t lie solely in technology. He cited global attacks, like the one on Bybit, that originated from human error in operations, not technological flaws.

“Even Level-5 systems can be breached due to carelessness. Beyond tech investment, what matters most is having strict protocols and a professional team.”

Transparency and safety before scaling up

Le Bao Nguyen, Deputy General Director of SSI Digital, views the pilot resolution as a highly positive signal that provides confidence to both investors and businesses.

“Previously, many activities operated in legal gray areas. With clear regulations, the market becomes more transparent and secure.”

Investors can expect better protection, while businesses see a path to sustainable growth. That said, compliance costs will rise, and many blockchain startups are still unsure how their models will operate under the new framework. They await detailed guidance from regulators.

With a charter capital requirement of 10 trillion VND (~$420 million USD) and a mandate that shareholders be large institutions, Nguyen noted that only a few domestic firms will qualify. But this is a necessary filter to ensure capable and responsible players.

Nguyen emphasized that beyond capital, the market also needs clear regulations on asset management, risk limits, transaction monitoring, and investor protection mechanisms to ensure long-term stability.

“Vietnam has an edge with its young, tech-savvy engineering workforce involved in global blockchain projects. However, we need to boost expertise in risk management and financial product development aligned with international standards.”

Take it slow, do it right

Nguyen advised that during the trial phase, the government should take measured steps. Initially, only basic, easy-to-regulate products should be launched to test system integrity. Once stable, more complex products can be introduced.

“What’s crucial is multi-layered supervision - covering capital, shareholders, asset custody, leverage limits, and information disclosure.”

He also called for the creation of an investor protection fund and regular auditing.

“Start small, do it right - then scale up once safety is proven.”

Tien Phong