Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), revealed that in 2024, global losses from crypto scams surpassed USD 9.3 billion, with Vietnam ranked among the top six global hotspots for fraudulent money flows.

On October 8, the People's Committee of Da Nang, in collaboration with the State Securities Commission (SSC) and VBA, hosted the forum “Policy dialogue on digital assets: From risk management to market creation.”

The event attracted more than 300 domestic and international participants, including representatives from the National Assembly’s Committee for Economic and Financial Affairs, the State Bank of Vietnam (SBV), Da Nang’s departments, and major organizations like Tether, MB Bank, and the Center for Research & Application of Next-Gen Technologies. Their presence signaled strong interest in shaping Vietnam’s digital asset market.

According to organizers, data from CoinMarketCap - a leading crypto analytics platform - shows that the global digital asset market has surpassed USD 4.27 trillion and is projected to reach USD 10 trillion by 2030.

There are currently more than 600 million global users, with 24-hour transaction volumes hitting USD 204 billion. Roughly 60 countries and territories have established clear legal frameworks, with nearly half offering formal licensing procedures for crypto exchanges.

Speaking at the forum, To Tran Hoa, Deputy Director of the Market Development Department under the SSC, said the digital asset market presents a significant opportunity for Vietnam’s economic growth. However, he noted that “transitioning from risk management to market building is a long journey.” He emphasized that Resolution 05/2025 from the Government on piloting a digital asset market and Resolution 222 from the National Assembly on establishing an International Financial Center (IFC) form a solid legal foundation for financial institutions, tech companies, and investors to engage in a transparent and regulated market.

From a regulatory perspective, Nguyen Thi Minh Tho, Deputy Director of the SBV’s Anti-Money Laundering Department, said Da Nang has favorable conditions to become a digital asset hub, given its roadmap to develop an IFC and a Free Trade Zone. However, she stressed the importance of clearly defining anti-money laundering responsibilities and improving interagency coordination between police, tax authorities, and banking regulators.

Importantly, VBA Chairman and 1Matrix President Phan Duc Trung highlighted the mounting financial safety risks as the digital asset market expands. He cited data from the FBI’s Internet Crime Complaint Center (IC3), which reported that global damages from crypto scams in 2024 reached over USD 9.3 billion, up nearly 70% from the previous year. Vietnam was identified as one of the six global hotspots for fraudulent financial flows. This, he stressed, underscores the urgent need for robust market oversight to maintain investor trust.

In response, Trung pointed to compliance technology (regtech) as a vital “bridge” between innovation and regulation. He emphasized solutions such as electronic know-your-customer (e-KYC), AI-driven fraud detection, big data analytics, and blockchain transaction tracing as effective tools to detect suspicious activity early, support law enforcement, and protect investors.

Trung also noted that Da Nang holds a rare regulatory advantage to pioneer a domestic digital asset market model. This is thanks to the upcoming Digital Technology Industry Law (effective in 2026), Resolution 222 on the IFC, and Resolution 136 on special policy mechanisms.

“VBA is ready to work with Da Nang to train talent, support fraud investigations, and standardize processes, aiming to build an innovative yet compliant market that attracts both domestic and international investors,” he said.

Concluding the forum, Ho Ky Minh, Standing Vice Chairman of Da Nang’s People’s Committee, affirmed that Resolutions 05, 222, and 136 provide the legal backbone for Da Nang’s innovation strategy and economic development goals, including the establishment of an International Financial Center.

Regarding the digital asset market, Minh called on central agencies, associations, and enterprises to continue supporting Da Nang in developing the market while enhancing anti-money laundering, fraud prevention, and particularly, strengthening human resource quality to meet the demands of this new economic frontier.

Ho Giap