Regulations for digital-asset exchange expected to be issued soon

Why should Vietnam focus on tokenized assets in capital mobilization despite blockchain’s wide range of applications?

Blockchain offers numerous potential applications, but from a macroeconomic perspective, its three most prominent roles include payment method, capital mobilization channel, and a community-building tool. 

With its 24/7 operation, borderless nature, and instant global connectivity, blockchain has the most significant impact in the finance and banking sector, which has broad spillover effects due to its direct link to capital flows and capital allocation in the national economy.

That’s why Vietnam's strategic choice to apply blockchain and digital assets in capital mobilization makes sense. The pilot of crypto exchanges isn’t just a tech trial, but it opens a new fundraising channel, potentially turning “underground” capital into formal economic flows.

If implemented effectively, this channel could become a key driver for achieving double-digit growth as determined by Resolution 57.

What is the biggest barrier to creating a comprehensive legal framework?

Each country has its own approach based on its legal context, market development, and management priorities.

International experience, particularly standards from the Atlantic Council, shows that a comprehensive framework requires four pillars: (1) clear licensing, (2) compliance with KYC/AML/CFT regulations, (3) user protection, and (4) clear tax policies.

However, issuing a robust framework is just the beginning; the key is implementing these regulations cohesively in practice. This requires significant investment in time and effort, from issuing regulations, testing in practice, evaluating impacts, adjusting, and refining. 

For example, in the US, stablecoins were once heavily restricted or banned, but with the Genius Act enacted in July 2025, they have been legalized, and private corporations are allowed to issue them.

For Vietnam, the biggest challenge is not issuing regulations but the enforcement capacity. We need a skilled, well-trained workforce with practical experience, from regulatory agencies to those directly operating, supervising, and promoting the market. Additionally, resources for education, training, and public awareness campaigns are essential. 

If you have to prioritize one pillar, what would it be?

The government has chosen licensing, and I fully support it. A transparent licensing regime acts as a natural filter, excluding unqualified or risky exchanges from the start. 

Japan is a prime example. After the Mt. Gox collapse in 2014, it issued strict licensing rules.

In Vietnam, once a robust licensing framework is implemented, other issues like taxation, user protection, or supervisory mechanisms can be gradually developed and refined based on operational realities. The key is a rational roadmap: start by “cleaning” the market through licensing, then implement other management tools to ensure sustainable development.

Why are centralized exchanges more suitable than decentralized ones?

Centralized exchanges (CEX) meet both the state management requirements, including KYC/AML/CFT (Know Your Customer/ Anti-Money Laundering/ Combating the Financing of Terrorism), and user habits. Currently, CEX accounts for 99.7 percent of global transactions (spot and derivatives), equivalent to $261 billion daily, due to their compliance, support teams, and high liquidity.

Decentralized exchanges (DEX) offer better security but largely fail to meet minimum KYC/AML/CFT legal standards. 

How should Vietnamese corporations prepare to operate a digital asset exchange?

Four core elements are needed: infrastructure, financial resources, human resources, and compliance systems. Of these, human resources and compliance are critical, given the sector’s high technological complexity, rapid innovation, and stringent risk management requirements.

For compliance, beyond meeting KYC, AML/CFT, tax, and data protection requirements from the State Bank, Ministry of Finance, and Ministry of Justice, modern technologies like RegTech, Big Data, and AI must be integrated for real-time data monitoring and processing. Technically, solutions like Proof-of-Reserve for asset transparency, smart contract audits for security, and multi-signature storage for user asset safety must be implemented. Additionally, internal controls, fraud monitoring, and abnormal transaction alerts are needed to minimize systemic risks.

Can Vietnam export blockchain technology abroad?

Blockchain is an open-source technology, so anyone can “import” or “export” it. 

Importing involves learning technology, adopting operational experience, and applying proven solutions from advanced markets.

Exporting, however, goes beyond simple software outsourcing. It requires substantial investment in research and development, mastering technology, and localizing products to suit each country’s legal environment.

We lack a robust ecosystem and sufficient support mechanisms to turn creative ideas into impactful products and services. But I believe the landscape will change rapidly with new regulations.

Tu Giang - Lan Anh