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The blockchain and digital asset industry in Vietnam is preparing to enter a new phase with an expected approximately 5 digital asset trading platforms to be licensed for pilot testing. These platforms will not only serve domestic transactions but also have the potential to directly connect with international platforms to ensure liquidation, increase competitiveness, and attract investors.
This information was shared by Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association (VBA), at a specialized training session on "Legal Framework and Identifying Risks of Crypto Asset Fraud" on August 8th. The event, organized by VBA in collaboration with 1Matrix Company, attracted the attention of the investment community and technology businesses.
17 Million Trading Accounts - Market Demand Exploding
According to Mr. Phan Duc Trung, Vietnam currently has 17 million digital and crypto asset trading accounts, indicating a rapidly developing market scale. However, this activity still lacks a clear legal framework, leading to many risks of fraud and deception.
Piloting legal trading platforms is seen as an important step to:
Increase market transparency, creating a safer investment environment.
Protect investor interests, especially in the context of numerous crypto fraud cases.
Raise capital effectively through clear policies, attracting businesses and individuals to issue crypto assets.
Operating Mechanism of Digital Asset Trading Platforms
The VBA Chairman stated that pilot trading platforms will be responsible for custody and management of real assets to ensure value for crypto assets like Bitcoin, Ethereum, etc. Simultaneously, the platform will periodically report to the Ministry of Finance about issuance activities to control risks.
The platforms are also expected to be permitted to interconnect data and connect with international markets, thereby improving liquidation and reducing price differences between Vietnam and the world.
Government Promotes Issuance of Pilot Decree in August
At the government press conference on the afternoon of August 7th, Deputy Minister of Finance Nguyen Duc Chi said that the agency is urgently completing the draft Pilot Decree on Digital Asset Trading. The draft is built based on experiences from many regional and international countries, aligning with the direction of the Politburo and Government.
If the progress is favorable, the decree could be signed and issued as early as August, paving the way for selecting and licensing trading platforms to participate in the pilot program.
Deputy Minister Nguyen Duc Chi emphasized that there will not be just a single platform in the pilot phase, and the Ministry of Finance also encourages the private economic sector to participate in implementation. This is in line with Resolution 68 on developing the private economic sector as an important driver of the economy.
The list of "candidate" units is currently being kept confidential, creating many speculations in the technology and investment circles.
