PILOT IMPLEMENTATION OF A DIGITAL ASSET EXCHANGE

(Featured on Business Finance News – VTV1)

Watch the full report at:
https://vtvgo.vn/ts/Wzer61DpE9-20260325-238698

In the context of rising capital demand from businesses, while credit growth remains tightly controlled, digital assets are expected to serve as a new capital channel for the economy.

Assoc. Prof. Nguyen Binh Minh noted that piloting digital asset markets, or Cryptocurrency exchanges, is an important first step in bringing this emerging sector from a “grey zone” into a formal legal framework. This would contribute to improving transparency in transactions. However, it should not be expected to generate a large volume of capital in the short term.

At the same time, this pilot implementation will help establish fundamental mechanisms such as:

• Asset custody mechanisms
• Trading mechanisms
• The development of a Fintech ecosystem based on digital assets and Digital Asset Exchange platforms in the near future

EXPECTATIONS AND POLICY RECOMMENDATIONS

According to Assoc. Prof. Nguyen Binh Minh, investors expect Vietnam to build a favorable environment to attract capital inflows, particularly from international sources. To achieve this, several key factors need to be ensured:

• Clear and well-defined legal frameworks
• Seamless payment gateways integrated with the banking system for investor convenience
• Adequate market liquidity
• Data transparency and traceability to mitigate risks such as money laundering
• Reasonable transaction costs

ASSESSMENT OF IMPLEMENTATION CAPACITY

Assoc. Prof. Nguyen Binh Minh also shared his assessment of the implementation and operational capacity of entities participating in the pilot program:

Under Resolution No. 05/2025/NQ-CP issued by the Government, the current regulations governing the establishment of Cryptocurrency exchanges still fall short of practical requirements.

Enterprises that pass the initial application stage are still required to:

• Strengthen their human resources
• Complete legal documentation
• Fully comply with the provisions of Resolution No. 05/2025/NQ-CP

before moving toward operational standards aligned with international practices.

IMPROVING THE LEGAL AND OPERATIONAL FRAMEWORK

It is necessary to further refine regulatory and operational mechanisms, focusing on four key legal areas:

• First, regulations on listing and delisting different types of Cryptocurrency
• Second, requirements for data transparency and traceability of transaction data—within exchanges, across exchanges, and beyond—and mechanisms to share such data with authorities to prevent money laundering
• Third, the segregation of operating capital of exchange providers from customers’ custodial assets
• Fourth, tax, auditing, and reporting mechanisms for regulatory authorities

CURRENT REGULATORY DEVELOPMENTS

The Ministry of Finance has issued Circular No. 15/2026/TT-BTC, which requires:

Organizations providing Cryptocurrency services must separately manage and account for customers’ funds and digital assets from their own. In addition, they must maintain detailed records of funds and digital assets by each customer and by each type of Cryptocurrency.

However, these regulations still need further refinement to ensure the effective and practical operation of Digital Asset Exchange platforms.

CONCLUSION

The pilot implementation of a Digital Asset Exchange is not only a policy experiment but also a foundational step toward building a transparent, well-regulated, and internationally integrated digital financial market in Vietnam.