HÀ NỘI — Việt Nam is taking steps towards legalising the crypto asset market in a bid to protect investors from fraud, create new investment channels, unlock resources and increase tax revenues, according to Tô Trần Hòa, deputy head of Market Development at the State Security Commission (SSC).

Speaking at the Việt Nam Investment Forum organised by VietnamBiz on Tuesday, Hòa said that the SSC has been tasked with drafting a Government resolution on the digital asset market.

This is considered the first step for a legal crypto asset market in Việt Nam, Hòa said. “With a young and tech-savvy population, Việt Nam has significant potential to become a major player in the financial market.”

Legal recognition of crypto assets can also drive innovation and foster a digital economy and offer a safer investment environment, he added.

Deputy Director of OCBS Securities Joint Stock Company Nguyễn Thị Triều cited a survey finding that 18.4 per cent of Vietnamese investors currently own crypto assets, while 63 per cent are interested in investing in digital assets, demonstrating immense domestic interest and demand.

CEO of SSI Digital Mai Huy Tuấn said that from the business perspective, it is necessary to have a clear and consistent regulatory framework to ensure smooth, appropriate and transparent operations as well as expansion.

SSI Digital has established US$200 million SSI Digital Ventures, which targets blockchain and AI start-ups with a preference for Vietnamese-led projects.

Tuấn stressed that a legal framework could enable ventures to operate legitimately on the global stage and attract foreign capital, adding that crypto assets are great resources if legalised.

He said that global exchanges and investment funds such as Binance, OKX, Bybit, BingX and VanEck are watching the potential development of a legal framework to make decisions on entering the Vietnamese market.

Việt Nam has already signalled its intent to regulate the sector. Resolution 68 mandates the development of a legal framework and the Ministry of Finance is drafting plans to pilot a trading platform for crypto assets.  — VNS