At Fintech Da Nang 2025 conference on “Unlocking the Future of Digital Assets”, held recently in Da Nang, Lynn Hoang, Country Director of Binance Vietnam, highlighted the evolution of digital asset policies worldwide.

Bitcoin emerged in 2009, but it wasn’t until 2017–2019 that cryptocurrency, known as Initial Coin Offerings (ICOs), gained traction. This period was akin to a “wild west” era, when projects just needed a whitepaper, innovative ideas, and capable teams to raise tens of millions of dollars.

At that time, countries did not think that the cryptocurrency market would be large, si they just issued warnings to investors to avoid risks, fraud and money laundering.

In 2020–2022, the cryptocurrency market entered a new chapter and capitalization increased dramatically. And legislators began to pay attention to the digital asset sector.

Discussions at global forums like the Financial Action Task Force (FATF), G7, and G20 summits began addressing digital assets, leading to the formation of preliminary regulations on digital assets.

Some nations, like the UAE and Singapore, saw this as an early opportunity despite uncertainties, launching pilot programs for digital assets. China and India initially banned crypto-related transactions. 

China (via Hong Kong) and India have recently introduced more open policies, while the US regulations on digital assets and cryptocurrency have close relations with securities laws.

Since 2023, new frameworks have emerged, including Europe’s MiCA, Dubai’s VARA, and Hong Kong’s SFC. 

According to Hoang, these crypto-specific frameworks vary significantly across regions, creating challenges for global companies like Binance, which must comply with diverse regulations.

This demonstrates global recognition that digital assets and blockchain are here to stay and represent the future. Vietnam is currently drafting digital asset laws and collecting opinions for a pilot policy framework.

Hoang stressed that major digital asset businesses worldwide must comply with mandatory requirements like Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. These are standards for all platforms, and they are becoming increasingly stringent.

She suggested Vietnam adopt the UAE’s model for blockchain management, because the models like Hong Kong, Singapore, and the US seem to be outdated. The UAE’s financial hub model, particularly Dubai’s, is ideal for rapid blockchain growth.

In 2022, Abu Dhabi and Dubai issued licenses to blockchain companies, with distinct licensing systems despite being in the same country. Dubai also established a dedicated digital asset center, increasing the proportion of skilled professionals in the sector by 27.71 percent, attracting global talent to relocate.

Blockchain extends beyond digital assets, impacting various sectors. Overly strict regulations could stifle development, and she hopes there will not be tension between Vietnam’s laws and global standards.

Additionally, clearer classification of digital assets is needed, with policy consultants and businesses collaborating with regulators to build a legal framework.

Vietnam can proceed cautiously if unprepared for an innovation-driven framework. However, when setting regulations, they should align with global standards to attract foreign investment, encourage user participation, and ensure domestic companies feel included, prompting them to register and operate in Vietnam.

“Currently, many blockchain companies don’t register and set up headquarters in Vietnam,” Hoang noted.

Phan Duc Trung, Chair of the Vietnam Blockchain Association, said that with 17 million people holding digital assets, Vietnam has a significant opportunity to leverage this resource to drive innovation and digital economic growth. However, establishing a legal framework is a prerequisite to realizing this potential.

The Politburo’s Resolution 57 has created opportunities for pioneering technologies, including blockchain, through a controlled sandbox mechanism.

Blockchain technology, when applied in practice, becomes digital assets, with fintech being the first impacted sector. The government is considering cryptocurrency exchanges for pilot programs.

Trung said that Vietnam has immense potential, with cryptocurrency transaction flows consistently exceeding $100 billion annually in 2022-2024, double the official FDI inflows, according to Chainalysis, a leading global crypto data analytics firm.

Meanwhile, according to a TripA report, Vietnam has around 17 million crypto asset holders, accounting for 17 percent of the population, ranking fifth globally.

“With a policy framework in place, we can attract more investment and foster business development. Vietnam has the opportunity to become a regional hub for blockchain technology applications, drawing international investors,” he said.

Le My