Allinstation 
The blockchain and digital asset industry in Vietnam is preparing to enter a new phase with an estimated 5 digital asset exchanges set to receive pilot licenses. These exchanges will not only serve domestic transactions but also have the capability to connect directly with international exchanges to ensure liquidity, increase competitiveness, and attract investors.
This information was shared by Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), at a specialized training session titled “Legal Framework and Identifying Risks of Cryptocurrency Fraud” on August 8. The event, organized by VBA in collaboration with 1Matrix Company, attracted the attention of the investment community and technology enterprises.
17 million trading accounts – market demand is booming
According to Phan Duc Trung, Vietnam currently has 17 million digital and cryptocurrency trading accounts, indicating a rapidly growing market. However, this activity still lacks a clear legal framework, leading to many risks of fraud and scams.
The pilot of legal exchanges is seen as an important step to:
Make the market more transparent, creating a safer investment environment.
Protect investor rights, especially in the context of numerous cryptocurrency scams that have occurred.
Effectively mobilize capital through clear policies, attracting businesses and individuals to issue cryptocurrencies.
Operational mechanism of digital asset exchanges
The VBA Chairman stated that the pilot exchanges will be responsible for custody and management of real assets to ensure the value of cryptocurrencies such as Bitcoin, Ethereum, etc. Additionally, the exchanges will report periodically to the Ministry of Finance on issuance activities to control risks.
The exchanges are also expected to be allowed to interconnect data and connect with international markets, thereby improving liquidity and reducing price discrepancies between Vietnam and the world.
The government pushes for the issuance of a pilot decree within August
At a government press conference on the afternoon of August 7, Deputy Minister of Finance Nguyen Duc Chi stated that the agency is urgently finalizing the draft Decree on pilot digital asset trading. The draft is being developed based on the experiences of many countries in the region and internationally, in line with the direction of the Politburo and the Government.
If progress is favorable, this decree could be signed and issued within August, paving the way for the selection and licensing of exchanges to participate in the pilot program.
Deputy Minister Nguyen Duc Chi emphasized that there will not be just one exchange during the pilot phase, and the Ministry of Finance also encourages the private economic sector to participate in the implementation. This aligns with Resolution 68 on developing the private economy as an important driver of the economy.
Currently, the list of “candidate” units remains confidential, creating much speculation in the technology and investment circles.
