The Vietnamese cryptocurrency market continues to explode with a trading volume of $70 billion in November 2024
November 2024 marked an impressive leap for the digital asset market in Vietnam, with an estimated trading volume of $70 billion. This figure consolidates Vietnam's position as one of the leading countries in cryptocurrency.
Furthermore, at the Vietnam Tech Impact Summit 2024, according to SSI Chairman Nguyen Duy Hung, the largest Crypto exchanges have acknowledged that Vietnam ranks 4th globally in terms of Crypto trading and ownership.
Data shows the remarkable development of related fields such as Non-Fungible Tokens, DeFi, and blockchain in the country. This reflects the growing interest of Vietnamese people in digital assets, as well as the appeal of domestic and international cryptocurrency trading platforms.
Not only individual investors, but also financial institutions are actively participating in this market, especially as traditional investment channels face difficulties. The presence of major technology companies in the blockchain industry, along with new digital financial services, has provided strong momentum, expanding investment opportunities for the domestic community.
Although the market's potential is very large, experts warn that investors need to be cautious about the high volatility of digital asset prices. Fraudulent activities and lack of transparency remain existing risks, especially when the market is developing too fast compared to the management capacity.
To protect investor rights, the establishment of a strict and transparent legal framework for the cryptocurrency market is necessary. This will not only help mitigate risks but also promote sustainable development and build trust among participants.
Indeed, Vietnam is currently strengthening the promotion of a law to manage this market. On November 23, the Government submitted to the National Assembly the Draft Law on Digital Technology Industry, with an important chapter regulating digital assets and cryptocurrencies. This is the first time the concept of digital assets has been introduced into the Vietnamese legal system, marking a turning point in building a management foundation for modern digital technologies such as blockchain.
In the group discussion session of the National Assembly on the Law on Digital Technology Industry, Prime Minister Pham Minh Chinh emphasized the urgency of developing and promulgating this law. He affirmed the principle of "doing while learning," to ensure that the implementation process does not fall into a state of haste or excessive perfectionism, but rather establishes a solid legal foundation for the development of digital technology in Vietnam.
In his speech, the Prime Minister made a notable observation: "The virtual world is as real as the physical world," emphasizing the importance of managing elements in the digital world, including digital assets such as Bitcoin. He pointed out the reality that the value of Bitcoin is skyrocketing globally and has an important position in the global economy. Although Vietnam currently records Bitcoin transactions, there is no clear legal framework to manage this type of asset.
The Prime Minister's proposal has highlighted the pressing issue of establishing a management mechanism for digital assets, ensuring not only alignment with global trends but also the protection of national interests and domestic investors.
