On October 8, 2025 , in Da Nang , while the digital asset community was still "decoding" Resolution 05 - a document XEM the first foundation for the legal framework for crypto assets in Vietnam - a special forum took place:
“Crypto Asset Policy Dialogue: From Risk Management to Market Creation” , co-organized by the People's Committee of Da Nang City , the State Securities Commission (SSC) and the Vietnam Blockchain & Digital Assets Association (VBA) .
The event brings together powerful figures in the fields of finance, banking and blockchain, including:
Ms. Le Vu Huong Quynh - Business Development Director of APAC region, Tether Finance Technology Group
Mr. To Tran Hoa - Deputy Head of Market Development Department, State Securities Commission
Ms. Nguyen Thi Minh Tho - Deputy Director of the Anti-Money Laundering Department, State Bank of Vietnam
Mr. Phan Duc Trung - Chairman of Vietnam Blockchain & Digital Asset Association, Chairman of Mattrix Company
Mr. Tran Huyen Dinh - Chairman of Fintech Application Committee, Vietnam Blockchain & Digital Asset Association
The event also had the direct and indirect participation of hundreds of businesses waiting for the “solution” for the future of the Vietnamese digital asset market . However, although many points have been clarified, there are still many big questions that have not been answered.
Resolution 05 – the first step for the legal corridor of digital assets
The issuance of Resolution 05 is XEM a historic turning point in recognizing and orienting the crypto asset market in Vietnam.
However, the resolution's content only covers a limited area – focusing on trading, payments, offerings and issuance of crypto assets – while the actual market is much larger.
Many models such as GameFi, DeFi, DEX, Staking, Non-Fungible Token , or other decentralized blockchain platforms are still not clearly defined in the current legal framework.
Unanswered questions at the forum
Although the forum has brought a lot of new information, according to Followin , many important questions from the community still have no clear answers .
Here are the three issues that were raised most frequently in the open discussion:
Question 1: Is the scope of Resolution 05 too narrow?
Resolution 05 only covers activities related to trading, payment, offering and issuance of crypto assets.
So what regulations will other fields such as GameFi, DeFi, DEX, Staking ... operate under?
Are there any specific guidelines or sandboxes for these models?
→ Comments:
Without a clear mechanism, many Vietnamese blockchain startups will not dare to operate in the country despite their great potential.
This is the “legal gap” that makes it easy for innovation Capital to flow abroad.
Question 2: List of assets allowed for trading – “closed or open”?
Once the exchange is licensed, the Ministry of Finance is expected to announce a list of assets that are allowed to be traded .
But what happens to assets that are not on the list ? Is there a mechanism to add, update, or remove specific bans?
→ Comments:
In fact, the digital asset market changes every day. If the portfolio is “framed” for too long, Vietnam will lose its competitive advantage and find it difficult to attract international Capital flows.
This question raises the need for an open and flexible update mechanism – a problem that has no answer yet.
Question 3: Is decentralization accepted?
Many Vietnamese blockchain businesses have stopped serving the domestic market after Resolution 05 was issued, even though they are 100% Vietnamese businesses.
So with decentralized models (like Uniswap, HyperLiquid, DEX, on-chain trading ) – does the Securities Commission consider it a “market exchange organization”?
If so, where is the line between “technology platform” and “market organization”?
→ Comments:
This is the core issue in the era of decentralized finance (DeFi) .
Without clarification, Vietnamese blockchain businesses will not be able to identify which group they belong to and comply with – leading to leaving the domestic market, even though they are the most valuable source of innovation.
From “management” to “creation” – the journey is long
“Risk management” is a must – but “market making” is the ultimate goal.
Experts at the forum agreed that Vietnam cannot stay out of the digital asset trend , but needs a practical approach, based on testing and transparent control .
A regulatory framework that is too restrictive will stifle innovation.
Conversely, if lax, the risk of money laundering and financial fraud will increase.
Balancing these two extremes is the biggest challenge of Resolution 05 in the coming period.
Conclude
The forum “Crypto Asset Policy Dialogue: From Risk Management to Market Creation” in Da Nang opened up an open, multi-dimensional exchange – between management agencies, businesses and the community.
Although many questions remain unanswered, this is clearly an important first step in the journey to bring the Vietnamese digital asset market from the “gray zone” to the “bright zone” , where technology and legality can go hand in hand.
