The cryptocurrency market in Vietnam is approaching a significant milestone as licensed exchanges are expected to begin operations from Q3 2026. With much of the legal framework already completed, the Vietnam Blockchain and Digital Asset Association (VBA) believes that establishing a specialized professional certification system and a code of professional ethics is becoming an urgent requirement to ensure the market develops transparently and sustainably.
Crypto assets need more than just a legal framework.
According to data Chia by Mr. Phan Duc Trung, Chairman of the VBA, the global cryptocurrency market has grown very rapidly in recent years. The market size reached approximately $4 trillion during the boom period of 2024-2025 and currently remains above $2 trillion. The number of cryptocurrency users worldwide has increased to around 700 million, reflecting the growing popularity of this sector in the digital economy.
The Asia-Pacific region continues to be the main growth driver for the industry. South Korea recorded a 100% increase in cryptocurrency transactions, India a 99% increase, while Vietnam grew by approximately 55%, placing it among the fastest-growing markets in the region.
The rapid expansion of the crypto market has prompted many countries to quickly finalize their regulatory mechanisms. However, according to Mr. Phan Duc Trung, international experience shows that a sustainable digital asset market cannot rely solely on legislation but also needs to build a professional workforce and a clear system of ethical standards.
"Digital assets are a new field, but the fundamental principles of the financial market remain unchanged. The legal framework needs to be ahead of the market, practitioners must be standardized, and ethical standards should become the first line of defense for investors," Mr. Trung stated.
Many countries have standardized the workforce for crypto professionals.
Internationally, the European Union (EU) currently adopts a proactive regulatory approach through the MiCA legal framework. Beyond regulating licensing, supervision, and information disclosure, the EU also sets professional competency standards for individuals and organizations providing services related to digital assets.
In Japan, the crypto industry's self-regulatory model is considered one of the most complete in the world. The Japan Cryptocurrency Exchange Association (JVCEA) has been officially recognized by the financial regulatory authority as a self-regulatory organization since 2018. This organization is Vai for reviewing assets before listing, monitoring member activities, and handling violations.
Singapore also requires businesses operating in the digital asset sector to meet a range of standards regarding personnel, training, and professional competence before being granted a license.
According to Mr. Phan Duc Trung, international models all show three important pillars for developing the digital asset market: a comprehensive legal framework, standardized professional practices, and a self-monitoring mechanism through professional ethical rules.
Proposal to develop a certification system for cryptocurrency professionals.
According to Mr. Phan Duc Trung's assessment, approximately 85-90% of the necessary legal framework for the cryptocurrency market in Vietnam has been established. However, two major gaps remain that need to be addressed before the market officially becomes operational.
Firstly, Vietnam currently lacks a professional certification system specifically for the cryptocurrency sector. Secondly, a unified code of professional ethics has not yet been established for individuals and organizations operating in the industry. These are all factors that many countries consider fundamental to protecting investors, mitigating risks, and improving market quality.
Based on this, the VBA proposes building a crypto asset professional certification system that aligns with international standards. One proposed option is to expand the scope of application of the current securities professional certification system to the field of digital assets, while also referencing standards currently applied in Singapore and the European Union.
In addition, the Association also proposed developing a code of professional ethics specifically for the cryptocurrency industry, and establishing a mechanism for regular dialogue between regulatory agencies, businesses, and professional organizations to promptly address issues arising during market operations.
