The underground flow of hundreds of billions of US dollars into Vietnam’s cryptocurrency and digital asset market is set to be legalised as the country prepares to launch a series of official trading platforms, which are expected to serve as attractive investment channels, potential fundraising avenues for businesses.

A growing number of major domestic and international investors are showing strong interest in Vietnam’s pilot digital asset market.

Vietnam is no longer just an emerging blockchain market, it is stepping into a leadership role, with global investors, developers, and experts recognising its growing potential to become a leading hub for digital assets in the region.

Vietnam wishes to learn from the models of advanced countries such as the Republic of Korea (RoK), which is known for its robust legal framework and the transparent, secure operation of digital asset exchanges, Minister of Finance Nguyen Van Thang has said.

As digital assets become increasingly popular in Vietnam, experts are calling for the urgent creation of a legal framework to protect users, manage risks, and boost state budget revenues.

Domestic securities firms, investment funds, and prominent technology companies both in and outside Vietnam are actively positioning themselves to tap into the country’s growing digital asset and cryptocurrency market.

VOV.VN - Vietnam is identified by Binance as a key market and a crucial link in its global digital asset development strategy, said Binance CEI Richard Teng at a forum on digital assets held in Ho Chi Minh City on July 15.

The Ministry of Finance has submitted to the Government a draft decree on implementing a pilot programme for the issuing and trading of digital assets.

The State Securities Commission of Vietnam (SSC) and Monetary Authority of Singapore (MAS) on March 12 agreed to cooperate in safeguarding the integrity and stability of the countries’ capital markets, while fostering their connectivity.

VOV.VN - Vietnam will pilot the establishment of a cryptocurrency exchange as part of its efforts to develop and manage the digital currency market in an organized manner, said Deputy Minister of Finance Nguyen Duc Chi at a government press conference in Hanoi on March 5.