Vietnam in the crypto rush: path to the new blockchain capital!

Vietnam in the crypto rush: path to the new blockchain capital!

Da Nang, Vietnam - The crypto hype has a firm grip on Vietnam! At the recent FinTech da Nang 2025 conference with the topic "Unlocking the Future of Digital Assets", the conversations revolved around the growing importance of digital assets in the country. Lynn Hoang, the Country Director of Binance Vietnam, addressed the international development of digital wealth policy and the associated challenges for the country.

Since the introduction of Bitcoin in 2009, the landscape has changed rapidly. Between 2017 and 2019, when initial Coin Offerings (ICOS) became popular, the market was largely unregulated. The governments only published warnings to investors. But between 2020 and 2022 the crypto market grew immensely, which stimulated the interest of legislators. Global forums such as the Financial Action Task Force (FATF), G7 and G20 began to deal with digital assets increasingly and to launch initial regulations. Some countries, such as the VAE and Singapore, have introduced piloted programs for digital assets, while others such as China and India recently loosened their restrictive trade bans.

The regulatory environment in Vietnam

Vietnam is well on the way to becoming a regional pioneer in the blockchain and digital assets. Phan Duc Trung, the chairman of the Vietnam Blockchain Association, reports that around 17 million people keep digital assets in Vietnam. That is a proud 17 % of the population, which Vietnam catapults into fifth place in crypto ownership worldwide.

The emerging regulatory landscape is supported by several important political measures. On December 22, 2024, the Resolution No. 57 decided to promote science, technology and digital Transformation, followed by the Resolution No. 03 to implement these goals. The government plans to introduce three major legal instruments: the draft legislation on the digital technology industry, a resolution to create regional and international financial centers as well as a resolution for the piloting of the market for crypto assets.

according to Tilleke, the draft law on the digital technology industrial industry is intended to create a regulatory framework for cryptocurrencies. The definition of digital assets and blockchain technologies will also determine and propose a controlled sandbox model for convergent products and services. A discussion about this law in the National Congress is planned in May 2025. This could mean a real departure in the crypto sector.

growth and challenges

The rapid development of the crypto market in Vietnam is impressive, but it is not just fluffy. There are also challenges on the radar: Hoang warned of strict regulations that could slow down the growth of the sector. A clear classification of digital assets is also essential. The different regulatory framework conditions worldwide present companies like Binance for major challenges.

The country is actively working to create a legal basis in order to fully exploit the potential of blockchain technology. Innovative technologies, as described in the [FinTech] (https://fastercapital.com/de/inhalt/finanztechnology-regulatory-regulatory and chances-In-fintech-oekosystem.html), revolutionize the financial landscape-but only if you can thrive in a stable legal environment. The introduction of regulatory sandboxes in particular could play a crucial role in developing products in a controlled manner and protecting consumers at the same time.

With a current volume of crypto transactions, which, according to Chainalysis, is over $ 100 billion annually, which is twice as high as the official FDI inflows, Vietnam shows that it is serious. Perhaps the country is on the best way to become a regional center for blockchain technology-if the regulatory framework is suitable.