Transparency needed in digital asset market

The growth of cryptoassets is likely to create new drivers for the digital financial market, as long as challenges related to regulation, transparency, and investor protection are adequately addressed.

- By Kaitlyn Le

Vietnam is advancing plans to establish a regulated digital asset market as policymakers seek to balance innovation with financial stability, creating new opportunities for capital mobilisation.

The government’s latest push was underscored on June 4 when Deputy Prime Minister Nguyen Van Thang met with Ben Zhou, co-founder and CEO of Bybit, one of the world’s largest digital asset exchanges. The meeting came as Vietnam accelerates preparations for the pilot implementation of a digital asset market.

“During the development of the digital asset market, Vietnam hopes to receive support and experience-sharing from reputable international enterprises, particularly in developing the legal framework, supervising trading activities, building technology infrastructure and training human resources,” said DPM Thang.

The government is welcoming foreign companies with strong financial capacity, technological expertise and international experience to cooperate with Vietnamese partners during the pilot phase. However, participation will be subject to strict requirements on capital adequacy, technological capability, system security standards and operational experience.

“Comprehensive preparation in terms of institutions, technical infrastructure, regulatory capacity and operational experience in line with international standards will be essential before the market is officially launched,” he added.

Those priorities formed the backdrop to discussions at the conference on digital assets and the future of financial markets on June 5 in Hanoi, where regulators, industry experts and academics examined the foundations needed to support the emergence of a digital asset ecosystem.