Vietnam Faces Challenges in Managing Over 20 Crypto Exchanges Outside the Law

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The cryptocurrency asset market in Vietnam is thriving with over 17 million owners, placing our country in the top 7 globally and consistently ranking in the top 5 for global digital asset adoption according to Chainalysis. However, according to Mr. Tran Huyen Dinh, Chairman of the Fintech Application Committee, Vietnam Blockchain Association (VBA), there are currently more than 20 centralized exchanges operating in Vietnam, most of which do not have legal entity status or a domestic office.

These exchanges operate in a legal "gray area", lacking oversight, not complying with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, and even refusing to cooperate with authorities in the event of fraud. In light of this situation, establishing a legal framework for digital assets has become an urgent priority. At the seminar "Sharing experiences in managing centralized cryptocurrency assets" on March 27, 2025, in Hanoi, Mr. Dinh emphasized that piloting a cryptocurrency exchange is a necessary step. The Prime Minister, through Directive 05/CT-TTg dated March 1, 2025, has requested the Ministry of Finance to complete the legal framework in March, with the pilot resolution expected to be issued on April 1. This is an effort to manage a healthy and efficient digital financial market.

The global cryptocurrency market currently has a trading volume of 200 billion USD per day, with 617 million users, accounting for 8% of the world's population. Vietnam, with its great potential, needs to balance technological innovation and economic benefits. Mr. To Tran Hoa, Deputy Head of Market Development, State Securities Commission, stated that the draft Resolution is referenced from advanced countries such as the USA, Japan, and Thailand, ensuring compliance with international standards. Mr. Phan Duc Trung, Chairman of VBA, affirmed that the legalization of decentralized finance will promote global integration, optimize resources, and fulfill the government's commitment to combating money laundering.

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