Speaking on the sidelines of the GM Vietnam 2025 event on Friday, To Tran Hoa, deputy head of the SSC’s stock market development department, revealed that the draft would allow the establishment of enterprises providing tokenized (digital) asset services.

Regulatory bodies will impose stringent requirements on participants, particularly in information technology infrastructure and Level 4 cybersecurity standards, the highest in Vietnam’s digital security classification.

“This is the time for businesses to urgently prepare infrastructure and develop operational procedures to join the market,” he said.

Earlier, in June, Hoa disclosed that any company looking to operate a digital asset exchange must have a minimum charter capital of VND10 trillion ($381.34 million), three times the capital required to establish a commercial bank and 33 times more than that for an airline.

He also clarified that digital assets will not be recognized as a legal means of payment. Vietnam only recognizes the Vietnamese dong, issued by the State Bank of Vietnam, as its sole legal currency. Instead, the management of digital assets will focus on regulating trading and transfer activities, in line with anti-money laundering recommendations from the Financial Action Task Force (FATF).

Regarding market oversight, Hoa stated that all issuers, service providers, and investors involved in the trading or offering of digital assets would fall under government supervision.

The draft resolution includes specific regulations on digital asset listing and trading, and expands the authority of licensed service providers.

A notable feature of the draft resolution, he said, is that it grants digital asset service providers the authority to independently select the types of assets to list and trade. However, regulators recommend prioritizing highly liquid and widely recognized assets to ensure transparency and operational safety in the market.

Hoa added that the issuance of a legal framework for digital assets is not only an urgent regulatory necessity but also a critical opportunity for Vietnam to gradually align with international standards. This will serve as a pivotal foundation for fostering a more transparent and stable financial market in the years to come.

“We are not seeking to suppress the market. The goal is to build a legal environment that is sufficient for governance while still encouraging innovation and investment,” he said.

The digital asset category encompasses a broad range of types, so the legal framework would provide a clear and appropriately scoped definition to enable manageable market operations, he noted.

According to Hoa, the State Bank of Vietnam is currently in the process of researching and developing a central bank digital currency (CBDC). This is considered a strategic move to modernize the financial system and keep pace with global digital asset trends.

Also at the GM Vietnam 2025, Pham Tien Dung, Deputy Governor of the State Bank of Vietnam and vice chairman of the National Cybersecurity Association, emphasized that recognizing digital assets as a form of property could help avoid various legal complications while expanding the development space for this asset class in Vietnam.

Regulators have been gradually building a robust legal framework for digital assets in recent years. One key milestone was the National Assembly's approval of a resolution on establishing one international financial center (located both in Ho Chi Minh City and Danang), which focuses on fostering innovative financial products including specialized exchanges, particularly for digital assets.

He noted that the concept of digital assets is interpreted broadly, encompassing both asset-backed and non-asset-backed digital instruments. This reflects an open and forward-looking approach aimed at attracting entrepreneurs, enterprises, and investors into this emerging sector.

In parallel, the Ministry of Finance has submitted to the government a pilot resolution on digital asset exchanges based on blockchain technology. This marks an important step, demonstrating authorities' readiness to experiment and establish a controlled mechanism for digital asset market development, he added.

From the business side, Mai Huy Tuan, CEO of SSI Digital Technology JSC (SSID), said his firm had been making preparations over the past three years.

“SSID is fully equipped in terms of technical infrastructure, operational workflows, and capital readiness to enter this market as soon as the legal framework is in place,” he said, adding that the company will roll out products targeted at retail investors once the resolution is approved.

Founded in 2022, SSID is majority-owned by SSI Securities, which holds over 68% of its charter capital. The company specializes in advanced technology development for applications in finance, securities, digital transformation, and digital assets. Its charter capital currently stands at VND200 billion ($7.63 million).

In June, Vietnam’s National Assembly passed the Law on Digital Technology Industry, which takes effect on January 1, 2026. One key feature of the law is the formal definition of tokenized digital assets, which are created, issued, stored, and transferred using cryptographic or other digital technologies.

Under the law, state agencies are tasked with managing digital assets to ensure cybersecurity, prevent money laundering, combat terrorist financing, and block the proliferation of weapons of mass destruction.

They are also responsible for inspecting, investigating, and penalizing legal violations, as well as defining business conditions for companies offering digital asset services.

In early July, Prime Minister Pham Minh Chinh instructed the Ministry of Finance to submit the draft resolution on piloting the digital asset market by July 15.