Digital and crypto assets are increasingly gaining broad recognition, both in terms of market size and their role in the global digital economy. The global digital asset market is now moving beyond the experimental stage to become an integral component of the emerging financial and digital technology system, and Vietnam is no exception to this trend.

At the “Legal Path and Development Models for Vietnam’s Digital Asset Market” dialogue, organized by Vietnam Economic Times / VnEconomy on January 26, Ms. Nguyen Van Hien, Vice Chairwoman and Secretary General of the Vietnam Blockchain and Digital Assets Association (VBA), said global developments clearly show that a new asset class has taken shape, gained recognition, and is expanding rapidly within the global financial system.

In addition, the cross-border nature of crypto assets and their 24/7 tradability have enabled the emergence of an entirely new capital market. As a result, many countries are researching and developing policies and legal frameworks that both regulate and promote the growth of the crypto asset market.

Rapid traction

According to forecasts by JPMorgan, global crypto asset market capitalization could reach about $10 trillion by 2030. In July 2025, the market set a historic peak of approximately $4 trillion. At present, total market capitalization remains at around $3.1 trillion. Average 24-hour trading volume stands at roughly $100 billion, with nearly 900 centralized and decentralized exchanges operating worldwide.

Notably, the number of token issuance projects has grown at an exceptionally rapid pace, from 13 million tokens globally in May 2025 to some 28 million at present. This highlights the expanding scale and increasing dynamism of the digital asset sector.

In terms of users, the total number of participants in the global crypto asset market now nears 1 billion. By comparison, it took the internet about 14 years to reach 1 billion users, while crypto assets achieved a similar milestone in just eight years. Forecasts suggest that, by 2030, around 4 billion people worldwide could be using and participating in this market.

Beyond its global momentum, crypto assets are also penetrating Vietnam at a rapid pace. According to data from international organizations, approximately 17 million Vietnamese currently hold crypto assets, with the number reaching as high as 21 million at certain points. As of 2025, Vietnam ranks among the world’s Top 7 countries by number of crypto asset holders, and also has the highest proportion globally of young freelancers who own crypto assets.

Vietnam is also among the Top 3 destinations in the Asia-Pacific region for capital inflows from blockchain and crypto asset markets. In 2025 alone, total inflows stood at about $220 billion; double the annual average in the previous three years, which reached $105 billion, $120 billion, and $110 billion, respectively.

Global position

At the international level, a growing number of countries and major institutions are becoming deeply involved in the crypto asset market. Governments such as those in the US, China, the UK, Ukraine, and El Salvador have held crypto assets, with some even including Bitcoin in national reserve portfolios, alongside participation from financial institutions, investment funds, and large corporations.

According to the VBA, most legal frameworks worldwide focus on four core areas: management and taxation; anti-money laundering and counter-terrorist financing; consumer protection; and licensing and oversight of crypto asset market activities.

A survey conducted in 75 countries by the Atlantic Council showed that, as of May 2025, 45 had issued legal frameworks or laws recognizing the legality of crypto assets. Meanwhile, 20 countries have imposed partial bans and ten have enacted complete bans. Notably, among the 45 countries that have legalized crypto assets, 12 are G20 members, accounting for about 57 per cent of global GDP, underscoring the strong interest of major economies in the sector.

Ms. Hien noted that on January 1, 2026, when the Law on Digital Technology Industry officially took effect, Vietnam became the 46th nation worldwide to legalize crypto assets. This marks a significant milestone in the development of its domestic digital asset market.

As the global digital asset market enters a more mature phase, Vietnam’s formal legalization of crypto assets through the Law on Digital Technology Industry, along with pilot market mechanisms under Resolution No. 05/2025/NQ-CP on piloting a crypto asset market in Vietnam, goes beyond merely recognizing a new asset class. It reflects Vietnam’s strategic choice in the competition to attract capital, technology, and digital talent in a new stage of development.