This information was revealed by To Tran Hoa, deputy head of the Securities Market Development Department (State Securities Commission, Ministry of Finance), at a meeting during the GM Vietnam 2025 event series. The State Securities Commission representative also shared that this draft resolution allows for the establishment of businesses providing encrypted asset (digital asset) services.

Regulatory bodies will impose strict requirements on companies wanting to participate in the market regarding information technology, especially adherence to level 4 cybersecurity standards. "This is the phase where businesses need to urgently prepare infrastructure and establish operational processes to participate in the market," said the deputy head of the Securities Market Development Department.

Previously, at an event in June, To Tran Hoa revealed that a company wanting to operate a digital asset exchange must have a minimum capital of 10,000 billion VND. This amount is three times the capital required to establish a bank and 33 times that of an airline.

From a business perspective, Mai Huy Tuan, general director of SSI Digital Technology Joint Stock Company (SSID), said they have been preparing for the past three years. "SSID is ready in terms of technical infrastructure, operating processes, and capital to participate in this asset market as soon as the legal framework is enacted," Tuan said. The SSID leader also shared that after the resolution is passed, the company will have products for individual investors.

SSID was established in 2022, with SSI Securities holding over 68% of its charter capital. The company focuses on high-tech research and development, applying it to finance, securities, digital transformation, and encrypted assets. Nguyen Duy Hung, chairman of SSI Securities, is also the chairman of SSID. The company's charter capital is 200 billion VND.

To Tran Hoa (center), deputy head of the Securities Market Development Department, speaks at the event on 1/8. Photo: BTC

To Tran Hoa (center), deputy head of the Securities Market Development Department, speaks at the event on 1/8. Photo: BTC

To Tran Hoa added that the draft resolution specifies that encrypted assets are not a means of payment. Vietnam only recognizes one currency: the Vietnamese dong issued by the State Bank of Vietnam. The management of encrypted assets focuses on trading and transfer activities to combat money laundering, following FATF recommendations.

Pham Tien Dung, deputy governor of the State Bank, shared that not considering encrypted assets as currency is reasonable. "If encrypted assets were considered a currency, there would be many constraints," Dung said.

Regarding the subjects of management, To Tran Hoa stated that all issuing organizations, service providers, and investors buying, selling, and participating in the encrypted market will be under the supervision of regulatory authorities. The draft resolution also includes regulations on trading and listing digital assets and grants greater authority to companies providing services to the market. "We recommend that organizations choose highly liquid products for the exchange to operate efficiently and transparently," Hoa said.

Regarding the philosophy behind building the legal framework, To Tran Hoa affirmed: "We are not trying to stifle the market, but to build a legal mechanism that is just sufficient for management while encouraging innovation and investment." The State Securities Commission representative shared that the concept of digital assets is very broad, with many different types, so management agencies will establish a clear and appropriate scope of regulation to operate the market.

In June, the National Assembly passed the Law on the Digital Technology Industry, which will take effect on 1/1/2026. One of the law's important contents is the regulation of encrypted assets. These are digital assets that use encryption or other digital technology for authentication during creation, issuance, storage, and transfer.

According to the law, state management agencies are responsible for managing encrypted assets to ensure safety and cybersecurity; prevent and combat money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. The agencies are responsible for inspecting, examining, and handling violations of the law and for regulating business conditions for providing encrypted asset services.

In early July, the prime minister requested the Ministry of Finance to submit the draft resolution on piloting the encrypted asset market before 15/7.

Trong Hieu