Exchanges core to building trust and transparency in Vietnam's digital asset market

Exchanges core to building trust and transparency in Vietnam's digital asset market

As part of the Danang Finance and Tech Week 2025, a panel discussion was held to discuss the development of the digital asset market, and how exchanges will play a key role in ensuring a fair and transparent playing field.

Danang Finance and Tech Week took place from August 28-30

The event, on August 29, took place as Vietnam finalises its legal framework for digital assets under the newly passed Law on Digital Technology Industry, marking a new chapter for the market with greater transparency and oversight. It also supported the development of an international financial centre in Vietnam, with Danang as a key location.

Nguyen Thanh Nghi, Head of the Central Committee for Policy and Strategy, emphasised, “The integration of finance, technology, and semiconductors at this event shows Danang’s thorough preparation and reflects a long-term strategy to turn the city into a new financial and technological hub for Vietnam and the region.”

Among these areas, blockchain and semiconductors are two of the 11 strategic national technology sectors prioritised for research, development, and mastery. For blockchain, key product groups will focus on digital assets, cryptocurrencies, digital identity and data encryption, cybersecurity, and traceability. Meanwhile, the semiconductor industry will research, and pilot the production and commercialisation of specialised chips, AI, the Internet of Things (IoT), and photonic chips.

Deputy Minister of Finance Nguyen Thi Bich Ngoc noted that Danang’s strategic location on the East-West economic corridor, combined with a deep-water seaport and modern international airport, provides substantial potential to become a financial centre supporting logistics, risk insurance, and cross-border trade. This is not just a geographic advantage, but also a major benefit for the ecosystem of finance, logistics, insurance, and risk management.

The Vietnam Finance Forum took place on August 28

Nguyen Van Quang, Secretary of Danang Party Committee, said the event was symbolic, underscoring the city's pioneering role in digital economic development and modern finance.

For Vietnam, particularly Danang, seizing opportunities in these sectors is especially important. As major global financial centres are redefining development models based on innovation and technology, Danang holds advantages in location, infrastructure, human resources, and policy direction to become a new growth pole.

“Fintech, blockchain, semiconductors, and green finance are no longer unfamiliar concepts. They are becoming crucial pillars shaping the future global economy. With its current potential, Danang is ready to welcome cooperation, investment, and major policy initiatives aligned with the goal of forming Vietnam’s international financial centre in the city,” Quang said.

During the panel discussion, delegates agreed that digital asset exchanges play a central role in ensuring transparency, liquidity, and investor confidence, both for individuals and institutions. Representatives from both domestic and international platforms emphasised the need to prioritise tools for open data, such as proof of reserve, open APIs for third-party auditing, and strict risk control processes to prevent market manipulation.

Le Sy Nguyen, CEO of the Web3 exchange BITGP, said, “A transparent exchange is not just a place to trade, but a platform that sets standards for the market. Requirements like KYC, AML, liquidity disclosures, and user asset protection should be seen as fundamental, not burdensome.”

Experts also discussed the exchanges' role in connecting innovative projects (builders) with the community and investors. They emphasised the need to establish fair and clear listing mechanisms for Vietnamese projects, helping domestic Web3 products reach users. Models like innovation zone, launchpad, or sandbox-based trial listings were considered suitable directions.

A panel discussion on building a digital asset market

As an exchange built on the technology and liquidity of Bitget, a platform that has implemented builder support models in many countries- BITGP announced it is currently localising listing standards and community support, while also being ready to share international experiences in areas such as risk management, digital asset classification, and hybrid CeFi-DeFi trading.

Delegates also pointed out challenges stemming from inconsistent regulations, especially as Vietnam is in the process of preparing a sandbox mechanism. Ensuring fair competition among exchanges while maintaining compliance with international standards is considered a prerequisite for a sustainable environment.

“We hope to see clear criteria for the sandbox, allowing the trial of models such as real-world asset tokenisation, non-custodial wallets, and automated liquidity services, all within a supervised framework. Thereby, both investors and businesses can feel more secure,” Nguyen added.

In the long term, exchanges are also expected to contribute to policy consultations, market data sharing, and co-designing experimental frameworks with regulatory agencies, following an open but controlled approach. This is considered a key foundation for moving Vietnam’s digital assets out of the grey zone and into a legal, recognised part of the national digital economy.

VIR