Human capital and regulation key to digital asset market

Human capital and regulation key to digital asset market

Vietnam is accelerating efforts to build a regulated digital asset market, with authorities refining the legal framework, exploring new products and strengthening market oversight.

The State Securities Commission (SSC) hosted its 2026 Conference on New Products and Market Development Orientation in Hanoi on June 5.

Speaking at the conference, To Tran Hoa, deputy head of the Standing Committee, Market Management Board of Cryptocurrency Asset Trading under the SSC, said regulators were currently focused on three key priorities: completing the legal framework, coordinating licensing, supervision and market oversight, and implementing periodic reporting to the government in accordance with Resolution No.05/2025/NQ-CP.

“In the next phase, regulators will continue studying new products for the market, including margin lending, digital asset-backed lending and derivatives products when market conditions are appropriate,” Hoa said.

He added that the current framework was a pilot mechanism, and that authorities would continue reviewing higher-level legislation to gradually establish a more comprehensive and permanent legal foundation for the market. At the same time, regulation alone would not be sufficient to support the sector’s long-term development. Building investor awareness and market understanding will be equally important as digital assets become widely adopted.

“Licensed service providers, issuers and market participants need to work closely with regulators to improve information disclosure, enhance public understanding and strengthen coordination among state management agencies,” he said.

The conference brought together regulators, industry experts and businesses to discuss Vietnam’s digital asset market

As policymakers move to establish the market’s legal foundations, law enforcement agencies are also stepping up preparations to address potential risks arising from digital asset activities.

Lieutenant Colonel Le Thi The Hoang, deputy head of Division 2 under the Ministry of Public Security’s Department of Police Investigation of Corruption, Economic and Smuggling Crimes, said authorities had identified four main categories of violations involving digital assets.

These include fraudulent investment schemes, multi-level marketing models, market manipulation and ransomware attacks demanding payment in digital assets. Other risks involve scams conducted through social media groups, fake websites and malicious applications designed to steal user assets and information.

Authorities have also identified the use of digital assets for money laundering, tax evasion and other criminal activities, often involving offshore wallets and complex transaction structures that make tracing funds more difficult. A fourth category relates to corruption and misconduct associated with licensing, supervision, inspection and tax administration.

According to Hoang, managing these risks will require broad cooperation across the market ecosystem rather than relying solely on enforcement actions.

“Building a safe market is not solely the responsibility of law enforcement agencies. Regulators, industry associations, service providers and the media all have an important role to play in identifying risks early and strengthening market integrity,” she said. “Effective prevention is just as important as enforcement. When investors and businesses are equipped with the necessary knowledge and awareness, the market becomes more resilient against fraud and financial crime.”

The focus on risk prevention and market integrity is becoming increasingly important. Phan Duc Trung, chairman of the Vietnam Blockchain Association, said Vietnam has established the foundations of a legal framework for digital assets within a relatively short period.

However, translating that framework into a sustainable market will require substantial investment in infrastructure, operating standards, risk management and workforce development.

“The biggest gap today is not technology, but human capital,” Trung said. “Digital assets are closely linked to financial technology and operate very differently from traditional securities markets.”

He added that digital asset platforms were capable of handling vast volumes of data and large numbers of user accounts, while compliance, cybersecurity and financial crime risks remain constant challenges. Without sufficient expertise in risk management, compliance, technology and crime prevention, operational risks could emerge as the market expands.

“For that reason, workforce development must be placed at the centre of market development, alongside regulatory reform and technological innovation,” Trung said.

As authorities continue refining regulations and exploring new products, participants agreed that investor education, professional standards and market discipline will be essential to building a transparent, resilient and sustainable digital asset ecosystem.

VIR