Vietnam’s burgeoning cryptocurrency and digital asset scene, fueled by an estimated hundreds of billions of dollars flowing beneath the surface, is poised for a significant shift. The planned launch of several officially sanctioned trading platforms promises to bring this activity into the light. These exchanges are envisioned as not just avenues for investment, but also potential tools for businesses to raise much-needed capital.
Crypto Scams Underscore the Need for Regulation
Current estimates suggest that Vietnam boasts approximately 17 million individuals participating in the digital asset market, with transaction volumes reaching around USD 105 billion. However, experts in blockchain technology believe this is a conservative figure, with the actual number of Vietnamese crypto investors likely being substantially higher. Recent revelations of numerous cryptocurrency scams have heightened the necessity for officially recognized crypto exchanges to safeguard investors in Vietnam.
One prominent case involved the dismantling of a fraudulent crypto operation by Hanoi police. The scheme was orchestrated by Dang Quoc Thang, who established Maxx Group to promote ventures like Wingstep and Game Naga Kingdom. The group enticed over 3,000 investors, amassing approximately USD 7.86 million (VND 200 billion) by promising substantial commissions and returns, before disappearing with the funds.
Similarly, in August 2025, authorities in Phu Tho uncovered a pyramid scheme camouflaged as a digital currency investment opportunity. This group, led by Nguyen Chanh Dang (born 1986), utilized the website https://tcis.ai to attract thousands of investors to the TCIS cryptocurrency. From June 2024 to July 2025, more than 4,000 accounts were created, pulling in over USD 2 million (exceeding VND 50 billion).
Another instance involved a counterfeit cryptocurrency called PaynetCoin (PAYN). The group behind it, headed by Nguyen Van Ha, created the PAYN token and established a pyramid-style rewards system. Investors were promised monthly interest payments of 5%–9% and received bonuses in PAYN, which was exclusively tradable on the scammers’ own platform. The scheme defrauded thousands of people, with the total amount lost estimated to be in the multiple billions of dong.
Earlier, in May 2025, police in Dong Nai shut down a major scheme called Matrix Chain (MTC), which defrauded tens of thousands of individuals of nearly VND 10 trillion (approximately USD 393 million) within a short timeframe.
Blockchain authorities emphasize that the ambiguous legal standing of cryptocurrencies renders investors vulnerable to deceptive platforms and manipulative marketing strategies. Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, remarked that while cryptocurrency is very attractive to Vietnamese investors, the absence of a regulatory structure has impeded market progress. He encourages investors to develop a solid understanding of blockchain technology to avoid being misled by overly promising, yet unrealistic, offers.
Nguyen The Vinh, CEO of Ninety Eight, emphasized that the number of Vietnamese holding crypto assets has surpassed those investing in the stock market, highlighting the strong appeal of digital assets. However, he cautioned investors to steer clear of platforms guaranteeing “unrealistic” returns, as no viable business model can guarantee such high profits.
Transparency Is Paramount for Investor Protection
Several Vietnamese financial institutions and businesses, including SSI Securities, Techcom Securities (TCBS), and Military Commercial Joint Stock Bank (MB), are actively gearing up to participate in the crypto market. Vietnam is anticipated to establish around five licensed digital asset exchanges, equipped to connect to international platforms and support approximately 50 tokenized assets. It will also authorize the issuance of asset-backed tokens to raise capital, initially restricting this to foreign investors.
The cornerstone of developing policies for digital asset exchanges is the protection of investor rights, combating money laundering and the financing of terrorism, and guaranteeing tax compliance. Legalizing these exchanges will provide businesses with access to new avenues for fundraising.
While the regulatory framework for bonds and securities is well-established, digital asset fundraising remains undefined. Relevant legislation must be amended to facilitate accurate accounting for capital raised through crypto platforms and to differentiate between fundraising at the company level and project-based funding.
Huynh Quoc Nam, Business Development Director at OKX Global, stated that digital exchanges will enhance market transparency through know-your-customer (eKYC) protocols, thereby reducing fraud. He also added that crypto exchanges will generate tax revenue and drive growth in related sectors.
Blockchain startups also hope that legalized exchanges will incentivize Vietnamese-founded companies to relocate back to Vietnam, rather than relocating to Singapore, as has been the trend in recent years. This shift could attract foreign investment and help Vietnam cultivate a thriving fintech ecosystem aligned with global trends.
At a government press briefing in early August, Deputy Minister of Finance Nguyen Duc Chi announced that the Ministry is currently drafting a decree for piloting digital asset transactions. The Ministry has studied international best practices and, under guidance from the Politburo and Government, aims to finalize and possibly enact the decree as early as this month.
Tran Xuan Tien stressed that if Vietnam does not establish domestic exchanges within the next one to two years, it runs the risk of falling behind. He believes that establishing exchanges locally will help manage liquidity and data, while allowing international platforms to participate fosters healthy competition and knowledge transfer, given their extensive operational experience and strong security measures.
Experts emphasize that the foremost principle in operating digital asset exchanges is ensuring transparency – disclosing trading volume, costs, and liquidity to prevent market manipulation and protect investors. Furthermore, stringent security protocols are vital, and exchanges must segregate platform assets from investor holdings.
For investors, experts warn that the crypto market, despite its allure, carries substantial risks. “If you lack the necessary knowledge and experience, the more you invest, the more you stand to lose. Don’t venture into crypto without being adequately prepared,” Nguyen The Vinh cautioned.
Having personally experienced losses in crypto trading, lawyer Dao Tien Phong offered a concluding warning: investors must be well-informed. Each project must be meticulously scrutinized, particularly concerning its business model, the team behind it, and regulatory compliance, especially with regards to tax obligations.
PV