On June 7 in Da Nang, the Fintech Da Nang 2025 conference was held with the theme: “Unlocking the future of digital assets.”

According to Lynn Hoang, Country Director of Binance Vietnam, digital asset policy has evolved across the globe. Although Bitcoin emerged in 2009, it wasn’t until 2017-2019 that cryptocurrencies (crypto) took off, marking the era of ICOs (Initial Coin Offerings).

This era resembled a Wild West gold rush. Projects at that time needed only a whitepaper, a strong idea, and a competent team to attract millions of dollars in investment.

At this stage, countries did not foresee the crypto market’s explosive growth, and mainly issued warnings to protect investors from risks, fraud, and money laundering.

From 2020 to 2022, after the Bitcoin halving, the digital asset market entered a new chapter with a dramatic increase in capitalization. Legislators worldwide began paying closer attention to digital assets.

Global institutions like the Financial Action Task Force (FATF), along with the G7 and G20 summits, started discussing digital assets, and early regulations began to take shape.

Some countries, seeing an opportunity even without knowing if it was good or bad, took the lead - such as the UAE and Singapore, which launched pilot programs for digital assets.

Notably, China and India imposed bans on crypto transactions. Only recently have China (through Hong Kong) and India opened up their policies for digital assets. In the US, regulations mostly fall under securities laws.

Since 2023, more policies have emerged: Europe adopted the MiCA law, Dubai has VARA, and Hong Kong has the SFC.

According to Lynn Hoang, although there are now dedicated legal frameworks for crypto, they differ greatly and remain fragmented across regions. This creates significant challenges for global companies like Binance, which must comply with regulations in each jurisdiction.

This reality demonstrates that nations now recognize digital assets and blockchain as the future. Therefore, deeper study is required. Vietnam is also drafting a digital asset law and seeking feedback for a pilot regulatory framework.

Lynn Hoang noted that every major company in the digital asset market is now required to comply with mandatory provisions like customer identification (KYC) and anti-money laundering (AML). These standards are becoming stricter across all platforms.

She suggested that if Vietnam should follow a policy model, it should look to the UAE. Models in Hong Kong, Singapore, and the US may not suit Vietnam as they have become outdated.

She highlighted the UAE financial center model, especially Dubai, as ideal for rapid, breakthrough growth in blockchain. The UAE began recognizing crypto early: in 2022, Abu Dhabi and Dubai each issued their own licenses for blockchain companies. Interestingly, though both are in the same country, their licenses differ.

The Dubai government also established a dedicated digital asset center, which has increased the proportion of digital asset talent and skilled professionals moving to Dubai by 27.71%.

According to Lynn Hoang, Vietnam’s legal framework should avoid stifling innovation. Blockchain is not just about digital assets; it is a technology that will transform many sectors.

If the regulations are too strict, Vietnam’s development will be restrained. She hopes Vietnamese law will not diverge significantly from international standards.

She also believes that digital asset classification must be clearer, and there should be policy advisory groups and businesses working with regulators to build the legal framework.

Lynn Hoang said Vietnam can afford to move cautiously if it is not ready for an innovation-driven legal framework. However, when a regulatory corridor is introduced, it must harmonize with international norms to attract foreign investment, stimulate user participation, and ensure domestic companies feel included. Only then will they register and set up operations in Vietnam.

“Currently, many blockchain companies do not register or establish headquarters in Vietnam,” Lynn Hoang stated.

Le My