Building Public Trust in Vietnam’s Crypto Market
1. Legal Clarity to Encourage Investment
At a recent public forum, experts stressed the importance of legal certainty in digital asset investment. Will Ross, Chief Marketing and Distribution Officer at Dragon Capital Vietnam, stated: “We need a legal framework so investors can buy tokens as confidently as they buy gold”. Without proper legal backing, token investment remains limited by uncertainty.
Mr. Will Ross, Chief Marketing and Distribution Officer of Dragon Capital Vietnam.(Provided by the organizers)
2. Opportunity to Shift to High-Value Digital Assets
Mr. Will Ross pointed out that Vietnam has historically relied on low-margin industries such as agriculture and outsourced manufacturing. He believes now is the right time for Vietnam to shift to high-margin digital technology products that bring greater long-term value and global influence.
3. Need for a Smart Legal Approach
Richard Teng, CEO of Binance—the world’s largest cryptocurrency exchange—argued that digital asset adoption is accelerating worldwide, regardless of regulation. He proposed a “smart” legal framework that both controls risk and fosters innovation. Over-regulation, he warned, might push investors toward unregulated and riskier markets.
Richard Teng, CEO of Binance (image :Getty Images:
4. Concerns About Over-Centralized Regulation
Nguyen Thanh Trung, CEO of billion-dollar blockchain startup Sky Mavis (creator of Axie Infinity), expressed concerns over the centralized direction of the current legal draft. He warned that overly restrictive licensing may stifle innovation and make Vietnam’s crypto market less competitive globally.
Nguyen Thanh Trung, CEO of billion-dollar blockchain startup Sky Mavis (quochoi.vn)
5. Suggested Legal Direction for the Future
According to Assoc. Prof. Dr. Binh Nguyen from RMIT University Vietnam, centralized regulation may be necessary in early stages but should eventually give way to open, decentralized frameworks. He recommended learning from international models to build a system that manages transactions safely while encouraging long-term innovation and global investment.
Assoc. Prof. Dr. Binh Nguyen from RMIT University Vietnam