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Despite Vietnam being among the world’s most active markets for crypto assets, Lieutenant Colonel Hoang Ngoc Bach, head of Division 4, the Cyber Security and High-Tech Crime Prevention Department (A05) of the Ministry of Public Security, said millions of users are facing serious personal data security risks.
On the morning of 25 March 2026, the State Securities Commission (SSC) under the Ministry of Finance, in cooperation with the Vietnamese Blockchain and Digital Assets Association (VBA), held the dialogue “Pilot of the Digital Asset Exchange: Oversight Mechanisms, Operational Capacity, and Investment Standards.” The event drew hundreds of participants from regulatory agencies including the Ministry of Finance, the Ministry of Public Security, the Ministry of Justice, and the State Bank, as well as crypto asset and technology companies, banks, financial institutions, and the investor community.
In opening remarks, Mr. Phan Duc Trung, Chairman of VBA, said the dialogue is an open forum for regulators to hear realities from the ground and refine sub-laws and guidelines for implementing the Digital Industry Technology and Digitization Law and Resolution 05/2025/NQ-CP on piloting the digital asset market.
He added that the dialogue also provides a platform for exchanges that have filed licensing applications to seek customers and partners for services and solutions. Mr. Trung said exchanges and major global institutions are awaiting Vietnam’s decisions and concrete steps to participate in a market valued at more than USD 200 billion.
“VBA remains a bridge to listen to and convey messages from investors, international exchanges, and Web3 market developers to regulatory agencies,” Mr. Trung stated.
Lieutenant Colonel Hoang Ngoc Bach said that crimes using cryptocurrency as a “safe harbor” to launder money and transfer funds across borders are becoming increasingly complex. He noted that the lack of a regulatory framework makes investigations difficult not only in tracing assets, but also in subsequent handling, as fund flows often move through foreign exchanges.
“From the statistics in major cases, the common feature of most asset–misappropriation crimes today is that criminals exploit crypto exchanges (virtual assets) as tools to launder money and move assets across borders,” Bach said.
He also warned that without a robust regulatory framework, investors’ rights can be exposed to exploitation by counterfeit exchanges. Bach further cautioned that participating in foreign exchanges exposes people to serious personal data exposure risks, including ID cards, phone numbers, and bank accounts. He said cybercrime can use this data to forge information, open online identity accounts (eKYC), and carry out increasingly sophisticated fraud.
Bach said Vietnam is among the world’s most active digital asset markets. According to Chainalysis data cited at the dialogue, Vietnam ranks fifth globally in crypto asset usage, with over 17 million users.
A05 representatives said that while Vietnamese participation continues to grow, with transaction values reaching tens of trillions of dong, much activity remains largely unregulated. They added that tax contributions are not commensurate, which both deprives the state of tax revenue and creates governance gaps.
They also pointed to the absence of clear supervisory mechanisms as a key issue, saying most activity occurs in the “gray legal area,” increasing risks of money laundering, fraud, and tax revenue loss.
In Bach’s view, a legitimate exchange would help reduce illicit activity, enhance anti-money laundering and counter-terrorist financing capabilities, and support efforts to help Vietnam move out of FATF’s grey list.
He said a transparent digital asset market requires participation from all parties. Investors should equip themselves with knowledge and skills, while exchanges should build transparent operating procedures, implement strict identity verification, monitor unusual transactions, and strengthen coordination between regulators and law enforcement.
For regulators, Bach urged strengthening and finalizing the legal framework for trading and proactively preventing and addressing acts of exploiting digital assets for illicit gain.
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