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At the forum “Pilot of digital assets: Supervision mechanisms, operating capacity, and investment standards” held on the morning of March 25, Mr. Tô Trần Hòa, Deputy Head of the Standing Board of the Management of the Crypto Asset Trading Market (UBCKNN), outlined the regulator’s position on the roadmap for market governance. He said that establishing a licensing and supervision framework is not only a policy choice but a global requirement to comply with international anti-money-laundering standards.
UBCKNN emphasized that once the domestic exchange begins operations, all trading by domestic investors must take place there. Unlicensed platforms will not be allowed to provide services in Vietnam, under Resolution 05.
Mr. Hòa also stated that a licensing and supervision mechanism is a global obligation rather than merely an optional policy direction.
Colonel Hoàng Ngọc Bách, Head of Unit 4, the Cyber Security and High-Tech Crime Prevention Office (A05), highlighted that unclear regulations can push funds to foreign exchanges, making investigations more difficult. He said that bringing trading activities under state regulation is intended to reduce illegal activity, strengthen anti-money-laundering capabilities, combat terrorism financing, and support Vietnam in moving off FATF’s grey list.
Colonel Bách linked the approach to broader financial security goals and the need to trace high-tech crimes in a market estimated at over USD 200 billion.
Regarding the execution capacity of domestic enterprises, Ms. Đoàn Mai Hạnh, CEO of Techcom Crypto Asset Exchange (TCEX), said the company’s infrastructure and specialized personnel are fully under control. TCEX leadership reported that its system can handle up to about 100,000 transactions per second, meets level-4 information security requirements, and keeps customer assets segregated from exchange assets.
TCEX said these capabilities are intended to protect investors under different operating scenarios and that the company is ready to deploy once the official legal framework permits. The company also cited the need to address a shortage of professionals with expertise in both finance and blockchain.
In the pilot phase, regulators said they will take a cautious approach and focus on evaluating actual operating capacity rather than only capital conditions. Mr. Tô Trần Hòa said the Management Board will prioritize practical operating capacity beyond statutory requirements such as charter capital or shareholder structure, including the quality of the technology system, the team’s experience, and transparency in operations.
UBCKNN also issued a warning to new-user groups, stating: “In this phase we do not recommend F0 entering the market.”
For foreign platforms such as Binance, the regulator indicated that meeting domestic data-storage requirements and fully complying with tax obligations will be prerequisites for consideration for licensing to operate.
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