When the legal framework begins to shape the "rules of the game" of the market.
The Vietnamese digital asset market has developed at a much faster pace than its regulatory framework in recent years. Interest from investors, technology companies, and financial institutions has increased significantly, but the operational structure remains experimental and spontaneous.
In this context, the biggest question is no longer "will digital assets be recognized?", but rather "what standards will the market operate under once it is formally regulated?".
Therefore, HVA Finance Talk #5 was organized with the theme: “"What preparations are needed before launching Vietnam's digital asset exchange? How will the new legal framework shape the rules of the game?"”. The program focuses on analyzing core changes in regulatory policies and their impact on investors, businesses, and the entire digital asset ecosystem.
The discussion was moderated by host Giang Mi – HVA's Investor Relations representative, along with guest speaker Lieutenant Tran Tuan Thanh – the first lecturer specializing in Blockchain & AI in Vietnam, holding a professional title certificate from the Ministry of Education and Training.
The market is entering a new phase.
One of the key highlights of the program was clarifying that the Vietnamese digital asset market has moved beyond the "observation" phase and is now entering the "establishing operational standards" phase.
From September 9, 2025, the Government will implement a pilot program for the cryptocurrency market according to Resolution 05/2025/NQ-CP. By January 20, 2026, the Ministry of Finance will begin accepting applications for licenses to establish cryptocurrency trading markets, and will also announce steps to standardize operations through administrative procedures and draft accounting guidelines.
According to the analysis presented in the program, these are clear signals that the market is being brought into a formal regulatory structure. This will create a major shift: from a market based on sentiment and technological trends, to a market operating according to legal standards, risk management, and financial transparency.
What changes are the new legal framework bringing about?
A key focus of HVA Finance Talk #5 is analyzing how the new legal framework will restructure the "rules of the game" in the market.
Firstly, the role of the exchange operator will be more clearly defined, including requirements for licensing, capital, risk management systems, and reporting obligations.
Secondly, compliance standards regarding anti-money laundering (AML), know-how (KYC), and investor protection will be tightened. This may reduce flexibility in the short term, but it is a prerequisite for building long-term trust.
Third, accounting and disclosure standards related to cryptocurrencies will gradually be synchronized with the mainstream financial system. This is a crucial factor in attracting institutional capital and increasing market acceptance.
According to the guest speaker, the new rules of the game are not intended to "tighten" the market, but rather to move it to a more mature stage where technological and managerial capabilities will determine competitive advantage.
What do investors need to prepare?
A key highlight of the program is the changing role of investors in a regulated environment.
As the market enters a formal legal framework, the standards for participation will change. Investors will need to understand not only the technology but also the legal structure, asset protection mechanisms, and related obligations.
Investment thinking based on rumors and short-term fluctuations will gradually give way to more disciplined risk management and systematic capital allocation. Early preparation in legal knowledge, asset management, and compliance will help investors not only adapt but also take advantage of opportunities as the market moves into a sustainable development phase.
HVA's strategic perspective
In its community update, HVA emphasized that standardizing the digital asset market is a necessary step in building a foundation for long-term growth.
HVA views the current period as a structural turning point. Once the rules of the game are clearly established, the market will shift from spontaneous growth to competition based on infrastructure capabilities, technology, and transparent governance.
For organizations within the digital asset ecosystem, this is the time to invest in compliance systems, standardize processes, and build a sustainable operational foundation. Businesses that are well-prepared during this transition will have a clear advantage when the market enters a new growth cycle.
Academic and professional value of the program
With their in-depth research and teaching background in Blockchain, AI, and digital asset law, the guest speaker offered a balanced perspective between technology and regulatory frameworks.
Instead of approaching digital assets as a short-term trend, the program analyzes this topic through a systemic lens: from policies and operational infrastructure to the impact on investors and market institutions.
The combination of technological and legal perspectives helped attendees understand that the future of the digital asset market lies not in price volatility, but in how the market is designed and operated.
Conclusion
HVA Finance Talk #5 concluded with a clear message: the Vietnamese digital asset market is entering a mature phase. As the legal framework gradually improves, the competitive advantage will no longer belong to those who react fastest to news, but to those who are best prepared in terms of structure, knowledge, and risk management.
The HVA Finance Talk series continues to be built as a serious academic exchange space, where financial and technology topics are approached based on data, standards, and long-term thinking.
See you again at HVA Finance Talk #6, continuing our journey with the community to enhance financial literacy and prepare for structural market changes in the digital age.
