Vietnam is establishing itself as one of the world’s leaders in digital asset ownership. Virtual assets, a broad concept encompassing various types, including Real World Assets (RWA), virtual assets tied to tangible ones, are drawing significant attention.

According to a Triple-A report, over 17 million Vietnamese, or 17 percent of the population, own cryptocurrency, far exceeding the global average of 6.5 percent. This reflects strong public interest in digital assets.

Blockchain capital flowing into Vietnam is showing remarkable growth. According to Chainalysis, Vietnam ranks in the global top three for cryptocurrency adoption.

From July 2022 to July 2023, cryptocurrency and virtual asset inflows to Vietnam hit $120 billion, a 20 percent jump from $100 billion in 2021-2022.

In this context, tokenizing tangible assets into virtual ones offers fresh opportunities for Vietnam’s financial market, especially in boosting liquidity and expanding investor access.

Traditional assets like real estate or bonds often demand large capital and lengthy transaction times. Digitizing them into tokens enables trading on Blockchain platforms, lowering barriers and making them accessible to more investors.

A key benefit of virtual assets is their ability to help businesses raise capital efficiently. Instead of relying solely on traditional channels like banks or stock issuance, businesses can use tokenized assets to crowdfund from the community, enhancing financial flexibility and scaling operations.

At a recent event, Nguyen Duy Hung, Chairman of SSI Securities, remarked that digital assets are no longer a foreign concept but an integral part of the global financial system.

Pioneering nations in this field not only foster innovation but also secure strategic positions in the world economy.

Despite its vast potential, Vietnam faces challenges in implementing tangible asset tokenization, while an incomplete legal framework is the biggest hurdle in the process.

Current regulations on digital assets in Vietnam still have gaps, complicating businesses’ efforts to roll out asset digitization projects.

Additionally, the lack of investor protection mechanisms is a critical issue that must be addressed to ensure the market’s sustainable growth.

To overcome these difficulties, experts believe that Vietnam could learn from leading nations like Singapore and Switzerland.

Singapore has issued specific digital asset regulations, enabling financial institutions to engage in tokenization while adhering to strict legal standards.

Meanwhile, Switzerland has developed its “crypto valley” model in Zug, building a transparent digital asset ecosystem through close government-business collaboration.

To boost growth and catch global trends, the Prime Minister has tasked the Ministry of Finance with drafting a report to issue a resolution allowing a pilot virtual asset trading platform. This would provide investors, organizations, and individuals in Vietnam with a legal environment to trade, invest, and buy or sell digital assets.

Trong Dat