Vietnam’s Regulatory Shift for Digital Assets: Bridging Academia, Policy, and Industry

Vietnam is emerging as one of the world’s most dynamic crypto markets, with an estimated 17 million users and an annual trading volume of around USD 120 billion, ranking 5th globally. However, the country currently lacks a comprehensive legal framework for crypto, exposing investors and the market to risks such as fraud, market manipulation, money laundering, and declining trust.

Globally, regions such as the European Union (via MiCA), Hong Kong, Singapore, and the UAE have introduced clear regulatory frameworks to manage and promote the sustainable growth of the digital asset ecosystem.

Amid growing regulatory concerns, on April 24, 2025, the HKU Business School, in collaboration with the Academy of Finance (AOF) and HKU Vietnam, co-hosted the workshop “Regulatory Frameworks & Innovations in Crypto Assets” in Hanoi. The event attracted nearly 400 participants attending both in-person and online, including policymakers, international scholars, fintech experts, and business leaders.

From Legal Frameworks to Innovation: Key Highlights of the Workshop

Keynote 1: “Foundations of Crypto Asset Regulation” – Prof. Alan P. Kwan

Prof. Kwan examined critical risks in crypto markets, such as extreme price volatility, pump-and-dump schemes, and the absence of risk controls like circuit breakers or fixed trading hours, which are standard in traditional finance. He emphasized the urgent need to design a flexible yet effective regulatory framework for crypto exchanges, tokens, and stablecoins, integrating both policy and technical perspectives.

Keynote 2: “Web3.0: Navigating the New Regulatory Era” – Prof. Fangzhou Lu

Prof. Lu explored the evolution from Web2.0 to Web3.0, highlighting transformative technologies such as blockchain, smart contracts, and decentralized autonomous organizations (DAOs). He stressed that Web3 introduces new legal challenges related to data ownership, privacy, and transparency, requiring governments to adopt clear and responsible regulations while allowing room for innovation and growth.

Interdisciplinary Dialogue: Challenges and Opportunities in Crypto Regulation

A key highlight of the event was an in-depth panel discussion moderated by Dr. Nguyễn Thị Thùy Dung, Lecturer at the Academy of Finance. The session brought together leading experts representing the three pillars of policy, industry, and academia, including:

• Prof. Alan P. Kwan – Associate Professor, Program Director for the Master of Finance in Financial Technology, HKU Business School, who discussed how international crypto regulatory standards could be applied to the Vietnamese context.
• Prof. Fangzhou Lu – Assistant Professor of Finance at HKU Business School, with a Ph.D. from MIT and a Bachelor’s from NYU Stern, who emphasized the critical role of academic institutions in supporting policy design and aligning regulatory frameworks with ongoing technological innovation.
• Mr. Tô Trần Hòa – Deputy Director of Market Development at the State Securities Commission of Vietnam, who highlighted the urgent need for a tailored legal framework for digital assets that reflects Vietnam’s unique market dynamics.
• Mr. Lê Bảo Nguyên – Deputy Director of SSI Digital, who shared real-world insights from the private sector, underlining the importance of public-private collaboration in developing innovative fintech solutions.

The panel focused on core issues such as token classification (security, utility, and payment tokens), pilot licensing models, and the need to strengthen cross-sectoral coordination in digital asset market oversight. Experts also stressed the importance of building high-quality digital talent, while identifying key policy priorities including data privacy protection, tax frameworks for crypto assets, and the application of AI in crypto market supervision.

Education & Collaboration: A Foundation for Sustainable Development

HKU Business School remains committed to nurturing the next generation of Fintech and Blockchain professionals across Asia through postgraduate programs such as the Master of Finance and the Master of Finance in Financial Technology. These programs are designed to integrate traditional financial knowledge with essential modern skillsets, including programming, data analytics, and a strong understanding of international regulatory frameworks, addressing the growing demands of the global digital finance market.

In Vietnam, HKU Vietnam aims to serve as a bridge between academia, policy, and industry, promoting joint research, academic collaboration, and policy innovation tailored to the local digital asset market. The workshop “Regulatory Frameworks & Innovations in Crypto Assets” marks a strategic step in fostering interdisciplinary dialogue, practical policy proposals, and international cooperation in blockchain and fintech education. As a trusted bridge between academia, policy, and industry, HKU Vietnam will continue to host in-depth forums that contribute to building a transparent, innovative, and sustainable digital financial ecosystem in Vietnam.