Recommendations for improving the mechanism for managing cryptocurrencies to limit risks in the Vietnamese market

Abstract

According to a report by the Vietnam Blockchain and Digital Asset Association (VBA), one in five people in Vietnam own digital assets, with a recorded capital flow of over $220 billion and continuing to grow rapidly. This trend is driven by the increased use of technology platforms, the popularity of digital financial applications, and especially the public’s interest in cryptocurrencies such as Bitcoin, ETH, and NFTs. However, breakthroughs in science and technology simultaneously create obstacles and challenges regarding security, control, and management. This leads to the urgent need for a strict management mechanism to control cryptocurrencies in today’s digital economy. This article focuses on analysing legal regulations on cryptocurrency management, the application of technology as a macro driver to enhance international standing, thereby outlining the overall picture of challenges and opportunities for this type of asset.