Piloting the digital asset market is an important step toward bringing an emerging economic sector under a legal framework. However, if that framework leans too heavily toward absolute control without clearly distinguishing between different levels of risk, it may create barriers to innovation. A turning point in State regulatory thinking For many years, Vietnam has witnessed rapid yet loosely regulated growth in the digital asset market. According to the Global Crypto Adoption Index 2024 by Chainalysis, Vietnam ranks fifth globally in terms of digital asset adoption. Capital flows through blockchain-related platforms connected to Vietnam during 2023–2024 are estimated to have exceeded US$100 billion, with profits reaching approximately US$1.2 billion in 2023. These figures not only reflect the country’s remarkable pace of technological adoption but also highlight the existence of a large-scale economic sector operating outside the bounds of legal frameworks and government oversight. In this context, the Government’s issuance of Resolution 05/2025/NQ-CP on September 9, 2025, to pilot the digital asset market is seen as a strategic policy move to bring an already vibrant sector under a regulated framework and put an end to its period of spontaneous growth. However, a deeper analysis reveals that the driving force behind Resolution […]