When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?

DNHN - From a market operating in the "grey zone," cryptocurrency in Vietnam is entering a phase of reshaping as a series of Government orientations, decrees, resolutions related to digital assets, financial security.

The digital economy are gradually implemented. In this context, the question is no longer whether to participate, but how Vietnamese people are participating, how they are generating profits, and where the line is drawn between investment, speculation, and fraud in a market where the "rules of the game" are being reset.

A discussion between a reporter from the Enterprise & Integration Magazine and a finance-tech expert who has spent years monitoring the digital asset market in Vietnam and internationally: Mr. David Richter – International Market Development Director at Siglaw.

Reporter: After a long period of existing outside a clear legal framework, cryptocurrency in Vietnam is entering a new phase. How do you perceive this change?

Expert Mr. David Richter: Thank you for that very direct question. In my view, the key point isn't whether the State "encourages" or "tightens" control, but rather the re-establishment of market order. Previously, most crypto-related activities in Vietnam were driven by spontaneous psychology, rumors, and the hope of getting rich quick. As the Government begins to place cryptocurrency within the overall management of digital assets, anti-money laundering, and financial system safety, the market is forced to shift from emotion to discipline and knowledge.

In other words, this stage doesn't necessarily make the market more "vibrant," but it makes it more "real."

Reporter: So, as policies become clearer, in what ways are Vietnamese people profiting from cryptocurrency?

Expert Mr. David Richter: We can see three prominent trends currently.

First, there is a sharp decline in pure short-term speculation. While "surfing waves based on inside tips" or "buying because of hype" still exists, the scale is much smaller than during previous peaks.

Second, investors are moving toward selective medium-to-long-term holding. Participants are starting to care about the underlying technology, business models, development teams, and real-world applications. They no longer ask "will this coin pump fast?" but rather "can this project survive?"

The third trend-which I believe the press hasn't explored enough—is that many Vietnamese are no longer profiting solely from buying and selling tokens. They have shifted to providing services around the crypto ecosystem: liquidity provision, risk-controlled staking, content and community development, technical services, data analysis, and even remote work for international blockchain projects right here in Vietnam. This scope is much broader than before, showing that cryptocurrency is gradually being seen as a sector of the digital economy, not just a speculative tool.

Reporter: Many believe that having management policies will make the market safer. Is this a correct understanding?

Expert Mr. David Richter: Actually, in the field of digital assets, the line between opportunity and risk is very thin. To protect your capital, I want to share three objective and realistic perspectives:

First, regarding the Legal aspect: Management does not mean Guarantee. Many people think that once the State issues documents on digital assets, all investments are "insured." In reality, policy aims to manage systemic risk and combat money laundering, not to guarantee profits for individuals. In this game, investors must still bear the ultimate responsibility for their own decisions.

Second, regarding the Product: Do not equate all Tokens. We need to distinguish clearly between cryptocurrencies with established ecosystems and newly issued tokens. Many tokens today are essentially for internal fundraising, lack liquidity, and have no practical application. Treating all tokens as having equal potential is a mistake in risk assessment.

Third, identify "High-Risk Signals." Instead of just labeling everything a "scam," we should view them as high-risk indicators when a project exhibits:

• Guaranteed fixed returns without a clear source of profit.
• Internal-only trading, lacking verification from independent exchanges or organizations.
• Focusing too much on recruiting a network rather than developing technology.

My final advice: In the financial game, wherever you see the "Triple Threat": High Profit - No Risk - Pressure to pay quickly, that is the moment you must stop and perform thorough due diligence. Sobriety and knowledge are the best shields for your assets.

Reporter: From a technical and behavioral standpoint, how do you see Vietnamese participants changing?

Expert Mr. David Richter: Vietnamese people learn very fast, especially after major global market shocks. Three principles are gradually forming in the community: tighter capital management, understanding the product before investing, and not going "all-in" on a single channel. More importantly, many are realizing that sustainable profit doesn't come from guessing the price correctly, but from participating in the right role within the digital asset value chain. This is a positive sign.

Reporter: What is the biggest risk right now?

Expert Mr. David Richter: In my opinion, the biggest risk isn't the technology, but human psychology. When the market shows signs of recovery, greed easily returns. In particular, modern scams often "dress up" as being "ahead of the decree" or "permitted by the State" to exploit a lack of public understanding. Therefore, Government policy is not just to manage the market, but to protect people from their own lack of information.

Reporter: Looking toward the 2026–2030 period, what is your forecast for the crypto trend in Vietnam?

Expert Mr. David Richter: I predict a very strong market purge. "Get-rich-quick" models lacking real value will gradually disappear. They will be replaced by applications linked to digital finance, data, supply chains, governance, and cross-border services. Vietnamese people will not just be investors, but direct participants in the global blockchain value chai - using knowledge, skills, and discipline.

Reporter: If you had to send a short message to people interested in cryptocurrency in this new context, what would it be?

Expert Mr. David Richter: I would tell investors: Treat cryptocurrency as a serious economic sector, not a path to quick wealth. As the rules of the game become clear, those who go slowly, understand deeply, and do things right will be the ones left standing. Vietnam's digital asset market is moving past the "emotional stage" into the "screening stage." When policy is finalized, it will no longer be a game of luck, but a test of financial capacity, technology, and the mettle of the participants.

Vietnam’s digital asset market is moving beyond its emotional phase and entering a period of consolidation and screening. As the regulatory framework becomes more complete, cryptocurrency will no longer be a game of chance, but rather a test of financial capacity, technological competence, and the resilience of market participants. Within this evolving landscape, Siglaw does not merely act as a legal advisor; we also aim to support and guide investors in navigating a compliant and sustainable path in the Vietnamese market.

Siglaw has built its position on a deep understanding of the intersection between Law, Technology, and Finance. We provide specialized advisory services, including transaction structuring and legal due diligence for technology projects; legal support in fintech and blockchain matters; licensing and regulatory compliance advisory; as well as dispute resolution and risk management when issues arise.

As the digital asset market in Vietnam continues to develop within an increasingly defined legal framework, staying informed about draft regulations, policy directions, and compliance requirements is essential for investors and enterprises. We closely monitor these developments to assist clients in identifying legal risks and preparing appropriate strategies aligned with each stage of market evolution.

As cryptocurrency and digital assets gradually become integral components of the digital economy, expectations regarding transparency, compliance, and risk governance will become more pronounced. Prudence, legal awareness, and long-term strategy will form the foundation for sustainable participation in this market.

For further information, please visit our official website at siglaw.com.vn or contact our team directly for in-depth consultation tailored to your specific needs.

By Dr. Nguyễn Thúy Lan

Vietnamese version: https://doanhnghiephoinhap.vn/khi-tien-ma-hoa-roi-vung-xam-nguoi-viet-dang-kiem-loi-nhuan-theo-cach-nao-127832.html