The digital asset game

The first cryptocurrency exchanges in Vietnam are expected to be licensed in the first quarter of 2026. However, whether they can attract this capital flow into domestic exchanges is very difficult to predict, as the journey presents many challenges.

Vietnam is currently considered a highly promising market, consistently ranking among the countries with the highest percentage of the population owning cryptocurrencies globally. Chainalysis statistics show that the inflow of cryptocurrency capital into the Vietnamese market has exceeded $220 billion USD. If only a portion of this capital flows to domestic exchanges, the exchange owners will earn a substantial amount in service fees. This is also why this promising market is targeted by many banks and businesses. Furthermore, successfully attracting this capital to Vietnam will provide the economy with additional resources for development.

Because it's such a lucrative market, businesses that are granted licenses to establish exchanges early will have a pioneering advantage, setting the stage for the game. However, the pressure on cryptocurrency exchanges is considerable.

The first challenge is capital.

According to regulations, when establishing an exchange, organizations providing cryptocurrency services must meet strict conditions: a minimum charter capital of 10,000 billion VND. The first question is how to generate profit from this capital during the initial 5-year pilot phase, especially when the ability to attract domestic and foreign investors remains unclear?

Many experts believe that cryptocurrency investors are accustomed to trading in a "grey area," and once they switch to a legal trading channel, they may develop a sense of apprehension or choose to observe and learn from the experience. Therefore, market liquidity will not be very active in the initial phase. It may take 3-4 years for investors to become familiar with and adapt to the market. In other words, the return on investment during the pilot phase is considered unattractive, while the level of risk is high. This is why many large banks and securities companies have withdrawn from or remain outside the digital asset market.

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The second challenge is management experience, operational procedures, human resources, and the ability to master new technologies. Although businesses and regulatory agencies have consulted the operational experiences of exchanges in many countries, Vietnam has no precedent for operating in this field, while practical experience always gives rise to many complex issues, especially safety and security.

The IT infrastructure requirements for cryptocurrency exchanges are very stringent (must meet level 4 standards), and therefore, participating businesses need experience in managing and controlling human risks. Globally , even when cryptocurrency exchanges meet capital and technology requirements, the risks remain significant. The hacking of Bybit for nearly $1.5 billion earlier this year is a prime example. Prior to that, in 2014, Mt. Gox (which handled 70% of global bitcoin transactions) also went bankrupt after being hacked and losing all its assets.

The third challenge is the heavy responsibility of the "exchange operators," as they must comply with regulations on preventing and combating money laundering and terrorist financing.

According to current regulations, cryptocurrency exchanges must establish procedures for customer identification, monitor transactions of $1,000 or more, store data for a minimum of 10 years, and report unusual transactions. However, monitoring and identifying suspicious transactions in the cryptocurrency market is very complex, requiring exchanges to cooperate closely with authorities.

The fourth challenge is the large number of stakeholders participating in cryptocurrency exchanges (including banks, securities companies, etc.), so the question is how to prevent the spread of risk from the cryptocurrency market to other sectors.

According to the regulations issued, exchanges are also responsible for resolving related disputes during the provision of cryptocurrency services in accordance with the law; resolving and compensating for damages in cases where investors lose money or cryptocurrency assets due to insecure systems, intrusions, fraud, etc. This means that once a cryptocurrency exchange is attacked, the banks and securities companies that invested in and operated the exchange also face risks.

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Therefore, the initial steps to transform the potential of over $220 billion into a growth engine for Vietnam's digital economy must be very cautious and strategic. Overcoming these challenges requires a well-structured roadmap, flexible policies, and the early concretization of regulations on ownership rights, dispute resolution, tax obligations, and cybersecurity. Besides learning from the successful experiences of leading international financial institutions and regional markets, Vietnam could initially conduct pilot programs focusing on highly secure and transparent asset classes. This would be crucial, both in attracting long-term capital and in helping Vietnam's digital asset market develop rapidly, strongly, transparently, and integrate with the international market.

Source: https://baodautu.vn/cuoc-choi-tai-san-so-d439067.html