Amidst the heated "race" to establish a digital asset exchange, one side suddenly withdrew.

(Dan Tri) - In a recent share, a financial expert commented that digital assets are an attractive "piece of cake" that no securities company wants to ignore.

Sharing at the recent extraordinary general meeting of shareholders, Mr. To Hai - General Director of Vietcap Securities Joint Stock Company (stock code: VCI) - said that Vietcap decided to withdraw from the project of establishing a digital asset trading floor.

While all parties were very excited, VietCap announced its withdrawal.

“Initially, we had enough potential and ability to participate. However, after reviewing the regulation on minimum charter capital of up to VND10,000 billion, Vietcap realized that this was too high for a very new field, so we decided to stop,” Mr. Hai explained.

According to him, Vietcap cannot “spend a huge investment in a nascent market”. This move is noteworthy as many large financial institutions and securities companies are eager to join the race to set up a crypto-asset trading floor in Vietnam.

VPBank is completing the final procedures to participate in the pilot implementation of a digital asset trading floor. This project is chaired and led by VPBank Securities Joint Stock Company (VPBankS) - a subsidiary of the bank.

Previously, in mid-August, the Military Commercial Joint Stock Bank (MB) signed a memorandum of understanding (MoU) with Dunamu Group (Korea) at the Vietnam - Korea Business Forum in Seoul, to cooperate in deploying the first domestic digital asset trading floor in Vietnam.

In the securities company sector, the race is also getting "hotter" with the participation of a series of big names such as SSI, Techcombank Securities (TCBS), VIX...

Specifically, VIX Securities has established VIX Cryptocurrency Exchange Joint Stock Company (VIXEX), with a charter capital of VND1,000 billion. TCBS also contributed capital to establish Techcom Cryptocurrency Exchange Joint Stock Company (TCEX), with an initial charter capital of VND3 billion.

Meanwhile, since 2022, SSI has established a subsidiary, SSI Digital Technology Joint Stock Company (SSI Digital - SSID), to research and develop a digital asset platform.

Amidst the heated cryptocurrency exchange race, one side has withdrawn (Photo: CryptoSlate).

A delicious piece of cake

Regarding market potential, sharing with Dan Tri reporter, Mr. Nguyen The Minh - Director of Analysis of Yuanta Vietnam Securities Company - said that digital assets are an extremely attractive "piece of cake" that no securities company wants to ignore.

Because Vietnam is one of the top countries in the world in terms of digital asset ownership and trading (about 17 million people, with 1,000 billion USD in transactions in 2024), in which, it ranks in the top 5 in the world in terms of interest in digital assets and top 3 in terms of using international exchanges.

According to statistics from Statista in 2024, the number of digital asset account users in Vietnam is estimated to reach 10.15 million people, not including the NFT (Non-fugible token) market, 5 times more than in 2019. Another statistic from Triple A in 2023 shows that this number can reach 20.1 million accounts.

According to Chainalysis, the cryptocurrency market value in Vietnam has exceeded 220 billion USD, increasing by 55% in the 12 months to June 2025, bringing Vietnam to the 3rd position in the Asia-Pacific region.

On September 9, Deputy Prime Minister Ho Duc Phoc signed and issued Resolution No. 5/2025/NQ-CP allowing the pilot implementation of the crypto asset market in Vietnam.

However, the participation conditions are very strict with a minimum charter capital of VND10,000 billion, of which at least 35% must be contributed by two financial institutions (banks, securities companies or insurance companies). At the same time, only 5 trading floors are licensed to participate in the pilot.

Source: https://dantri.com.vn/kinh-doanh/giua-cuoc-dua-lap-san-tai-san-so-dang-nong-mot-ben-bat-ngo-rut-lui-20251110115723472.htm