Setting up a cryptocurrency exchange: The billion-dollar game will be more transparent

The underground flow of hundreds of billions of USD into the cryptocurrency and digital asset market in Vietnam is about to be legalized, when a series of official exchanges will be established. These exchanges are not only attractive investment channels, but also potential capital mobilization channels for businesses.

Cryptocurrency investment channels are very attractive to Vietnamese investors. Photo: Shutterstock

A series of virtual currency fraud rings were dismantled.

According to estimates by some international organizations, Vietnam currently has about 17 million people owning digital assets, with the value of virtual currency transactions in Vietnam being about 105 billion USD. However, blockchain experts say that this is just the tip of the iceberg, because in reality, the number of people participating in virtual currency investment is much larger. The recent dismantling of a series of fraudulent virtual currency exchanges shows the inadequacy of having no official virtual currency exchanges in the Vietnamese market.

Recently, Hanoi police busted a group of people who issued and promoted virtual currency projects, raising about 7.86 million USD (equivalent to 200 billion VND) from more than 3,000 investor accounts. The leader, Dang Quoc Thang (residing in Hanoi), established Maxx Group Company to promote virtual currency projects, notably Wingstep and Game Naga Kingdom.

By promising high commissions and large profits, the subjects lured a large number of investors to invest in the above mentioned virtual currency projects. These projects only existed for a short time before "collapsing" and all the investors' money was appropriated by the subjects.

Also in August 2025, Phu Tho Police dismantled an illegal multi-level marketing group under the guise of investing in digital currency. The group led by Nguyen Chanh Dang (born in 1986) through the website at https://tcis.ai lured many people to invest in the digital currency TCIS. In a short period of time, from June 2024 to July 2025, the group called on thousands of people to participate, creating more than 4,000 accounts, with a total amount of more than 2 million USD (more than 50 billion VND).

Another virtual currency ring that was busted by Phu Tho Police in August 2025 was a scam involving the virtual currency PaynetCoin (PAYN). The scammers led by Nguyen Van Ha programmed to create a virtual currency called Paynetcoin (PAYN), building a reward system based on a pyramid model (multi-level marketing). After registering to buy an investment package, participants will receive an interest of 5 - 9%/month, and receive rewards in PAYN (PAYN is traded on the exchange created by these subjects). Through this, the subjects attracted thousands of participants, with a total amount of money mobilized up to thousands of billions of VND.

Previously, in May 2025, Dong Nai Police dismantled a large-scale virtual currency ring called Matrix Chain (MTC), appropriating nearly 10,000 billion VND from tens of thousands of people in a short time...

According to experts, the fact that virtual currency is in a legal “gray area” makes it easy for people to fall into fraudulent virtual currency exchanges and believe in “rosy” advertisements. Mr. Tran Xuan Tien, General Secretary of the Ho Chi Minh City Blockchain Association, said that virtual currency investment channels are very attractive to Vietnamese investors, but for many years, this field in Vietnam has not had a legal corridor, causing the market to be held back. Investors participating in the market need to equip themselves with basic knowledge about blockchain to identify risks and avoid being caught up in “winged” advertisements.

Mr. Nguyen The Vinh, CEO of Ninety Eight, emphasized that the number of Vietnamese people holding crypto assets far exceeds the number of stock investors, proving the attractiveness of this type of asset. However, investors need to be wary of any exchange promising “unimaginable” interest rates, because there is no legitimate business model that guarantees such high profits.

Transparency and disclosure of information to protect investors

Many domestic enterprises and banks, such as SSI Securities Corporation, Techcom Securities Corporation (TCBS), Military Commercial Joint Stock Bank (MB), etc., are actively preparing to join the “cryptocurrency game”. It is expected that Vietnam will have about 5 digital asset exchanges capable of connecting with international exchanges and about 50 types of digital assets listed on the exchange. At the same time, it will allow the issuance of crypto assets tied to real assets to raise capital and is only available to foreigners.

Businesses have more channels to call for capital

- Lawyer Dao Tien Phong, CEO of Investpush Law Firm

The most important point when building policies for cryptocurrency and digital asset exchanges is to protect investors' rights, prevent money laundering and terrorist financing, and avoid tax losses. Establishing digital asset exchanges will help businesses have more channels to raise capital.

Currently, the legal framework for raising capital through bonds or securities has been completed, but the legal framework for businesses to raise capital on cryptocurrency and digital asset exchanges is not yet available. Therefore, it is necessary to amend related laws to allow businesses to account when raising capital through this channel, and at the same time, it is necessary to separate capital mobilization for businesses or for projects.

Mr. Huynh Quoc Nam, Business Development Director of OKX Global, said that establishing digital asset exchanges will help the market become transparent, customer identification information will be clear (electronic customer identification - eKYC must be implemented) to help reduce fraud and scams. At the same time, establishing digital asset exchanges will also help the State increase tax revenue and develop related industries.

Many businesses operating in the blockchain field also expect that the establishment of a cryptocurrency exchange will help start-ups return to the Vietnamese market, instead of flocking to Singapore to set up headquarters as before, and at the same time, help Vietnam strongly attract foreign investment capital, create a financial - technological ecosystem that keeps up with trends, affirming its position on the international blockchain map.

At the Government Press Conference in early August, Deputy Minister of Finance Nguyen Duc Chi said that the Ministry of Finance is drafting a Decree on piloting digital asset transactions. The Ministry has studied many experiences from countries in the region and internationally. Based on the direction of the Politburo and the Government, the Ministry of Finance will complete the draft and submit it to the Government for signing and promulgation. If it is approved soon, it will be promulgated in August.

Proposing to quickly establish a digital asset and cryptocurrency exchange in Vietnam, Mr. Tran Xuan Tien analyzed that if a digital currency exchange is not opened in the next 1-2 years, Vietnam will be left behind. According to this expert, Vietnam builds a domestic exchange to manage liquidity and data, and at the same time allows international exchanges to participate to ensure competition and learning, because international exchanges have many years of experience in operating and managing risks, and have a very high level of security.

Regarding the experience of operating digital asset and cryptocurrency exchanges, experts say that the highest principle of the exchange is to ensure transparency, public information about trading volume, costs, liquidity, avoid market manipulation to protect investors. In addition, the exchanges must pay great attention to security and confidentiality issues and must separate the exchange's assets from the investors' assets.

For investors, experts advise that the virtual currency market is extremely attractive, but also very risky. “If you do not have knowledge and experience, the more you invest, the more you lose. Therefore, do not rush into digital currency without enough knowledge and experience. If you are new to investing, you should slow down,” Mr. Nguyen The Vinh recommended.

Meanwhile, claiming to have “shed a lot of blood” on the cryptocurrency exchange, lawyer Dao Tien Phong, CEO of Investpush Law Firm, shared his experience that investors must have knowledge; with each cryptocurrency project, it is necessary to carefully check, especially the business model, founding team, and strictly comply with tax regulations...

Source: https://baodautu.vn/lap-san-giao-dich-tien-so-cuoc-choi-ty-usd-se-minh-bach-hon-d368112.html