Setting up a crypto asset exchange is not for "playing coins"

Vietnam leads in cryptocurrency adoption

According to a recent report by Chainalysis, Vietnam has moved up one spot in the Global Cryptocurrency Adoption Index 2025, rising to fourth place. The size of Vietnam's cryptocurrency market reached a value of more than 220 billion USD last year, ranking third in the Asia- Pacific region (APAC).

The scale of cryptocurrency transactions in Vietnam is growing and is not under the control of the Government , showing great risks and waste. The Government's issuance of Resolution No. 05/2025/NQ-CP on piloting the crypto asset market in Vietnam is completely correct.

However, according to Dr. Can Van Luc, chief economist of BIDV , the establishment of the exchange is not to encourage people to buy and sell virtual currency (coin).

“Vietnam has about 21 million people owning virtual currency, with a transaction scale of hundreds of billions of USD, ranking first in the world. This money flow does not return to Vietnam for investment, business, and tax payment, but is completely on foreign exchanges, causing waste and tax loss, not to mention that investors will not be protected when they encounter risks. Therefore, it is necessary to set up an exchange for management. If you think that setting up a crypto-asset exchange to encourage people to 'play coins' is very dangerous,” Mr. Luc commented.

According to him, a country where people only focus on investing in virtual currency cannot become rich and powerful, and cannot mobilize capital for production and business.

Blockchain technology has many applications, especially in the field of finance and banking. Recently, many banks have taken the lead in applying this technology.

Crypto assets are of two types: those tied to real assets (tokenized) and those not tied to real assets. Vietnam's orientation is to develop the crypto asset market to attract capital and increase liquidity for other markets. Tokenizing real assets is also a global trend.

According to the Boston Consulting Group (BCG) forecast, the real asset tokenization market will account for 10% of global GDP by 2033, equivalent to nearly 19,000 billion USD. Resolution 05 will limit financial fraud. Accordingly, investors can participate in the market through exchanges to ensure publicity and transparency.

- Mr. Phan Duc Trung, Chairman of Vietnam Blockchain and Digital Asset Association

For example, with the traditional method of opening a credit L/C, the bank needs up to 6 sets of documents to send to the parties, costing about 20-30 USD. However, now, thanks to the encryption of documents using blockchain, the cost has been reduced to just "a few cents", and the parties involved can access it immediately.

With the crypto asset exchange in Vietnam, according to experts, the purpose of establishing it is not just to "trade coins", but all real assets can be encrypted and put on the exchange, for example, fund certificates, artworks, music projects, movies, real estate, etc. Once these real assets are put on the exchange, the seller can raise capital quickly without going through an intermediary, reducing time and costs, bringing benefits to all parties.

Real estate benefits from crypto-asset exchanges

According to experts, the biggest significance of setting up a crypto asset exchange is not to trade coins, but to link with real assets, that is, to encrypt real assets and put them on the exchange (tokenization). Real estate is one of the real assets with the most potential to be encrypted.

Mr. Nguyen Tuan Minh, General Director of AFA Capital, analyzed that an individual with capital under 1 billion VND wanting to invest in a villa worth 20 billion VND is impossible (without a loan source). However, if that villa is divided into 1,000 parts, encoded with 1,000 tokens and put on the trading floor, individuals with small capital can completely invest in a part. If the price of the villa increases, the price of the token will also increase, not to mention the income from real estate operations.

Ms. Duong Thuy Dung, CEO of CBRE Vietnam, stated that in reality, most real estate transactions in Vietnam, in all segments, serve speculative and investment needs, not real estate needs. Therefore, there needs to be a solution to classify real estate serving real estate needs and real estate serving speculative needs. With this type of speculation, coding to put it on the market is completely feasible.

Mr. Nguyen Duc Tai, Chief Financial Officer of Meey Group, informed that the company's MEY Network platform is now ready to deploy real estate crypto assets. The company has planned to tokenize large projects and expects the sandbox mechanism to allow controlled piloting, ensuring safety for investors, while encouraging innovation.

“Technology will be the main driving force to change the real estate market marketing method from traditional to digital in the new cycle,” said Mr. Tai.

It can be seen that real estate is one of the most "eager" industries when it comes to tokenizing real assets. However, the crypto asset market does not only have cryptocurrencies or real estate tokens, but also many other investment assets. For real assets to be tokenized and listed on the exchange, according to Mr. Trinh Ha, a strategy expert at Exness Investment Bank, laws and decrees need to provide clear guidance. In addition, it is necessary to regulate whether real assets are "tokenized" and listed on the exchange, must comply with laws related to the stock market or not.

Experts also warn that crypto-asset exchanges can be a good channel for raising capital and investing, but they also pose risks. Investors must be careful to avoid falling into the “trap” of raising capital.

Source: https://baodautu.vn/lap-san-tai-san-ma-hoa-khong-phai-de-choi-coin-d395186.html