Legalize the market, establish a digital trading floor
According to data from the Vietnam Blockchain Association (VBA), in 2024, Vietnam will record about 17 million people owning crypto assets, ranking 7th globally. The total amount of crypto transferred back to the country will reach more than 105 billion USD - although it is a decrease compared to the 120 billion USD figure in 2023, it still shows a very high level of market participation. There are currently about 20 crypto asset exchanges operating in Vietnam.
In order to bring this market under the management framework, the Ministry of Finance is drafting a Resolution on piloting the implementation of the crypto-asset market in Vietnam. Notably, the draft sets out conditions for licensing organizations operating crypto-asset trading floors, requiring a minimum contributed charter capital of up to VND 10,000 billion.
In particular, at least 35% of the capital must be held by two or more organizations, including banks, securities companies, insurance companies, fund management companies or technology enterprises. The remaining capital – 65% – must only be owned by organizations, with no individual participation allowed.
This charter capital requirement has caused a stir because it is much higher than in many other sectors. For example, establishing a commercial bank only requires VND3,000 billion; a non-life insurance company requires VND450 billion; a health insurance company requires VND400 billion; and an air transport company requires about VND300 billion. This comparison shows the special strictness in the digital asset sector.
At the recently held Vietnam Investment Forum 2025, many experts commented that fields such as banking, securities, insurance, technology and fund management are holding clear competitive advantages to enter the crypto asset market.
Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department under the State Securities Commission, said that securities companies and fund managers have a foundation of experience in processing transactions, managing assets and operating order matching systems for customers. Meanwhile, technology companies will play a core role in developing blockchain-based trading platforms, while insurance companies can provide risk management solutions for investors.
Commercial banks, especially the Big4 group including BIDV, Vietcombank, VietinBank and Agribank, are highly appreciated for their large financial potential, experience in cash flow control and anti-money laundering capacity.
Currently, each of these banks is managing deposits of 1.5 to 2 million billion VND. As of the end of the first quarter of 2025, Vietcombank has a charter capital of more than 83,000 billion VND, BIDV has more than 70,000 billion VND, VietinBank has more than 53,000 billion VND and Agribank has more than 51,000 billion VND.
In addition, a number of private joint stock commercial banks also made it into the Top 10 in terms of charter capital, such as VPBank (nearly VND 80,000 billion), Techcombank (over VND 70,000 billion), MB (over VND 61,000 billion), ACB (over VND 44,000 billion), SHB (over VND 40,000 billion) and LPBank (nearly VND 30,000 billion).
Banks and securities firms ready but cautious
The draft Resolution on digital assets has attracted great attention from securities companies, many of which expressed their willingness to participate in the market if the legal corridor is completed.
Mr. Mai Huy Tuan, CEO of SSI Digital Technology Joint Stock Company, said that although there are currently no specific regulations on digital assets and digital currencies, SSI has proactively prepared resources including 200 specialized personnel, technology infrastructure, software and connection network.
“We have learned from the experience of international partners and depositories, and are ready to receive official regulations to seriously implement compliance,” Mr. Tuan emphasized.
Sharing the same proactive viewpoint, Techcom Securities Joint Stock Company (TCBS) also said that it has applied blockchain technology to its business activities since 2022. Ms. Doan Mai Hanh, Senior Director of Trading and Financial Markets at TCBS, said that if crypto assets are recognized by law, the company will integrate them into the product ecosystem to provide more investment options for customers, contributing to portfolio diversification and risk control.
However, Ms. Hanh also admitted that this is still a new field, with many potential risks and challenges. Therefore, the selection of crypto assets to provide needs to be carefully screened, prioritizing those with high liquidity, real value and widely recognized in many countries.
From a banking perspective, during this year’s General Meeting of Shareholders (AGM) season, many bank leaders have also expressed clear views on the issue of digital assets. At Techcombank’s annual AGM, when asked whether the bank intends to issue digital assets, participate in blockchain or open a digital exchange, Chairman of the Board of Directors Ho Hung Anh affirmed: “If the law allows, Techcombank certainly wants to participate and contribute to the development of these new technology platforms.”
VPBank leaders also showed interest and proactively approached the digital asset market. General Director Nguyen Duc Vinh commented that this is a field full of potential but also many risks, but affirmed that financial institutions cannot stay out of the game.
“We are actively evaluating, analyzing and working with partners, while waiting for the pilot project to be approved by the management agency,” Mr. Vinh shared.
In contrast to the initiative of the private banking sector, state-owned banks are somewhat reserved. BIDV leaders said that, as a state-owned commercial bank, BIDV will accompany ministries and branches in implementing policies related to digital assets.
However, the establishment of a digital asset exchange will be “left” to the private sector. “BIDV has no plans to establish a company to operate the exchange due to the huge capital, technology and human resource requirements.
Instead, we will participate in the market as a payment support unit and provide related services," emphasized a BIDV representative.
Source: https://baodaknong.vn/ngan-hang-chiem-uu-the-tren-san-choi-tai-san-so-255010.html
Comment (0)