Mr. Nguyen Duy Hung - Chairman of SSI - expects that with a young, tech-savvy workforce, Vietnam will not only catch up with the world but also create unprecedented achievements. - Photo: Organizing Committee
Cybersecurity is vital for the digital asset market.
At GM Vietnam 2025, one of Asia's top 3 blockchain, digital asset, and technology events organized by SSI Digital and Kyros Ventures on August 1st, Mr. Pham Tien Dung - Deputy Governor of the State Bank of Vietnam and Vice Chairman of the National Cybersecurity Association - supported changing the terminology from "virtual currency" to "user asset".
It's important to emphasize that these are assets, not currencies or forms of payment. This helps avoid many of the barriers and problems associated with treating them as currency.
Mr. Dung also emphasized the importance of cybersecurity in the testing phase of the cryptocurrency market. Accordingly, cybersecurity plays an extremely important role in ensuring the safety of all parties involved in digital asset activities, including users, exchanges, and other stakeholders such as banks.
"Without security, there will be no trust and no users will participate," he asserted, emphasizing that cybersecurity is the number one priority in the operation of digital asset exchanges.
Referring to the digital asset market, Mr. Nguyen Duy Hung - Chairman of SSI Securities - also emphasized that Vietnam is facing a new opportunity and mission. The newly established pillars of development will form a new generation of entrepreneurs: younger, more capable, more technologically savvy, and more global.
"And perhaps today they are still very young. They are not established millionaires or billionaires. They are living in their parents' houses, starting their businesses in an old car, coding all night in 24/7 cafes. But it is they, the citizens of the new era, who will be the economic pillars of Vietnam in the next 10, 20 years," Mr. Hung said.
According to Mr. Hung, this year's GM event attracted over 20,000 attendees, hundreds of investment funds, technology corporations, and leading founders from around the world. All are looking towards Vietnam not just as an emerging market, but as a nation striving to lead the way.
"I have always believed that the future lies not in choosing between tradition or technology, but in the ability to combine both responsibly and transparently. Young people are also the reason I believe that Vietnam can not only catch up with the world, but also create unprecedented things," Mr. Hung stated.
Vietnam surpasses Singapore in trading volume on the world's largest crypto exchange.
Mr. Thuat Nguyen - founder and CEO of Kyros Ventures - said that perceptions of blockchain have undergone a major shift.
From being compared to a scam in 2017, to mainstream media now referring to it as a "digital asset" instead of "cryptocurrency," major universities around the world are also developing blockchain curricula.
Mr. Thuat Nguyen
Mr. Thuat Nguyen also stated that Vietnam consistently ranks in the top 5, and even the top 1, in the world in terms of cryptocurrency adoption rates.
The Wall Street Journal, citing internal data from Binance – the world's largest crypto exchange – reported that in May 2023, Vietnam ranked fourth in trading volume on Binance, surpassing Singapore.
Regarding market potential, Mr. Thuat believes that Vietnam has a young population with increasing proficiency in crypto and English.
At the same time, the cost of living and wages in Vietnam are significantly lower than in Singapore, China, and Hong Kong, allowing companies to survive up to 10 times longer with the same amount of capital.
On the sidelines of the event, Mr. Thuat suggested that when Vietnam allows pilot programs, exchanges should start with highly liquid and secure assets or assets backed by physical assets (tokenized assets).
According to Mr. Thuat, the Kyros fund has supported approximately 100-200 Vietnamese projects to "go global" since 2020. However, when Vietnamese teams raise significant capital (US$10-20 million), they often have to establish companies abroad to hold digital assets, resulting in Vietnam not directly benefiting from this capital flow.
Mr. Thuat hopes this will change, especially with the upcoming launch of the international financial center, and expects teams to return to Vietnam.
Source: https://tuoitre.vn/pho-thong-doc-ung-ho-viec-thay-doi-thuat-ngu-tu-tien-ao-sang-tai-san-so-20250801161719336.htm
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