From being on the sidelines, even having to "go around" abroad to start a business, many Vietnamese businesses are now ready to enter the crypto-asset (digital asset/cryptocurrency) playground, in the context of the Digital Technology Law just passed by the National Assembly and the Government is considering a trial deployment of an exchange.
This is a big push that is opening up, with countless opportunities, but also many challenges for both businesses and investors when participating in this volatile market.
Eagerly waiting for the "green light"
Vietnam Blockchain Technology Week 2025 - GM Vietnam took place in Hanoi on August 1, attracting the attention of the community.
Vietnam has long been considered one of the most vibrant markets in the world for crypto-asset trading. According to statistics from international organizations, Vietnam currently ranks 7th globally in terms of digital asset ownership and 5th in terms of popularity. According to Mr. Truong Gia Binh, Chairman ofFPT Corporation, in recent years, Vietnam has become a dynamic blockchain center in Asia, with crypto transactions reaching a scale of 120 billion USD/year; 7 million people own cryptocurrencies and more than 35 million transactions per year.
However, due to the lack of a legal framework, crypto assets remain in a “gray” area, exposing businesses and investors to many risks. Mr. Nguyen Trung Thuat - co-founder and CEO of Kyros Ventures Venture Capital Fund said that Vietnamese people are very agile, but the value created mainly flows abroad due to the lack of a domestic exchange and legal environment.
In fact, despite being a bright spot on the world blockchain map, in recent years, most domestic blockchain companies have chosen Singapore as their headquarters to avoid legal risks. A typical example is the start-up named Sky Mavis, with the "virtual currency" Axie Infinity (AXS), which reached a market capitalization of more than 3.1 billion USD in 2021, founded by Nguyen Thanh Trung, 29 years old. Similarly, a series of leading blockchain start-ups today such as KardiaChain, Kyber Network or Tomochain... have all registered their "birth" abroad.
“We are eagerly awaiting the legal framework that will allow the pilot implementation of a crypto-asset exchange. If it is issued in August, digital asset businesses will have the opportunity to test new products within a clear legal framework.” Mr. Mai Huy Tuan, General Director of SSI Digital Technology JSC
Kyros Ventures CEO Nguyen Trung Thuat said that over the past time, he has supported more than 200 blockchain projects of Vietnamese origin, but most of them are registered abroad, while the technical team and users are still in the country. The "fruits" are planted by Vietnamese people but "bloom" elsewhere. "Previously, many people considered some blockchain products like Bitcoin to be a scam, but now it is different..., and digital assets are also being recognized as legal assets," said Mr. Thuat.
Crypto assets create many development opportunities but also pose many challenges in management.
According to Mr. Mai Huy Tuan, General Director of SSI Digital Technology Joint Stock Company (SSI Digital - SSID), in recent years, Vietnam has formed a number of digital asset business communities that operate substantially, have products, have technology, and have a need for systematic development. However, the biggest obstacle is still the lack of a legal corridor, causing businesses to operate cautiously and cannot expand their scale. While waiting for the legal framework, Mr. Tuan said, many domestic blockchain businesses and communities are still making efforts to invest in infrastructure, technology, and human resources, even though the market has not officially operated. "We are eagerly waiting for the legal framework that allows the pilot implementation of a crypto-asset trading floor. If issued in August, digital asset businesses will have the opportunity to test new products within a clear legal framework," Mr. Tuan said.
Attract capital, retain brainpower
After the Law on Digital Technology was passed by the National Assembly, the Ministry of Finance and the State Securities Commission urgently developed drafts to open a legal corridor for cryptocurrency transactions. This information immediately created a positive effect for businesses and investors at home and abroad in recent months.
At the “Asia’s Leading Blockchain, Digital Assets and Investment Technology Week” (abbreviated as blockchain week) held last week, about 20,000 organizations and individuals attended to discuss mechanisms and policies, and “advertise” promising projects. In addition to Vietnamese enterprises such as SSI Digital, Kyros Ventures, the event also attracted the participation of a series of international names in the blockchain and digital assets industry such as: Sui, MEXC, Gate, TRON, Tether, U2U Network, HashKey Exchange, Polkadot, Aptos, io.net…
Regarding the progress of issuing a legal framework to allow the pilot implementation of digital asset trading floors, Mr. To Tran Hoa, Deputy Head of the Market Development Department, State Securities Commission, said that the Draft Pilot Crypto Asset Market could be issued as early as early August. “Vietnam is on the FATF grey list. Issuing a legal framework for digital assets is an important step to meet international standards, thereby opening up opportunities to remove Vietnam from this monitoring list, promoting international capital flows into the market,” said Mr. Hoa.
According to Mr. Nguyen Trung Thuat, if Vietnam builds a truly competitive domestic exchange, with a good, transparent, secure technology platform and a fair listing mechanism, it will retain capital and talent. To be effective, Mr. Thuat proposed allowing parallel testing of centralized exchanges (CEX) and decentralized exchanges (DeFi) within the framework of a controlled testing mechanism (sandbox), technology monitoring, and considering building a risk insurance fund or linking with global blockchain insurance platforms to protect users' assets if there are technical risks. "With appropriate policies, Vietnam can absolutely become the leading digital financial center in the region in the next 5-10 years," Mr. Thuat said.
FPT Corporation Chairman Truong Gia Binh affirmed that Vietnam has a very special position in the field of blockchain and digital assets. And when Vietnam formalizes digital assets, allows pilot crypto exchanges, and integrates the entire financial - banking - insurance - retail system with blockchain, Mr. Binh believes that "there will be an explosive wave in this field".
Sharing the same expectation, SSI Securities Chairman Nguyen Duy Hung said: “Vietnam will have a new generation of billionaires thanks to digital assets. They may be living in their parents’ house, starting a business in an old car or writing code all night in a 24/7 coffee shop. But they - the citizens of the new era - will be the economic pillars of Vietnam in the next 10, 20 years.”
Speaking to the press on the sidelines of blockchain week, Mr. Mai Huy Tuan, General Director of SSI Digital Technology JSC, said that the company is ready to participate. “Partners such as VanEck, BlackRock and many other partners of SSID are waiting so that when they are allowed to “press the button”, they can act immediately,” Mr. Tuan said. According to him, this preparation did not just take place in a short time but has been carried out for many years.
Source: https://nld.com.vn/tai-san-ma-hoa-co-hoi-va-rui-ro-doanh-nghiep-don-song-thi-truong-tram-ti-do-19625080409581131.htm
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