Why is SSI lagging behind in the digital asset race?

While diversified conglomerates are rapidly gaining ground through thorough preparation, the misstep of the "big player" in the securities industry is not just a matter of administrative procedures, but also a challenge regarding the speed of adaptation of traditional financial institutions in the race for new technologies.

In September 2025, Resolution 05/2025/NQ-CP was officially issued, marking a turning point as Vietnam "gave birth" to a legal framework for cryptocurrencies. This was an effort to move this market out of its "gray area," shifting from informal transactions to a system with state supervision. In this context, the race for the first five pilot slots became a fierce screening process in terms of financial and technological capabilities.

Of the 7 applications submitted to the Ministry of Finance , 5 entities passed the preliminary screening round with complete dossiers, including representatives from the Techcombank, VPBank, LPBank, and VIX ecosystems. However, SSI Digital Technology Joint Stock Company (representing the SSI ecosystem) was among the group of applications that did not meet the regulations.

SSI surprise: When the "big brother" lacks documentation.

According to information obtained by investors, SSI's application was deemed to have not met the requirements for the application form, and also lacked important documents related to the company's charter and technology personnel.

From an economic perspective, this is an unbelievable "delay" for an entity that possesses strong financial resources and extensive experience in operating securities trading systems.

According to experts, SSI may still be weighing the risks between protecting its traditional brand reputation and venturing into a volatile field like digital assets. Alternatively, the lack of a profile of its technology department suggests that even the largest companies are struggling to attract blockchain and security talent – ​​key pillars of digital exchanges.

Sun Group : The new "giant" in the digital race.

In contrast to SSI's hesitation, the market witnessed a decisive entry by Sun Group. On January 21, 2026, Vietnam Digital Asset Joint Stock Company was established with a charter capital of VND 1,000 billion, in which Sun Group holds a controlling stake of 64%.

Sun Group's presence is not simply about diversifying its investment portfolio from real estate and tourism to technology. Their decision to locate their headquarters in the Sun Ancora building and partner with technology companies demonstrates a well-planned strategy for building data and storage infrastructure – core elements of a next-generation trading platform.

This is the clearest evidence that diversified conglomerates are leveraging their capital and management capabilities to quickly seize market segments where traditional financial companies are still hesitant.

The digital asset market is projected to have enormous revenue potential, with transaction values ​​in Vietnam exceeding billions of USD annually. The pilot program for the first five exchanges is not only a business opportunity but also a means of setting the rules of the game (market maker).

If SSI does not soon finalize its stringent regulations and personnel standards, it risks missing the opportunity to shape a market that, according to its own experts, is "evolving 10 times faster than the stock market."

In the digital age, speed is sometimes more important than scale, and thorough legal preparation is the only "passport" to enter the mainstream.

Source: https://daibieunhandan.vn/vi-sao-ssi-lai-cham-chan-trong-cuoc-dua-tai-san-so-10410247.html