Many securities companies, investment funds and large technology corporations at home and abroad are actively seeking to gain a position in the cryptocurrency and digital asset market in Vietnam.
Need to change policy thinking about digital assets
Last week, Dragon Capital attracted attention when it proposed a pilot tokenization of ETFs that would allow investors to buy fund certificates in many forms, including cryptocurrencies like bitcoin. This proposal was made in the context of the global bitcoin price surpassing the $120,000/BTC mark and many countries gradually recognizing cryptocurrencies as a means of payment.
In Vietnam, although digital assets have begun to be mentioned in the law, the State Bank has not yet recognized virtual currency as a legal means of payment. However, according to Dr. Nguyen Tri Hieu, a financial expert, Vietnam cannot stay out of the global game that is changing strongly with the wave of AI and blockchain. He believes that it is time to consider accepting some virtual currencies such as bitcoin in specific transactions, instead of letting the underground market dominate.
In fact, the lack of a legal framework for digital currencies is making this activity informal, difficult to control and potentially posing risks of fraud, money laundering, and tax evasion. Meanwhile, Vietnam has been among the top 5 countries with the highest Global Digital Asset Acceptance Index for the past 4 years, with an estimated transaction volume exceeding 100 billion USD per year.
The bright spot is that policy thinking is showing signs of movement. The National Assembly has passed the Law on Digital Technology Industry, officially recognizing digital assets and crypto assets for the first time. The Prime Minister also assigned ministries and branches to urgently complete the draft Decree on piloting the crypto asset market before July 15, 2025.
This turning point could pave the way for limited trials of bitcoin or stablecoin payments. Globally , this trend is already evident: the US House of Representatives has just passed the GENIUS Act, which creates a legal framework for stablecoins and awaits the President’s signature. Many other countries are also gradually piloting the use of bitcoin as a controlled means of payment.
The billion dollar playground is calling Vietnam's name
The digital asset market in Vietnam is becoming an attractive destination for domestic and foreign "giants", from banks, securities companies, investment funds, technology enterprises to global digital asset trading platforms. With an estimated potential of hundreds of billions of USD, this playground is opening up a race to position its influence, not only in the field of financial technology but also on the international investment map.
Recently, Binance, the world's largest cryptocurrency exchange, has officially announced the "Blockchain for Vietnam" initiative, with the ambition of turning Vietnam into the blockchain hub of the Asia- Pacific region. Accordingly, Binance committed to investing 1 million USD to promote community education, popularizing the application of blockchain technology in Vietnam's advantageous industries such as finance, logistics, high-tech agriculture and blockchain games.
Mr. Richard Teng, CEO of Binance, assessed that Vietnam has all the conditions to make a breakthrough: a young population, high technology access rate, a large developer community and a spirit of readiness to welcome new things. “Vietnam is among the top 10 countries with the highest digital asset acceptance rate in the world. When the legal corridor is clearer, global capital flows will flow strongly,” Mr. Teng affirmed.
On the other hand, domestic financial institutions are not standing aside. Dragon Capital, one of the largest investment funds in Vietnam, is actively proposing a pilot tokenization of assets, while calling for the construction of a legal corridor so that digital assets can be considered an official investment channel alongside gold, stocks, and real estate.
Mr. Will Ross, Marketing and Distribution Director of Dragon Capital Vietnam, believes that it is necessary to quickly unlock the potential of digital assets, because young Vietnamese people are increasingly shifting from traditional investment channels to new technology, where profitability, flexibility and speed are far superior.
Besides Binance, many other “big players” such as Tether, IDGX, U2U Network, SSID, Amazon Web Services (AWS), Bybit, BingX… are also quietly investing in technology infrastructure, blockchain, digital wallet projects and developing future exchanges in Vietnam. Experts say that when domestic digital asset exchanges are licensed, Vietnam can become one of the most attractive investment destinations in the region, attracting new capital flows from global financial institutions.
This is even more meaningful in the context of increasingly expensive real estate prices, unattractive savings channels, and the stock market waiting for new impetus. Meanwhile, digital assets, if managed transparently and properly, can become a "destination" for young, creative and flexible capital flows, contributing to the sustainable development of the digital economy.
Source: https://baolamdong.vn/tai-san-so-thanh-san-choi-cua-nhung-ong-lon-383219.html
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