Deputy Governor Supports Changing Terminology From 'Virtual Currency' to 'Digital Assets'

Vietnam once ranked 4th in trading volume on Binance - the world's largest crypto exchange, surpassing Singapore. How to build a legal framework for this market to operate was hotly discussed at GM Vietnam 2025.

Mr. Nguyen Duy Hung - Chairman of SSI - hopes that with a young team knowledgeable about technology, Vietnam will not only catch up with the world but can also create unprecedented things - Photo: BTC

Cybersecurity is "vital" to the digital asset market

At GM Vietnam 2025, the top 3 largest blockchain, digital asset and technology event in Asia organized by SSI Digital and Kyros Ventures on August 1, Mr. Pham Tien Dung - Deputy Governor of the State Bank of Vietnam , Vice President of the National Cyber ​​Security Association - supported changing the term from "virtual currency" to "digital asset" (user asset).

It is important to emphasize that these are assets and not currencies, payments. This helps to avoid many of the barriers and problems associated with treating them as currencies.

Mr. Dung also emphasized the importance of cybersecurity in the process of testing the crypto asset 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 related parties such as banks.

“Without security, there will be no trust and no users will participate,” he asserted, asserting that cybersecurity is the number one important factor 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 development pillars will form a new generation of entrepreneurs: younger - more courageous - more technological - more global.

"And maybe today they are still very young. They are not millionaires or billionaires. They are living in their parents' house, starting a business in an old car, 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," Mr. Hung said.

According to Mr. Hung, this year’s GM event has more than 20,000 attendees, hundreds of investment funds, technology corporations and the world’s leading founders. All are looking to Vietnam not only as an emerging market, but as a country that is striving to lead.

"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 not only catches up with the world, but can also create unprecedented things," Mr. Hung said.

Vietnam surpasses Singapore in trading volume on the world's largest crypto exchange

Mr. Thuat Nguyen - founder and CEO of Kyros Ventures - said that awareness of blockchain has changed greatly.

From being compared to fraud in 2017, to mainstream media calling it "digital assets" instead of "virtual currency". Major universities around the world are also building curriculums on blockchain.

Mr. Thuat Nguyen

Mr. Thuat Nguyen also said that Vietnam is continuously in the top 5, even the top in the world in terms of cryptocurrency adoption rate.

WSJ cited internal data from Binance - the world's largest crypto exchange - saying that in May 2023, Vietnam ranked 4th in trading volume on Binance, surpassing Singapore.

Regarding market potential, Mr. Thuat said that Vietnam has a young population, 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 10 times longer with the same amount of capital.

On the sidelines of the event, Mr. Thuat said that when Vietnam allows testing, exchanges should start with highly liquid and safe assets or assets with real-world asset support (tokenized assets).

According to Mr. Thuat, the Kyros fund has supported about 100 - 200 Vietnamese projects to "go global" since 2020. However, when Vietnamese teams raise large amounts of capital (10 - 20 million USD), 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, expecting teams to return to Vietnam.

BINH KHANH

Source: https://tuoitre.vn/pho-thong-doc-ung-ho-viec-thay-doi-thuat-ngu-tu-tien-ao-sang-tai-san-so-20250801161719336.htm