How to manage the $220 billion cryptocurrency market?

Capital flow into Vietnam's crypto-asset market by the end of 2024 exceeded 220 billion USD, ranking 3rd in the region, but all crypto-currency transactions take place on foreign exchanges, posing many potential risks.

Speakers participating in the discussion at the Digital Asset Market Forum, from trends to breakthroughs - Photo: B.NGOC

Raising capital from the cryptocurrency market

Mr. Vu Quoc Huy, Director of the National Innovation Center (NIC), raised the issue at the Digital Asset Market Forum, from Trend to Breakthrough, organized by NIC in coordination with the State Securities Commission (SSC), Blockchain and Digital Asset Association (VBA), on October 2 in Hanoi .

According to Mr. Huy, the global digital economic context is witnessing a strong shift, in which crypto assets - digital currencies are emerging with unprecedented growth rates.

Data from Chainalysis shows that the value of on-chain cryptocurrency transactions in the Asia- Pacific region will increase from $81 billion/month in mid-2022 to $244 billion/month by the end of 2024.

With rapid growth, the Asia-Pacific region has become the fastest growing cryptocurrency market in the world.

Of which, Vietnam ranks third in the region, with capital flowing into the cryptocurrency market and crypto assets exceeding 220 billion USD.

However, most of Vietnam's cryptocurrency trading activities take place on international exchanges, causing tax losses and affecting the work of preventing money laundering, combating terrorist financing, and preventing high-tech crimes. This requires building a transparent and controlled domestic cryptocurrency market and protecting the interests of related parties, Mr. Huy raised the issue.

Sharing about the global crypto asset picture, Mr. Phan Duc Trung, Chairman of VBA, assessed that tokenization of real assets is becoming an irreversible trend.

The global digital asset and crypto asset size is forecast to reach 19,000 billion USD by 2033, equivalent to more than 10% of global GDP.

This trend is becoming increasingly evident as a series of projects are deployed by the world's leading financial institutions such as JPMorgan operating the Tokenized Collateral Network with a cumulative transaction volume of more than 1,500 billion USD, an average transaction value of 2 billion USD/day in 2025.

Mr. Trung commented: "We are in the era of tokenization. This is a breakthrough in financial innovation, comparable to the birth of mutual funds in the 1970s, and exchange-traded funds (ETFs) in the 1990s.

With the right legal frameworks in place, the impact of asset tokenization will become much more widespread, allowing any type of asset to be digitized and traded on the blockchain."

Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department, State Securities Commission, presented at the forum on digital asset market - Photo: B.NGOC

Pilot for 5 organizations to set up digital currency exchanges

In Vietnam, Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department, State Securities Commission - said that Resolution 05/2025 of the Government on piloting the crypto asset market is an important foundation for the formation of a domestic crypto asset market.

The resolution clearly stipulates issuance conditions, requires the issuing enterprise to be a legal entity in Vietnam and based on real assets, and establishes strict standards for organizations providing crypto asset services (VASPs).

Accordingly, the Government allows 5 organizations to pilot the establishment of crypto-asset and digital currency trading floors for 5 years. VASPs must have a minimum charter capital of 10,000 billion VND, foreign investor ownership ratio not exceeding 49%, and technology infrastructure meeting level 4 safety standards on a 5-level scale.

In addition to providing trading and custody services, businesses are required to disclose transparent information, separate customer assets, and have a dispute resolution and compensation mechanism in case of incidents.

Mr. Hoa believes that this pilot mechanism not only paves the way for innovation, but also acts as a filter, eliminating potentially risky models. Thanks to that, the market can operate transparently, creating trust for domestic and foreign investors, and at the same time helping Vietnam integrate with international standards in crypto asset management.

According to Lieutenant Colonel Nguyen Thanh Chung, Deputy Head of Department 4, Department of Cyber ​​Security and High-Tech Crime Prevention (A05), Ministry of Public Security, Resolution 05 and the Law on Digital Technology Industry will be an important basis to help increase the effectiveness of technology crime prevention.

Mr. Chung said that crypto assets are being exploited to illegally raise capital and conduct other illegal activities in cyberspace, potentially posing many risks to national security, social order, and tax losses.

In the 5 years (2019 - 2024), nearly 20,000 fraud cases were discovered, involving more than 17,000 subjects, causing damage of over 12,000 billion VND. In the cases of fraud and appropriation of assets on the internet, most of the money obtained from crime was converted into crypto assets through peer-to-peer trading and exchange, organized on international exchanges such as Binance, HTX, OKX... with daily transaction values ​​up to thousands of billions of VND.

Therefore, licensing domestic crypto-asset exchanges not only contributes to improving the effectiveness of anti-money laundering and anti-terrorism financing work, but also directly ensures customer rights when disputes arise, the A05 representative added.

BAO NGOC

Source: https://tuoitre.vn/quan-thi-truong-tien-so-hon-220-ti-usd-cach-nao-20251002142950979.htm