Digital asset market attracts big players

The Law on Digital Technology Industry has been passed by the National Assembly, officially recognizing digital assets and encrypted assets. Photo: Duc Thanh

Changing policy thinking

Last week, Dragon Capital announced a proposal for a pilot project to tokenize exchange-traded funds (ETFs). If approved by regulators, investors will be able to purchase fund certificates in a variety of forms, including cryptocurrencies like bitcoin. In the context of the world's bitcoin price exceeding 120,000 USD/BTC and many countries also accepting bitcoin payments, this proposal has attracted a lot of attention.

In Vietnam, although digital assets have been initially recognized by law, the State Bank still does not recognize virtual currency as a means of payment. However, speaking to reporters, Dr. Nguyen Tri Hieu, an economic expert, said that it is time for Vietnam to study this issue, because the world is changing very quickly with the development of technology, especially artificial intelligence (AI) and blockchain...

“Vietnam may have to move towards allowing the acceptance of some virtual currencies - such as bitcoin - as a means of payment. Of course, bitcoin cannot be considered a national payment currency, widely accepted like VND, but it should still allow acceptance of payment within a certain scope, with certain specific transactions in the financial market,” Dr. Nguyen Tri Hieu recommended.

According to Dr. Hieu, the lack of regulations on digital currencies, as well as digital currency transactions, makes these transactions still take place on the underground market, which is very difficult to manage, creating risks of fraud, money laundering, tax evasion, etc.

Many international organizations say that digital asset transactions in Vietnam amount to more than 100 billion USD/year. Vietnam has also been in the top 5 countries with the highest Global Digital Asset Acceptance Index of Chainalysis for 4 consecutive years.

Formalizing the digital asset market must come with conditions.

- Dr. Nguyen Tri Hieu, economic expert

Completing the legal framework for virtual assets and cryptocurrencies is essential, because otherwise, transactions related to virtual assets and cryptocurrencies will take place in the underground economy, causing many risks of fraud, money laundering, tax evasion, etc. To overcome these shortcomings, formalizing the digital asset and cryptocurrency market is necessary, but this must come with conditions. That is, the legal framework must be solid, all transactions must be carried out through the exchange, and there must be an education program for investors to understand the risks of digital assets in general and digital currencies in particular.

In terms of policy thinking, the Government has made a very rapid change in policy thinking recently. The Law on Digital Technology Industry has been passed by the National Assembly, officially recognizing digital assets and crypto assets. The Prime Minister has assigned ministries and branches to complete and submit a draft decree on piloting the crypto asset market before July 15, 2025.

This policy shift paves the way for investors. Experts even believe that it is possible that in the future, accepting payments in bitcoin or stablecoins within a certain range is not impossible.

Last week, the global cryptocurrency industry received a historic turning point when the US House of Representatives passed the GENIUS Act, which creates a legal framework for stablecoins (virtual currencies pegged to the USD), and sent the bill to President Donald Trump for signing.

Around the world, many countries have accepted bitcoin as a means of payment or are piloting it in controlled, partial ways.

Billion dollar playground attracts big players

The digital asset playground in Vietnam is increasingly attracting big players, not only domestic banks, securities companies, fund management companies, and technology companies, but also "big players" in the world.

Last week, Binance - the world's largest cryptocurrency exchange - announced the "Blockchain for Vietnam" initiative, with the ambition to promote Vietnam as a new regional hub for blockchain technology and innovation. Accordingly, Binance committed to sponsoring 1 million USD to raise awareness of blockchain in the community in Vietnam, increase the application of blockchain technology in areas where Vietnam has a competitive advantage...

Mr. Richard Teng, CEO of Binance, commented that Vietnam has a lot of potential to develop the cryptocurrency market thanks to its young population and large workforce with a good understanding of technology. In fact, Vietnam is in the top 10 countries with the highest acceptance rate of digital assets in the world.

According to Binance leaders, Vietnam's official legalization of digital assets will bring investors a new investment channel. It is predicted that the digital asset exchange, when established, will become one of the investment channels that attracts the most young people.

Meanwhile, Mr. Will Ross, Marketing and Distribution Director of Dragon Capital Vietnam, expressed his opinion that instead of focusing only on traditional investment channels such as gold, real estate, stocks, etc., management agencies need to create a legal framework so that investors can confidently participate in investing in digital assets.

Currently, many domestic and foreign investors are interested in investing in infrastructure and digital asset ecosystems in Vietnam, such as SSID, Tether, IDGX, U2U Network, Amazon Web Services (AWS), Binance, Bybit, BingX... Experts believe that when a digital asset exchange is established, Vietnam will mobilize a large amount of capital in the world and digital assets and cryptocurrencies will be prominent investment channels in the near future, especially in the context of real estate prices being too expensive.

Source: https://baodautu.vn/thi-truong-tai-san-so-thu-hut-tay-choi-lon-d335306.html