CAEX proposes connecting banks to help increase transparency in cryptocurrency transactions
Transparent control of cash flow, enhanced user protection, and dispute resolution support are the outstanding benefits of connecting bank accounts registered in the account holder’s name with licensed cryptocurrency exchanges, a solution recently proposed by CAEX at the Vietnam Digital Financial Security Forum 2026.
At the Vietnam Digital Financial Security Forum 2026, the CEO of CAEX presented a paper titled “Connecting the Global Cryptocurrency Market with Vietnam’s Financial Infrastructure,” proposing an approach to increase transparency and security in trading activities. In his presentation, Chris Chiew, CEO of CAEX, emphasized the need to build a suitable infrastructure to support the increasing participation of domestic investors in the cryptocurrency market.
THE GAP BETWEEN FEX-BASED CURRENCY AND CRYPTOCURRENCIES
According to a report by global cryptocurrency payment infrastructure company TripleA, Vietnam currently has approximately 17 million cryptocurrency owners, accounting for 17% of the population. The value of cryptocurrency transactions is estimated to exceed $220 billion in 2025, reflecting significant demand from Vietnamese people for this type of asset.
Visitors check out the CAEX booth at the Vietnam Digital Financial Security Forum 2026.
However, cryptocurrency trading currently takes place primarily on foreign platforms that are not licensed in Vietnam, and there is no direct connection mechanism between these exchanges and the domestic banking system. This means that conversions between VND and cryptocurrencies are largely done through peer-to-peer (P2P) transactions, i.e., direct buying and selling between individuals with the support of a trading platform.
In a typical P2P transaction, after the buyer selects a sell order, the platform temporarily holds the seller’s cryptocurrency to secure the transaction. The buyer then transfers VND directly to the seller’s bank account and only receives the cryptocurrency once the seller confirms receipt of the funds. Under this mechanism, the VND payment flow and the cryptocurrency transfer are conducted on two separate systems, meaning the bank transfer transaction does not fully reflect the information about the corresponding cryptocurrency transaction.
The lack of interconnection between the two systems poses significant risks for all parties involved in the transaction. For sellers, the received funds may be linked to illegal activities, leading to legal risks and difficulties in verifying the source of the money. Meanwhile, buyers may face the risk of payment disputes or not receiving the cryptocurrency after transferring funds.
On a broader scale, this transaction mechanism can also be exploited to circulate illicit funds, converting them into cryptocurrency and transferring them overseas, making it difficult to monitor, trace, and prevent money laundering within the financial system.
BUILDING BRIDGES, INCREASING PROTECTION FOR INVESTORS
To bridge this gap, CAEX leaders proposed directly connecting banking infrastructure with licensed cryptocurrency exchanges. The model aims to facilitate VND deposits and withdrawals between the exchange and eligible users’ bank accounts, thereby linking funds to verified identities across both systems.
“Through direct bank connections with licensed exchanges, Vietnamese investors can securely access crypto assets and global liquidity without leaving the domestic financial market. Conversely, eligible physical assets in Vietnam can be tokenized and offered to foreign investors through licensed entities. This opens up a new, standardized, and regulated channel for attracting capital to Vietnam,” a CAEX representative shared at the event.
Chris Chiew, CEO of CAEX, presented a paper titled “Connecting the Global Cryptocurrency Market with Vietnam’s Financial Infrastructure” at the event.
Unlike P2P transactions, this model allows investors to trade with a licensed exchange platform, resulting in a more transparent flow of funds and protection under Vietnamese law. Simultaneously, regulatory authorities can easily trace the flow of funds, enabling the timely detection and handling of suspicious transactions.
To operate that connection, CAEX aims to build five pillars: banking connectivity, asset custody and protection, market supervision, investor protection, and standards for tokenizing real assets.
In this model, the exchange platform connects with banks to create deposit and withdrawal channels through identified accounts, serving as a fundamental replacement for traditional P2P transactions. Custody services help protect assets and enhance customer confidence through appropriate control mechanisms, supporting access management, hot and cold wallets, and periodic reconciliation. Furthermore, market monitoring mechanisms are in place to control transactions and promptly detect anomalies or market manipulation.
Alongside the operational components, the system protects investors by establishing clear processes, transparent information disclosure, and access channels to adequately address user feedback. Finally, it involves researching the legal framework for asset tokenization, including verifying ownership and legal validity of the underlying assets.
Connecting Vietnam to the global cryptocurrency market is not simply a technological challenge, but a financial infrastructure issue requiring the collaboration of all parties. This includes regulatory bodies building the framework and protecting market integrity, banks providing payment infrastructure and financial control, technology partners strengthening system reliability, and licensed exchanges responsible for the services provided. Synchronized coordination is the foundation for creating a more accessible, transparent market that better protects investors, thereby contributing to the development of Vietnam’s finance sector.（Vietnam Crypto Exchange）