Cryptocurrency: From technology game to challenge for financial infrastructure
Connecting Vietnam to the global cryptocurrency market is not only a technological challenge, but also a challenge for the financial infrastructure, requiring coordination between regulators, banks, technology partners and service providers.
Protecting investors is not just a technological challenge.
One of the key challenges in the Vietnamese cryptocurrency market is currently peer-to-peer (P2P) trading. This model allows buyers and sellers to exchange cryptocurrencies directly, often via an intermediary platform, with payments made through transfers between individual bank accounts.
CAEX focuses on five pillars: bank connectivity, custody and asset protection, market supervision, investor protection, and research in the field of real-asset cryptography.
The convenience of peer-to-peer lending offers investors easy market access, but it also presents risks in controlling the flow of funds. Buyers may transfer money to accounts that do not belong to the actual sellers; the recipient accounts may be linked to fraudulent activities or illegal sources of funds. In the event of a dispute, it is therefore difficult to identify the parties involved in the transaction, trace the flow of funds, and prove each party’s responsibility.
These risks not only directly affect investors, but also pose challenges for the banking system and authorities in preventing and combating money laundering and detecting suspicious transactions.
According to Chris Chiew, CEO of Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX), connecting banks with licensed cryptocurrency exchanges can help overcome these limitations. When transactions are processed through a controllable infrastructure, the flow of funds is easier to trace, improving investor protection and strengthening regulatory oversight. The challenge of market development lies not only in building a trading platform, but also in creating an infrastructure system that integrates with the components of the existing financial market.
Chris Chiew, CEO of CAEX, explained that connecting Vietnam to the global cryptocurrency market presents not only a technological but also an infrastructural challenge. (Photo: Mai Vân)
According to Chris Chiew, connecting Vietnam to the global cryptocurrency market presents not only a technological challenge, but also a challenge for the financial infrastructure, requiring coordination between regulators, banks, technology partners and service providers.
Driven by the need for market connectivity and security, CAEX aims to further develop its platform using a bidirectional bridge model: to support Vietnamese users in accessing the global cryptocurrency market while simultaneously enabling international investors to access real assets in Vietnam in the future.Tìm hiểu lịch sử
Solving the problem of financial infrastructure
In the modern financial environment, trust is no longer based solely on traditional relationships, but increasingly depends on the security of technological infrastructure, data protection, and the ability to safeguard digital assets. A financial system lacking security will struggle to attract capital, technology, and the participation of international financial institutions.
This need is becoming increasingly urgent with the ever-growing volume of data and the increasing number of digital transactions. Data infrastructure must be developed in conjunction with artificial intelligence ( AI ) and cybersecurity to ensure the capacity for storage, processing, security, risk management, and incident response. Investments in data centers must also be complemented by technological infrastructure and cybersecurity systems to guarantee uninterrupted operation.
Dr. Dao Minh Tu, Vice President and Secretary General of the Vietnamese Banking Association, noted that the banking industry is evolving from the phase of popularizing digital transactions to the development of in-depth services, where AI and new technologies are increasingly being used.
However, rapid technological development also brings numerous risks. Fraudulent activities using AI, image and voice imitation through deepfake technology, data theft, account takeovers, and attacks on financial infrastructure are placing ever-increasing demands on system security.
To build a national shield for financial security, Dr. Dao Minh Tu suggested that financial institutions must move from passive to proactive defense; standardize data and AI governance; develop real-time fraud detection systems; strengthen control over automated decisions; and create a roadmap for modernizing security technology in response to new threats.
These requirements highlight that technological security and risk management cannot be added retroactively, but must be considered from the outset in the process of building the digital financial infrastructure, including the cryptocurrency market.（Vietnam Crypto Exchange）