What factors will determine the appeal of the crypto asset market?
According to Mr. To Tran Hoa from the State Securities Commission, product design and a convenient cash flow mechanism will be decisive for the competitiveness of the crypto asset market.
Currently, the global crypto asset market is growing rapidly, not only in financial hubs but also in non-financial centers. Between 2023 and 2025, capital inflows into this market grew strongly, and public interest surged rapidly.
The crypto asset market and the cash flow factor
Mr. To Tran Hoa, Standing Deputy Head of the Crypto Asset Trading Market Management Board under the State Securities Commission, cited an example: while the stock market took a long time to reach over 10 million investors as it has today, international reports show that Vietnam already has over 17 million crypto asset users.
Starting September 1, 2026, investors may face fines of up to 50 million VND if they trade crypto assets through unlicensed entities. However, experts note that many guidelines need to be specified for the regulation to be effective. (Illustrative photo: ITN)
Accordingly, the regulatory representative affirmed that for the crypto asset market and fintech products/services to become attractive and draw capital into the International Financial Centre, Vietnam must clearly recognize its advantages, strengths, and product-service provision capabilities.
Looking at international financial centers like New York or London, they formed naturally over a long historical development process. Dubai, although newer, has attracted investors in this sector extremely well. For Vietnam, coming later, what must be done to mobilize these resources? In reality, many Vietnamese fintech enterprises invest heavily abroad. How can we encourage these resources to return home?
Addressing these issues, Mr. To Tran Hoa stated that first, a sufficiently broad and flexible policy mechanism must be designed, allowing the deployment of superior products and services that create a competitive edge over the rest of the world. Cash flow circulation is always a major challenge. International financial institutions are constantly concerned about whether cash flow mechanisms are smooth and unobstructed. Therefore, financial products must be designed with enough capacity to realize this need, ensuring smooth capital inflows and outflows.
Second, financial services in the crypto market—such as spot trading, derivatives, or margin lending—are already very common. He emphasized that Vietnam must create breakthrough products to shift investor perspectives. Directly competing with major financial hubs like Dubai, where top crypto asset investment organizations concentrate, would be very difficult. Thus, Vietnam needs mechanisms that encourage tech application, such as sandbox mechanisms allowing domestic and international enterprises to pilot services while reducing licensing procedures.
In addition, he affirmed that applying a member registration mechanism, similar to what International Financial Centres are doing effectively, can be adopted. Mr. To Tran Hoa also affirmed: “To us, product design and creating convenient cash flow mechanisms are the decisive factors. Tax incentives or infrastructure are merely foundational conditions for developing Vietnam’s International Financial Centre.”
Infrastructure and service connectivity
From the corporate perspective, speaking at a forum recently held in Ho Chi Minh City over the weekend, Mr. Chris Chiew, Senior Advisor of Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), detailed that the global crypto asset market has grown exponentially. It is estimated that by 2025, the number of crypto owners worldwide reached about 741 million people. Vietnam has also participated very actively. Statistics show that around 17 million Vietnamese people own crypto assets—accounting for roughly 17% of the population—ranking in the global top 7 for holders and top 4 for the crypto adoption index. Total crypto-related transaction value involving Vietnam exceeded $220 billion in 2025.
However, this rapid growth also poses a practical question. He mentioned the need to build infrastructure suitable for domestic market growth, thereby expanding connectivity with the international market.
Citing actual peer-to-peer (P2P) trading in Vietnam—with risks regarding money sources, fraud hazards, and difficulties in dispute resolution—the CAEX representative suggested that connecting banks with licensed crypto asset exchanges could increase cash flow traceability, contributing to investor protection and supporting regulatory oversight. This is also the direction CAEX pursues in building its crypto asset exchange in Vietnam.
On that connectivity foundation, CAEX aims to act as a two-way bridge, helping Vietnamese users access the global market while enabling real-world assets in Vietnam to reach international investors in the future. To realize this vision, the company focuses on five pillars: bank connectivity, custody & asset protection, market surveillance, investor protection, and research on real-world asset (RWA) tokenization.
“Connecting Vietnam to the global crypto asset market is not just a technology problem. It is a financial infrastructure problem requiring coordination among regulators, banks, tech partners, and service providers,” shared Mr. Chris Chiew.
Alongside insights at the forum, CAEX collaborated with strategic partner OKX to introduce an exhibition booth under the message “Crypto asset exchange launching soon: Pioneering, Transparent, Secure,” creating an opportunity for the public to directly learn about the exchange and CAEX’s development orientation.
With compliance as a core foundation (regulated by design), accompanied by domestic and foreign shareholders, CAEX has raised its charter capital to 10,000 billion VND, meeting the requirements of Resolution 05. It is also one of the first entities evaluated and approved by the Department of Cyber Security (Ministry of Public Security) for Level 4 Information System Security standards.
Besides CAEX, the market also noted that Techcom Crypto Asset Exchange JSC (TCEX) has officially been evaluated and approved by the Department of Cyber Security for Level 4 information system security.
Sacom Crypto Asset Exchange JSC (SCEX) has announced similar evaluation results. Previously, on October 14, the company completed increasing its charter capital to 10,000 billion VND, meeting the minimum condition under the Resolution.
SCEX stated that besides building multi-layer custody infrastructure, the company launched SCEX Simulator, a test-trading platform serving the digital asset popularization program. The platform recorded over 22,000 registered accounts, with more than 16,000 active accounts maintained within the first 48 hours. This pilot data helps the business evaluate load capacity, system performance, and user experience prior to official operation.
Thus, according to announcements, 3 crypto asset exchange companies have passed Level 4 information system security evaluations. This is a mandatory requirement for IT systems of crypto asset service providers under Resolution 05/2025/NQ-CP within the pilot program framework for the crypto asset market in Vietnam. However, no company has officially been licensed as an operational exchange yet.
Mr. To Tran Hoa noted that the launch timing of domestic exchanges depends on the progress of each enterprise in completing licensing conditions.
Earlier in May, 5 enterprises were announced as having full and valid dossiers under review for licensing: in addition to SCEX, CAEX, and TCEX, there were VIX Crypto Asset Exchange JSC (VIXEX) and Vietnam Digital Asset JSC (Moonbase).（Vietnam Crypto Exchange）