Vietnam & Crypto: Chaos or Opportunity? 🧐

by

It has come to pass, as these things often do, that the government of Vietnam, in its infinite wisdom (and perhaps a touch of desperation for new revenues 🤔), has deigned to permit the experiment of cryptocurrency exchanges within its borders. A stirring of activity, one might say, among the banks and securities firms, like ants disturbed by a particularly large pebble.

Following the pronouncement of Resolution 05/2025 – a document, no doubt, filled with the solemn pronouncements and impenetrable jargon beloved of bureaucrats – institutions are scurrying to meet the demands of capital and shareholder stipulations. They invest in “technology” – whatever that may be these days – and forge “partnerships,” which often seem to involve little more than polite handshakes and shared anxieties. One can almost *smell* the ambition… and the regulatory headaches.

The Securities Firms, Ever Eager

This Resolution 05/2025, you see, authorizes a trial run of crypto issuance, trading, and attendant services, all under the watchful gaze of the state. A hefty sum – sixty-eight million dollars, or ten trillion *dong* if you prefer – is demanded as a pledge of seriousness. It is as if they think money can solve the underlying philosophical problems of decentralized finance.

Moreover, a majority stake must be held by organizations (naturally!), and a significant portion – at least thirty-five percent – contributed by the usual suspects: commercial banks, securities companies, fund managers, insurers, and those mysterious “technology firms”. Such rules, predictably, have ignited a flurry of activity, resembling nothing so much as a rather frantic bazaar. 💰

SSI Securities Corporation, ever the forward thinker (or perhaps just the most opportunistic), established SSI Digital Corporation some time ago with a modest sum – a mere $1.36 million. They’ve also secured the cooperation of Tether, U2U Network, and Amazon Web Services, as if blockchain and cloud infrastructure are somehow magical solutions. One is led to wonder if they understand that cloud infrastructure simply *is* infrastructure and does not, in itself, prevent fraud.

Techcom Securities (TCBS) has not been idle either. They birthed Techcom Encrypted Asset Exchange (TCEX) with a starting capital of $20 million, quickly inflated to $690 million. VIX Securities contributed a pittance of $1.02 million to establish VIXEX, which promptly expanded to $6.8 million. The speed of it all is rather astonishing! – as if the money simply… materializes. 💫

The Banks, Reluctantly Entering the Fray

The banks, naturally, are seeking alliances, for it seems these licensed exchanges require the presence of significant financial or technological players. Military Commercial Joint Stock Bank (MB), for example, has aligned itself with Dunamu Group, the operators of Upbit – a Korean exchange so vast it traded over a trillion dollars’ worth of crypto in 2024. Dunamu will impart its wisdom, and no doubt, its fees, regarding technology, compliance, and the delicate art of protecting investors. One suspects, however, that the primary protection will be offered to Dunamu itself. 🧐

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is also weighing its options, with VPBank Securities (VPBankS) preparing a tokenized asset exchange. They intend, furthermore, to subject themselves to the indignity of an IPO, seeking capital from both domestic and foreign investors. A most enterprising endeavor, though one cannot help but wonder if they realize what manner of beast they are unleashing.

The Future, a Murky Prospect

Vietnam, with its stringent licensing and proactive institutions, is poised to create a rather competitive exchange landscape. Securities firms and banks are busying themselves with technology, alliances, and adherence to the law. Though their aspiration is to become a central node in the Southeast Asian digital asset network, the success of this experiment rests upon careful oversight, the safeguarding of investors, and the ability of institutions to strike a balance between innovation and prudence. A difficult task, to be sure, and one might predict, filled with unforeseen consequences. One might even say, a recipe for delightful chaos. 🎭

Let us watch, then, and see what unfolds. It promises to be… interesting.

Read More

2025-09-15 06:07