The leader of the world's largest exchange predicts that young Vietnamese people will choose cryptocurrency as their main investment channel when trading is piloted.
Richard Teng, CEO of Binance - the world's largest exchange - came to Vietnam on July 15 to share experiences with the digital asset business community. As of June, Binance accounted for more than 41% of the total market share of daily cryptocurrency trading volume globally. The exchange has more than 280 million registered users with approximately $90 billion traded daily.
On this occasion, there was an exchange with Mr. Richard Teng about the potential of the digital asset market when Vietnam is building a pilot legal framework for the new type.
- Vietnam currently has a low rate of securities participation, only around 10% of the population. What impact could the appearance of a new legal investment channel like cryptocurrency have?
- Vietnam recognizing digital assets brings a new investment channel for people. With the increasing participation of large organizations and financial institutions, advances in the global legal framework, and technological innovations in blockchain, digital assets are becoming more deeply integrated into the financial system in general.
Looking at global data, we can see that young people in the 18-35 age group are tending to move away from traditional investments such as stocks or bonds. They choose cryptocurrency as their main investment channel because they feel that behind the new asset class is the whole technology for the future.
In addition, many traditional assets such as US stocks or real estate have high prices and are no longer as vibrant as before. In that context, many young investors believe that digital assets are still in the "early advantage" phase that can be seized.
Comparing these characteristics with Vietnam, what is even more special is that you are in the "golden population" structure period. According to data from the General Statistics Office in 2024, the proportion of the population aged 15-64 accounts for 67.4%. Therefore, I think that naturally, young people will choose the main asset channel to invest in cryptocurrency, more than stocks or bonds.
- Can you analyze this assessment more clearly?
- Vietnam is among the top 10 countries with the highest rate of digital asset adoption in the world and also has a very young population. This group tends to adopt technology quickly.
Vietnam also has a large amount of talent in the field of technology and engineering, ranking among the top 10 countries with the largest number of engineering graduates in the world, about 100,390 engineers graduating annually. All of the above factors show that Vietnam has favorable conditions to develop the digital asset market and attract young people to participate.
Regarding the future, I dare not make any predictions because there is no "magic crystal ball" to see through. However, I affirm that Vietnam has a lot of potential to grow and develop in the future with the cryptocurrency market.
- In the countries where Binance is operating, what does the government's recognition of digital assets mean for the financial and investment market?
- In the countries where we are operating, the government's recognition and construction of a legal framework for digital assets has opened up many things. First, it can attract more people to participate in different investment areas when the government ensures a safe and secure environment for them.
Secondly, the recognition of digital assets also helps attract more talent and foreign direct investment, which will certainly promote overall economic growth.
The third benefit that needs to be emphasized is the ability to trace money laundering better than fiat money. Because all digital asset transactions will be recorded instantly on the blockchain and cannot be deleted. Imagine a case where one million USD in cash is laundered, we can hardly trace where those coins have gone. However, with cryptocurrency, regulators can scan where it has been transferred or how it has been traded.
According to Interpol statistics, most "money laundering" schemes go through traditional assets. Meanwhile, digital assets account for only about 0.02%.
- How do you assess the legal progress in Vietnam with the digital asset market?
- I would like to congratulate the positive developments in the recognition and construction of a pilot legal framework for digital assets in Vietnam recently. The government and lawmakers will play an important role in supporting the future development of the industry.
I think the two key points that the Vietnamese government should pay attention to are creating a legal framework with optimal regulations and promoting dialogue with stakeholders in the industry. Because digital assets are a very different field compared to traditional channels. While other traditional asset channels may be deeply local, digital assets are very global, they can operate 24/7 anywhere in the world.
We expect Vietnam to have more dialogues with stakeholders in the industry, including organizations from around the world, to jointly build a legal framework that both promotes innovation and manages risks in the industry. I call it a smart legal framework - where innovation and risk management need to be harmonized. When this is done, the digital asset industry in Vietnam will have a solid foundation for sustainable development and enhance global competitiveness.
- What are Binance's plans in Vietnam for the coming time?
- We identify Vietnam as an important link in the strategy to develop and promote global digital assets. Binance sees Vietnam not simply as a consumption market, but also as a strategic partner in shaping the future of the digital economy - a relationship that goes beyond the scope of providing services, towards extensive cooperation in financial innovation.
Binance is one of the digital asset exchanges with the most operating licenses in the world with 21 countries and regions. Therefore, we believe that we have a lot to contribute and support Vietnam. We are ready to contribute our expertise to truly help Vietnam realize its ambition to build a digital economy that is competitive with the world.
In addition to professional contributions, Binance has an initiative called "Blockchain for Vietnam." We plan to invest about one million USD (about 26 billion VND) in the next two years, focusing on 3 main pillars. First is empowering educators through university lecturer training programs so that they can confidently teach about blockchain. Second is promoting industry innovation through pilot projects in strategic areas such as tourism and agriculture. Third is supporting the next generation of talent by providing scholarships to students interested in blockchain and Web3.
(Source: vnexpress)
