According to statistics, the flow of capital from blockchain into Vietnam during the 2023-2024 period reached over 105 billion USD, about 4 times the total FDI capital during the same period.

Profits from this market reached nearly 1.2 billion USD in 2023 alone. A report from Triple-A also shows that over 20% of the Vietnamese population owns cryptocurrency, placing Vietnam in the top 3 countries in the world for cryptocurrency adoption, 3-4 times higher than the global average.

However, trading and owning cryptocurrencies are still not protected by law, creating many risks for individual investors.

Government Tightens Management, Banks Participate

To control the market, the government is promoting the legalization of cryptocurrency assets and testing the establishment of domestic exchanges.

The goal is to protect citizens from fraud, create a transparent investment channel, and combat tax evasion. This is also the reason why many banks are starting to pay attention to this field.

On August 12, Military Bank (MB) signed a memorandum of understanding with Dunamu - the operator of the Upbit exchange (Korea).

The two sides will cooperate in technology infrastructure, operational experience, and legal framework consulting, while Dunamu supports the establishment of a digital exchange in Vietnam according to international FATF standards.

Participation Wave from Private Banks

Not only MB, many large private banks are also participating. At this year's shareholders' meeting, Techcombank Chairman Hồ Hùng Anh emphasized:

"Participating in blockchain, building digital asset exchanges is an inevitable trend in the digital transformation strategy of financial authorities."

Previously, VPBank CEO Nguyễn Đức Vinh also admitted that although this field is still new and risky, "financial authorities cannot stand aside."

On the contrary, state-owned banks like BIDV are cautious, only wanting to participate in the form of payment banks and develop policies, instead of directly operating exchanges.

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