Richard Teng, CEO of Binance, the world's largest cryptocurrency exchange, visited Vietnam on 15/7 to share his expertise with the digital asset business community. As of June, Binance held over 41% of the global daily cryptocurrency trading volume. The exchange boasts over 280 million registered users with approximately 90 billion USD traded daily.

VnExpress had the opportunity to discuss with Richard Teng the potential of the digital asset market as Vietnam develops a pilot legal framework for this new asset class.

Richard Teng during a press conference in Ho Chi Minh City, on 15/7. Photo: Binance

Richard Teng during a press conference in Ho Chi Minh City, on 15/7. Photo: Binance

VnExpress asked: “Vietnam currently has a low stock market participation rate, only around 10% of the population. What impact could the emergence of a new legal investment channel like cryptocurrency have?”

Richard Teng responded: "Vietnam's recognition of digital assets provides a new investment channel for its citizens. With the increasing participation of large institutions and financial entities, advancements in the global legal framework, and technological innovations in blockchain, digital assets are becoming more deeply integrated into the overall financial system."

He continued: "Looking at global data, we can see that young people aged 18-35 are moving away from traditional investments like stocks and bonds. They are choosing cryptocurrency as their primary investment channel because they feel that behind this new asset class lies the technology of the future."

Teng added: "Moreover, many traditional assets like US stocks or real estate have reached high prices and are no longer as dynamic as before. In this context, many young investors believe that digital assets are still in an early-stage advantage that can be captured."

He further explained: "Comparing these characteristics with Vietnam, what's even more special is that you are in a 'golden population' structure period. According to data from the General Statistics Office of Vietnam in 2024, the proportion of the population aged 15-64 accounts for 67.4%. Therefore, I think that naturally, young people will choose digital assets as their main investment channel, more so than stocks or bonds."

VnExpress asked: “Could you elaborate on this observation?”

Teng stated: "Vietnam is among the top 10 countries in the world in terms of digital asset adoption and also has a very young population. This demographic tends to adopt technology quickly."

He emphasized: "Vietnam also has a large pool of talent in technology and engineering, ranking among the top 10 countries with the largest number of engineering graduates globally, with approximately 100,390 engineers graduating annually. All these factors indicate that Vietnam has favorable conditions to develop the digital asset market and attract young people."

Looking ahead, Teng said: "I don't dare to make any predictions about the future because there is no 'magic crystal ball.' However, I affirm that Vietnam has a lot of potential for growth and development in the coming years with the cryptocurrency market."

VnExpress asked: “In the countries where Binance operates, what does government recognition of digital assets mean for the financial and investment markets?”

Teng explained: "In the countries where we operate, government recognition and establishment of a legal framework for digital assets have unlocked many things. Firstly, it can attract more people to participate in different investment areas as the government ensures a safe and secure environment for them."

He added: "Secondly, recognizing digital assets also helps attract more talent and foreign direct investment, which will certainly boost overall economic growth."

Teng highlighted a third benefit: "The traceability in preventing money laundering is much better than with fiat currency. Because all digital asset transactions are instantly recorded on the blockchain and cannot be erased. Imagine a case where one million USD in cash is laundered; we are almost unable to trace where that money has gone. However, with cryptocurrency, regulatory agencies can scan where it was transferred or how it was traded."

He noted: "According to Interpol statistics, most money laundering operations are conducted through traditional assets. Meanwhile, digital assets only account for around 0.02%."

Richard Teng at a seminar on building a legal framework for digital assets, on 15/7. Photo: Provided by the organizer

Richard Teng at a seminar on building a legal framework for digital assets, on 15/7. Photo: Provided by the organizer

VnExpress asked: “How do you assess the legal progress in Vietnam with the digital asset market?”

Teng stated: "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."

He advised: "I think the two key points that the Vietnamese Government should focus on 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 can be deeply localized, digital assets are inherently global, they can operate 24/7 anywhere in the world."

Teng expressed his hope: "We expect Vietnam to have more dialogues with stakeholders in the industry, including international organizations, 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 balanced harmoniously. When this is achieved, the digital asset industry in Vietnam will have a solid foundation for sustainable development and enhanced global competitiveness."

VnExpress asked: “What are Binance's plans in Vietnam in the coming period?”

Teng affirmed: "We identify Vietnam as a key link in our global digital asset development and promotion strategy. Binance views Vietnam not merely as a consumer market, but also as a strategic partner in shaping the future of the digital economy - a relationship that goes beyond service provision, towards extensive cooperation in financial innovation."

He added: "Binance is one of the most licensed digital asset exchanges in the world, with operations in 21 countries and regions. Therefore, we believe we have much to contribute and support Vietnam. We are ready to contribute our expertise to truly help Vietnam realize its ambition of building a globally competitive digital economy."

Teng outlined Binance's initiative: "Besides our expertise contributions, Binance has an initiative called 'Blockchain for Vietnam.' We plan to invest about one million USD (approximately 26 billion VND) over the next two years, focusing on three main pillars: Empowering educators through university lecturer training programs so they can confidently teach about blockchain; promoting industry innovation through pilot projects in strategic sectors like tourism and agriculture; and supporting the next generation of talent by providing scholarships for students interested in blockchain and Web3."

Tat Dat