VPBank Securities Joint Stock Company (VPBankS), a subsidiary of VPBank, is leading the bank's digital asset exchange project. VPBank is assembling a team of blockchain, finance, and cybersecurity experts, along with top consulting firms, to develop the project.
At the annual meeting in April, Nguyen Duc Vinh, CEO of VPBank, acknowledged the digital asset market as a new and important area with inherent risks, requiring a legal framework and the involvement of established institutions. Vinh also revealed that VPBank had been analyzing the market and engaging with partners in preparation for entry.
Other institutions have also made moves in this sector. In August, Military Bank (MB) partnered with Dunamu Group, the operator of the Upbit exchange, to launch a digital asset exchange in Vietnam. Under the agreement, Dunamu will provide technology, legal advice, investor protection support, and personnel training. Securities companies like SSI, VIX, and TCBS have also invested in digital asset companies.
The participation of financially sound banks and securities companies demonstrates the potential of the digital asset market. They have the resources (capital, personnel, etc.) to handle liquidity risks and possess established anti-money laundering systems, according to a representative of Ky Thuong Securities (TCBS) at an event in June.
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Illustrative image of Bitcoin. Photo: Reuters. |
Illustrative image of Bitcoin. Photo: Reuters.
Founded in 1993, VPBank is currently the 6th largest bank in Vietnam by total assets, reaching 1.1 quadrillion VND. VPBankS, 99.9% owned by VPBank, operates in the securities sector and is expected to IPO later this year.
Vietnam is piloting the digital asset market for 5 years, according to a Government resolution. Exchange operators must have a minimum capital of 10 trillion VND, with 35% held by at least two institutions: banks, securities companies, fund managers, insurance companies, or technology firms. The remaining 65% can be held by other institutions, excluding individuals. Foreign investors are allowed to hold a maximum of 49%.
Deputy Minister of Finance Nguyen Duc Chi stated that Vietnam "will definitely have more than one exchange" to ensure competition. However, the regulator will not grant many licenses due to concerns about evaluation after the pilot period.
The Vietnam Blockchain Association (VBA), citing data from Chainalysis, reported that blockchain market capital inflows to Vietnam from 2023-2024 reached over 105 billion USD, generating nearly 1.2 billion USD in profit (2023). According to a 2024 Triple-A report, over 20% of the Vietnamese population owns digital currency. Vietnam is also among the top three countries in the crypto adoption index according to Chainalysis, with 3 to 4 times higher prevalence than the global average.
Trong Hieu
