Speaking at the Vietnam Investment Forum 2025 – Mid-Year Update, hosted by the electronic information portal VietnamBiz and Vietnam Moi on June 3, 2025, Mr. Mai Huy Tuan, CEO of SSI Digital – SSID, shared the company’s aspirations for a smooth and transparent regulatory framework for the crypto asset market.
“I believe that in the digital age, crypto assets can be exported globally and bring USD to Vietnam,” said Mr. Tuan. “There have been numerous Vietnamese unicorns succeeding in this field, and it’s only when their projects explode and are valued at hundreds of millions of dollars that we realize they are Vietnamese.”
Mr. Mai Huy Tuan, CEO of SSI Digital (SSI Digital – SSID)
Mr. Tuan expressed SSI Digital’s anticipation of a legal framework for the establishment of a crypto asset exchange, enabling the company to accompany and support Vietnamese projects in their international expansion, thereby bringing significant foreign currency into the country.
Additionally, SSI Digital has established the SSI Digital Ventures investment fund, committing to invest $200 million in blockchain and AI projects, with a particular focus on Vietnamese ventures.
Addressing legal risks, the CEO of SSI Digital acknowledged that it is a concern for all businesses in the industry: “We entered the crypto asset market around 2017 when bitcoin prices were around $1,800 to $2,000. Legal risks have always been present since then.”
Mr. Tuan, who belongs to the first generation of coin miners in Vietnam, shared that many Vietnamese mined a substantial amount of bitcoin during that time: “I know people who own up to 2,000 bitcoins. If we convert that to the current price of around $3 billion VND per bitcoin, it’s a massive amount of wealth. I’ve personally seen a friend’s digital wallet with over 1,000 bitcoins. However, many are not comfortable disclosing this publicly.”
According to Mr. Tuan, if the Mt. Gox exchange (formerly the world’s largest, now defunct) refunded users, many Vietnamese would have tens of thousands of billions. Mai Hoang, a company specializing in graphics card sales, mined a significant number of bitcoins from 2011 to 2012.
“Vietnamese hold a significant amount of crypto assets. If legitimized, these assets could become an immense source of strength,” emphasized Mr. Tuan.
SSI Digital has also established connections with major global exchanges like Binance, OKX, Bybit, BingX, and leading investment funds such as VanEck. These entities are awaiting a clear legal framework from Vietnam to collaborate with SSI, establish funds and companies, and boost investments in the crypto asset market, channeling international capital into the country.
SSI Digital eagerly anticipates the upcoming legal framework, including the Law on Digital Industry and related resolutions from the Securities Commission, which are expected to be issued soon.
On this matter, Mr. To Tran Hoa, Deputy Head of the Securities Market Development Division of the State Securities Commission of Vietnam, stated that Vietnam currently lacks regulations on digital and crypto assets. The government is presenting the Law on Digital Industry to the National Assembly, which will provide definitions for digital and crypto assets, forming the basis for policy development.
“Crypto assets are part of the digital asset market, and we consider them a type of asset. Without legalization, all activities are in a gray area and carry risks. We have received numerous documents requesting verification of digital and crypto asset transactions, and almost 90% of the cases involve violations and fraud,” said Mr. Hoa.
Mr. To Tran Hoa, Deputy Head of the Securities Market Development Division, State Securities Commission of Vietnam
According to Mr. Hoa, legalizing the crypto asset market is a government initiative to protect citizens from fraud while creating new investment and fundraising channels for businesses and generating tax revenue for the government. Recognizing the crypto asset market will foster innovation and strengthen the digital economy.
“With a legal basis for the crypto asset market and the implementation of a regulatory framework, we expect to gain a more accurate overview of the market. This will be a new and attractive financial market for investors in Vietnam, especially considering the young and tech-savvy population. We anticipate that this market will lead the financial market in the future,” Mr. Hoa concluded.
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