Blockchain’s key appeal lies in transaction transparency: association

The biggest draw of blockchain technology is its ability to cut operating costs, eliminate intermediaries, and - most importantly - make transactions transparent, according to Tran Xuan Tien, general secretary of the Ho Chi Minh City Blockchain Association (HBA).

Tien made the remarks at the talk show “What are the opportunities for cryptocurrency exchanges?” in Ho Chi Minh City on Friday. He added that Vietnam’s blockchain sector has long operated without a legal framework, restricting growth. “The reported figure of $105 billion is just the tip of the iceberg,” he said.

Tien noted that a clear regulatory framework would provide more accurate measurements of the industry’s scale while boosting confidence among both retail investors and institutional funds.

He pointed to Dubai and Singapore as examples of jurisdictions that quickly introduced mechanisms to support the market. “When Vietnam pilots five exchanges, the market will become more transparent and able to realize its full potential,” he added.

From a business perspective, Nguyen The Vinh, CEO of Ninety Eight (formerly Coin98), emphasized that the number of Vietnamese holding crypto assets already exceeds the country’s stock investors.

He highlighted blockchain’s appeal as a blend of finance and technology, offering low transaction costs, high liquidity, and global reach.

“If Vietnam moves in the right direction, the country could strongly attract foreign capital and build a fintech ecosystem that keeps pace with global trends, affirming its position on the international blockchain map,” Vinh said.

Transparency and investor protection

Experts agreed that transparency and investor protection are essential for Vietnam’s cryptocurrency market to develop sustainably.

Huynh Quoc Nam, business development director of OKX Global, one of the world’s leading exchanges, stressed the need for transparency in trading volume, liquidity, and asset guarantees. “One of the world’s top two exchanges collapsed simply because it misused investors’ assets, leading to insolvency,” he cautioned.

To prevent similar failures, Nam recommended investor insurance, robust asset guarantees, specialized cybersecurity teams, and strict KYC (Know Your Customer) protocols to combat money laundering and fraud.

Tien also suggested Vietnam adopt a model similar to South Korea, where trading accounts are directly linked to banks, ensuring transparent cash flows.

Lawyer Dao Tien Phong, CEO of Investpush Law Firm, echoed this view, emphasizing that trust and reputation are central to exchange operations. “Regulators must tighten licensing standards. Approved operators should have proven experience, operational capacity, and fully meet technical and security requirements,” he said.