SSI chairman shifts stance on digital assets, eyes market entry

SSI chairman shifts stance on digital assets, eyes market entry

SSI Securities has yet to apply for Vietnam's digital asset pilot, citing the need for a viable model that ensures investor safety amid regulatory changes.

Nguyen Duy Hung, chairman of SSI Securities Corporation

At its AGM on April 23, Nguyen Duy Hung, chairman of SSI Securities, said the current evaluation and licensing process differs markedly from that of a year ago, explaining why SSI was not among the five firms qualified for the pilot cryptoasset exchange scheme.

“The deeper we delve, the less we see clear opportunities as well as the ability to operate safely and effectively. We have yet to visualise a viable development model for this segment. That is why SSI has decided not to finalise the application at this stage. However, this does not mean we are no longer interested in digital assets,” Hung said.

The SSI chairman also explained that he previously viewed digital assets as lacking intrinsic value, but has revised his stance as several governments consider incorporating digital currencies into national reserves, similar to gold. "This is a clear direction of travel," he said, affirming that SSI will certainly enter the market once clearer opportunities emerge, in order to avoid falling behind its peers.

In reality, Vietnam is assessed by international organisations as one of the most vibrant digital asset markets globally. As of July last year, the country’s annual crypto trading volume had surpassed $200 billion. The number of Vietnamese digital asset holders currently stands at around 17 million accounts, at times exceeding 21 million users, placing Vietnam among the top seven globally and top three in the Asia-Pacific region.

Following the government’s issuance of Resolution No.05/2025/NQ-CP on piloting a cryptoasset market in Vietnam, the Ministry of Finance in March announced five entities with complete and valid applications.

Five companies have been selected for the pilot scheme, with varying capital scales. VIXEX and Vietnam Digital Assets JSC each have charter capital of approximately $40 million. Meanwhile, LPEX expanded its capital from around $270,000 to $14.5 million. CAEX posted the most significant increase, from roughly $1 million to $400 million following investment from the OKX group. TCEX, by comparison, has a more modest charter capital of approximately $4 million.

VIR