A proactive yet cautious, step-by-step approach would be a reasonable strategy for Vietnam to develop the cryptocurrency market, said Jan van Eck, CEO of VanEck Asset Management, in a meeting with officials of the State Securities Commission of Vietnam Monday.
van Eck expressed his desire to set up a fund or an organization focusing on Bitcoin investment, to be established with local partner SSI Securities Corporation, one of the largest securities firms in the country.
In another meeting with Deputy Minister of Foreign Affairs Nguyen Minh Vu on the same day, van Eck highlighted his company’s pioneering role in launching exchange-traded funds for Bitcoin and Ethereum investments globally.
The fund has actively shared its expertise in governance and modern technology with regional partners, he said, adding that he expects Vietnam and U.S. authorities to conduct high-level meetings in the upcoming months to achieve progress in this area.
Vietnam is now on the threshold of adopting blockchain and digital asset technologies, and the recent changes in U.S. policies regarding crypto assets will open up opportunities for collaboration between the two countries, helping Vietnam establish an appropriate legal framework, he said.
Vietnam is accelerating the process of formalizing its legal framework for digital assets, including cryptos.
A recent directive from Prime Minister Pham Minh Chinh tasked the Ministry of Finance with finalizing a resolution for a pilot program to regulate digital assets. This resolution is expected to greenlight a trial cryptocurrency exchange, offering investors a legal trading venue.
The Ministry of Finance has clarified that “the exchange will be organized and operated by state-authorized entities.” Regulators will also set guidelines allowing Vietnamese firms to issue digital assets for fundraising.
Established 70 years ago, VanEck is a trailblazer in foreign growth stock and gold investments in the U.S. By the end of 2024, it managed approximately $113.8 billion in assets, primarily through exchange-traded funds, mutual funds, and institutional accounts.
In early 2024, the U.S. approved VanEck’s VanEck Bitcoin Trust ETF. The fund currently holds nearly BTC14,020.9, with a net asset value of about $1.19 billion.
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