Key Takeaways

• State Bank of Vietnam, State Securities Commission of Vietnam, Vietnam Blockchain Association, SotaTek Technology JSC, XREX Group, and Techcombank Securities were invited to speak in a panel of the “Centralized Cryptocurrency Exchange Management and Operational Experience Sharing Seminar” in Vietnam. 
• Phan Đức Trung, Chairman of the Vietnam Blockchain Association, expressed hope that the seminar would provide a platform for government agencies, domestic and international companies, and organizations to exchange experiences in the operation and management of centralized exchanges (CEXs).
• XREX’s Group CEO Wayne Huang emphasized that as long as clear regulations for cryptocurrencies are in place, the digital asset market can thrive under government oversight and professional certification, helping reduce risks and enhancing public trust in the crypto ecosystem.

By  Carlos Kao

As cryptocurrencies become increasingly mainstream, the accompanying challenges of regulation and anti-money laundering (AML) have become a shared global concern. Emerging markets like Vietnam are  working closely with private sector entities to build trust in the crypto industry through regulatory development.

Vietnam, with a population of approximately 104 million, currently has over 17 million cryptocurrency holders, ranking seventh globally according to TripleA.  Additionally, Chainalysis reports that between 2023 and 2024, Vietnam saw on-chain capital inflows totaling around USD 105 billion.

XREX Participates in Vietnam’s Seminar on Centralized Exchange Operations

Organized by the Vietnam Blockchain Association (VBA), the “Centralized Cryptocurrency Exchange Management and Operational Experience Sharing Seminar” took place in late March 2025 in Hanoi. VBA Chairman Phan Đức Trung stated that the event aims to create a platform for dialogue among government agencies, businesses, and organizations from both Vietnam and abroad, sharing current practices in managing and operating centralized exchanges.

Caption:State Bank of Vietnam, State Securities Commission of Vietnam, Vietnam Blockchain Association, SotaTek Technology JSC, XREX Group, and Techcombank Securities were invited to speak in a panel of the “Centralized Cryptocurrency Exchange Management and Operational Experience Sharing Seminar” in Vietnam. 

Wayne Huang, Co-founder and Group CEO of XREX Inc., a blockchain-enabled financial institution, was the only representative operating a private exchange invited to speak at the event. He shared his experience in regulatory compliance and collaboration with financial authorities.

XREX Group is backed by the world’s largest stablecoin issuer Tether and its Singapore subsidiary holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). XREX‘s Taiwan subsidiary is also a Virtual Asset Service Provider (VASP) under the regulation of Taiwan’s Financial Supervisory Commission (FSC). The company leverages blockchain technology to offer financial and payment solutions for corporates and individuals and actively collaborates with regulators and law enforcement to combat illicit blockchain transactions.

According to Vietnamese media outlet Tienphong, Ms. Nguyễn Thị Minh Thơ, Deputy Director of the Anti-Money Laundering Bureau at the State Bank of Vietnam, stated during the forum that due to the decentralized, anonymous, and borderless nature of digital assets, there is a high risk of non-compliance with AML and counter-terrorism financing (CTF) regulations. Cooperation with regulatory agencies remains minimal, resulting in frequent crypto-related fraud cases. Currently, Vietnam lacks formal regulatory frameworks for cryptocurrencies, placing the sector in a legal gray area. She emphasized the need to establish a comprehensive legal framework.

Vietnam has recently made progress in crypto regulation. According to VnEconomy, on March 1, 2025, the Vietnamese government issued Directive No. 05/CT-TTg, instructing the Ministry of Finance to develop relevant legal frameworks. Furthermore, the draft Law on Digital Technology Industries is expected to be passed in May this year.

Wayne Huang: Regulations Must Balance Oversight and Flexibility

According to Government News, Wayne Huang stated at the seminar that Vietnamese society has a high acceptance rate and widespread usage of digital assets. He noted that Vietnam has the potential to make significant breakthroughs in the decentralized finance (DeFi) space, calling it a major opportunity for the country.

Wayne Huang emphasized that with clear regulations, the digital asset market can flourish under the support of government oversight and progressive regulations. This would not only help mitigate risks but also boost public confidence in the crypto sector.

During the forum, Wayne Huang also shared a notable example: XREX Taiwan had previously collaborated with regulatory authorities to successfully freeze USD 330 million in illicit funds, which were eventually returned to the fraud victims.

He further warned, “Regulations must strike a balance between oversight and flexibility. Excessive strictness can stifle innovation, while a lack of regulation can leave loopholes for criminal activities.”

Caption:Wayne Huang, Co-founder and Group CEO of XREX Inc., a blockchain-enabled financial institution, was the only representative operating a private exchange invited to speak at the event.

Colonel Dương Đức Hùng, Deputy Director of the Anti-Terrorism Division at the Ministry of Public Security’s Domestic Security Bureau, also spoke at the forum. He stated, “Our police force is fully prepared to cooperate with regulators, the Vietnam Blockchain Association, and the business community to ensure the safe and transparent operation of crypto exchanges and prevent them from being exploited for illegal purposes. We are not only here to enforce the law but also to serve as a trustworthy partner, providing compliance guidance and legal support to businesses.”

Source: PHAPLUAT、Government News、NhanDan、Tienphong、VnEconomy、Dan Viet

About XREX Group

XREX Group is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. We provide services to businesses in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Founded in 2018, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.

XREX Singapore operates under the Major Payments Institution (MPI) license issued by the Monetary Authority of Singapore (MAS). XREX Taiwan completed its Compliance Statements on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) with Taiwan’s Financial Supervisory Commission (FSC) in March 2022 and is a regulated VASP.