Excitement in store after recognition of digital assets

What do you expect from the legal framework for digital assets in Vietnam?

My hope is to see a business environment that offers clarity, security and transparency, and one that can genuinely attract global investors.

At the same time, I recognise the immense pressure on regulators. Unlike traditional assets, digital assets are inherently borderless. They circulate globally, often outside the established financial system. This makes regulation extremely complex. Policymakers need to strike a delicate balance between preserving financial sovereignty and leaving space for innovation to flourish.

What I expect is a framework that not only protects Vietnam’s national interests, but also welcomes global institutions and technology startups to establish operations here. Such a framework would set the foundation for a thriving domestic industry, while positioning Vietnam as a credible hub in the global blockchain landscape.

Many Vietnamese blockchain projects continue to register abroad. Why is this happening?

It is a frustrating but undeniable reality. Vietnamese founders have proved their talent, and many projects led by them have raised tens or even hundreds of millions of dollars. However, most of these funds never reach Vietnam because the teams are incorporated in Singapore or Hong Kong, where regulatory clarity and tax regimes are more supportive.

As a result, the country misses out on both capital and ecosystem benefits created by its own entrepreneurs. This is why I attach great importance to the proposed establishment of an international financial centre in Vietnam. If realised, it could be the catalyst to retain talent, anchor investment flows and foster a sustainable tech ecosystem at home.

What criteria guide Kyros Ventures when choosing blockchain projects to invest in?

The first principle is valuation discipline. In this industry, it is not unusual to see startups with zero revenue priced at $80–100 million simply because they have a high-profile adviser on board.

Kyros takes a different approach. We generally invest in projects with valuations under $10 million, where there is genuine room for growth.

Equally important is the adaptability of the founding team. Crypto is volatile by nature. Products can fail to attract users, or security incidents can occur overnight. The key question is how the team responds.

For us, resilience and agility matter more than the number of people or flashy credentials. A lean but flexible team often has far better odds of long-term survival than a large, rigid organisation.

How much of your portfolio is invested in Vietnamese projects, and what has been the outcome?

Roughly 40–50 per cent of our investments are channelled into Vietnamese projects, with a particular focus on blockchain gaming. The success rate meaning projects that are eventually listed and achieve significant valuations is around 20–30 per cent.

But in this market, one or two outstanding successes can more than compensate for multiple failures. A venture that returns 100 or 200 times can offset an entire portfolio of losses. That is why we continue to back Vietnamese founders who show both vision and execution capability.

How do you position Kyros Ventures within Vietnam’s blockchain ecosystem?

I have never thought of us purely as an investment fund. Our role is broader: we see ourselves as connectors, educators, and community builders. Of course, we provide capital, but our mission goes beyond that. We work closely with teams to ensure they succeed and in turn, their success drives Kyros forward as well.

This approach reflects how value is created in the long run. Capital alone is not enough in such a fast-moving sector. What truly matters is building an ecosystem where founders, investors and regulators can grow together. That is the role Kyros aims to play in Vietnam’s blockchain journey.

With legal clarity on digital assets now in place, Vietnam is poised to draw in global capital. Tran Huyen Dinh, chairman of the Fintech Application Committee under the Vietnam Blockchain Association (VBA) discussed with VIR’s Hoang Oanh how the new law could reshape fintech, blockchain, and investor confidence.

Vietnam’s robust regulatory framework for innovation, particularly in terms of digital assets, is expected to create prospects for foreign fundraising and nurture a forward-looking environment for the digital economy.

The Vietnam Blockchain Association (VBA) has changed its name to the Vietnam Blockchain and Digital Assets Association, marking a pivotal step in redefining its strategic mission and positioning amid the country’s growing digital economy.

Opportunities for international collaboration and attractive growth potential have turned the Vietnamese cryptocurrency market into a vibrant playground.