Mr. Thuat Nguyen - Co-founder and CEO of Kyros Ventures - is one of the typical faces. Starting a business at a time when the market was still controversial, he witnessed both adventurous steps, legal barriers and explosive opportunities for digital assets. Sharing with Lao Dong Newspaper reporters about the entrepreneurial journey, lessons and expectations for the Vietnamese blockchain market, Mr. Thuat Nguyen said:
- I came to blockchain with curiosity and the belief that this technology will change the way the world operates. In 2016-2017, the majority of Vietnamese people were still vague, even considering Bitcoin or token as a "trend". But I see huge potential there. The market is in a "gray" zone, when the legal framework is not clear, so everything is extremely difficult, but that is why I believe that if we dare to go ahead, we will have the opportunity to shape the future.
From a place where people are still skeptical, Vietnam has now become one of the markets with the largest number of digital asset users in the region. I feel that I have witnessed the maturity not only of the market but also of the young Vietnamese technology community - a generation that is always eager to welcome new things.
In fact, since 2020, our fund has supported more than 100 startup projects of Vietnamese people, all of which are aimed at the global market. Many teams have demanded tens of millions of USD in capital, but the company has established in Singapore, Hong Kong (China)... Vietnam has hardly benefited directly from those capital flows.
This is what worries me. I hope that in the coming time, with the launch of the International Financial Center, Vietnamese startups will have more motivation to bring digital asset startup capital to Vietnam.
With many years of experience in the blockchain community, in your opinion, what are the notable characteristics of Vietnam to be able to welcome and develop the digital asset sector?
- Vietnam is a special market. In the past 10 years, despite not having much policy support, the market has developed at a very fast pace. We are often in the top 5 regions, even reaching 1-2 in terms of technology reception, digital assets, decentralized financial products and international trading platforms.
Not only is Vietnam crowded with users, it also has a very good startup team. Some Vietnamese projects have reached billions of USD in capitalization. This shows the resilience of Vietnamese enterprises, even when the domestic environment is not really favorable.
In 2025, cryptocurrency assets have been officially recognized as legal assets, I think this is the turning point. This will encourage new capital flows, especially from traditional investors with cautious capital.
However, for the market to go a long way, we need to start with cautious steps. Currently, there are many types of coin, new concepts or models appear every day, even people in the industry find it difficult to keep up. Therefore, if you want to experiment with domestic exchanges, you should start with assets with large liquidity, high acceptance level such as Bitcoin or Ethereum.
One of the biggest concerns for investors when participating in this field is the risk of fraud and loss of property. How do you consider this issue?
- The risk is real. In addition to good projects, there are still "fake assets" created to deceive users. For the market to develop sustainably, a safe environment must be created. Therefore, the coordination of many ministries and branches is needed.
I am very happy that some universities have included blockchain and digital assets in their teaching. Students learning basic knowledge will help the community become safer. At the same time, the media must also play a role in providing accurate information, so that people know which products are of real value and which are risk models.
He often mentioned learning international experience. In your opinion, what should Vietnam prioritize to build a competitive and sustainable market?
- There are two urgent matters. First, we have to learn from countries that have done well, typically Korea. They have both a strict legal framework and quality products.
The important thing is that Vietnam needs a strong enough national exchange. First of all, that floor must have high liquidity to retain investors.
Second, the platform must truly protect users, just like Korea has done. At one point, their domestic exchanges had liquidity surpassing even the largest exchanges in the world. Users are assured that if there is an issue, they will be supported.
In addition to the centralized exchange, Vietnam needs a DeFi (decentrated financial development mechanism). This is the core creative spirit of blockchain - a financial system that is not intermediary, transparent, and operates 24/7. Many Vietnamese teams have built globally famous DeFi products, but before that, they could not be headquartered in Vietnam. If we have appropriate policies, we can not only retain them but also make Vietnam a regional center for financial innovation.
With models such as decentralized exchanges, what should Vietnam prepare for to both protect investors and promote creativity?
- This is a long story. Decentralized transactions operate on a smart contract basis, without intermediaries, without opening and closing hours. This brings transparency, but there are also great risks. If a platform is attacked or a smart contract is at fault, who will be responsible? Therefore, from the beginning, it is necessary to have the participation of cybersecurity agencies to build a risk management mechanism.
I believe that, even though it is only at the beginning, if it goes in the right direction, Vietnam can become the regional center in many years. In fact, there have been global projects made by Vietnamese people, such as SkyMavis and Kyber Network.
Looking to Korea, their success comes from daring to invest big from the start. They create an outstanding user experience, so that every time an asset is listed, the whole market is interested. This is what we need to learn.
Thank you for the interesting sharing, wishing you and Kyros Ventures more success.
