The Chairman of the Vietnam Blockchain Association, Phan Duc Trung, recently made a noteworthy statement: currently , no exchange in Vietnam has the capacity to guarantee absolute security for the custody of crypto assets . He emphasized this point at the Vietnam Capital Market Outlook Forum 2026, amidst growing interest in digital assets, while security risks remain a major unresolved issue.
According to Mr. Phan Duc Trung, one of the most serious challenges facing the cryptocurrency market lies not only in the legal framework but also in the technological capabilities and security standards of exchange operators. He cited a series of sophisticated cyberattacks targeting major exchanges in Asia, including recent incidents in South Korea, demonstrating that even developed markets with clear legal frameworks and advanced technology are constantly targeted by professional hackers. These incidents often cause losses of tens, even hundreds of millions of dollars, eroding investor confidence and placing increasingly stringent demands on digital asset custody systems.
According to Mr. Trung, the core difference that makes the custody of crypto assets far more complex than the custody of traditional securities lies in the technical structure. While securities are primarily held centrally in national depository systems, digital assets encompass both on-chain custody, directly on the blockchain, and Off-Chain-chain custody, via hot wallets, Cold Storage , or private key management systems. If even one link in this security chain fails—from private key management and access control to the exchange's internal processes—the risk of asset loss can occur immediately and is very difficult to remedy.
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