HSC Ho Chi Minh: ‘What Institutional Digital Asset Adoption Actually Looks Like’ Panel Maps The Realities Of Regulation, Stablecoins, And On-Chain Adoption
On August 15, the HSC Conference returned to Ho Chi Minh City, convening senior voices from financial institutions, technology firms, and venture capital to examine the evolving relationship between traditional finance and digital assets.
The standout session, “What Institutional Digital Asset Adoption Actually Looks Like,” was moderated by Nicole Nguyen, Founder of APAC DAO, and featured Vadim Krekotin, Managing Partner of HSC Asset Group; Will Ross, Chief Client Officer of Dragon Capital, Vietnam’s oldest and largest equity fund manager; Ben El-Baz, Managing Director and Head of International Markets at HashKey Group; and Queenie Le, Regional Expansion Lead APAC at Tether.
Rather than rehearsing familiar narratives, the group dissected how institutions are genuinely allocating to, custodying, and integrating digital assets—and where the gap between perception and reality remains widest.
The Psychology of Adoption
The conversation opened by confronting a fundamental misunderstanding: institutions rarely embrace crypto out of conviction. Will Ross argued that “institutions tend to be led by their insecurities rather than their convictions,” observing that the fear of being left behind is a far more powerful motivator than visionary futurism. Vadim Krekotin reinforced this shift from isolation to integration, noting that digital assets are no longer an isolated bubble but are “already everywhere,” from stablecoin payments to Bitcoin allocations. Ben El-Baz added nuance by outlining three distinct verticals—investments, payments, and core technology—where banks are quietly exploring blockchain integration, albeit unevenly across jurisdictions.
The “Hands-Off” Paradox
A central tension emerged regarding how institutions actually engage with cryptocurrency. Queenie Le highlighted a striking disconnect: while banks issue press releases about digital asset initiatives, many remain entirely removed from the underlying assets. She explained that institutions are “still utilizing third-party vendors or crypto companies to actually do the work… rather than touching it themselves.” This “secondhand” model reveals a significant gap between public positioning and operational reality, suggesting that true firsthand institutional integration remains a future goal rather than a present achievement.
Regulation as Foundation, Not Barrier
The panelists agreed that regulatory clarity is the critical enabler for deeper adoption. Ben El-Baz detailed HashKey’s experience securing licenses across Hong Kong, Singapore, and Japan, arguing that formal frameworks “unlock some ideas or use cases from corporates.” In Vietnam, the joint venture between OKX, HashKey, and VB Bank Securities signals the emergence of locally regulated infrastructure. Will Ross emphasized that for traditional asset managers, regulatory compliance is existential: “Our product is heavily regulated. We cannot arbitrarily say, ‘Oh, we’re going to invest in digital assets.’” Without a clear pathway, even willing institutions find their hands tied.
From Assets to Applicability
The discussion’s most compelling turn focused on solving real economic problems rather than tokenizing for tokenization’s sake. Will Ross proposed reframing the industry’s focus from “Real World Assets” to “Real World Applicability,” insisting that “you’ve got to be solving a real problem.” In Vietnam, where banks face strict lending caps and the government pursues a $1.3 trillion infrastructure vision, he identified an urgent need for alternative credit channels that digital rails could provide. Queenie Le offered concrete examples from trade finance, describing how stablecoins allow exporters to receive fiat while importers in deficit countries bypass costly correspondent banking relationships.
Collaboration and the Road Ahead
The panel concluded by outlining tangible opportunities for collaboration. Ben El-Baz pointed to Vietnam’s newly regulated exchanges as future distribution platforms for tokenized securities and money market funds. Queenie Le emphasized initiatives to support local stablecoins and gold-backed tokens, enabling instant on-chain swaps without repeated fiat conversion. Will Ross invited partners to explore Vietnam exposure through innovative fund structures, including subscriptions denominated in USDT. As Vadim Krekotin summarized, the path forward requires understanding government policy and then seeking to “creatively create something else”—a model of public-private synergy rather than disruptive replacement.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
