Regulatory Rails And Recurring Payments: Key Takeaways From HSC Conference Ho Chi Minh City 2026
The HSC Conference, devoted to bridging cryptocurrency and institutional finance, concluded in Ho Chi Minh City on August 15, 2026.
Hosted by Mpost Media Group, the occasion brought together monetary establishments, policymakers, expertise corporations, and educational representatives. More than 40 speakers addressed blockchain infrastructure, digital belongings, and the evolution of on-chain monetary markets. Key themes ranged from institutional adoption and RWA tokenization to stablecoin funds, fragmented liquidity, and Vietnam’s rising function on the intersection of AI and blockchain.
The day’s sessions mirrored a broader business shift from experimental pilots to production-grade monetary infrastructure — a thread that ran by means of each the stage program and conversations on the ground.
Regulatory Clarity because the Gateway to Institutional Crypto Adoption
Among the standout classes was “What Institutional Digital Asset Adoption Actually Looks Like,” which introduced collectively Nicole Nguyen, Founder of APAC DAO; Queenie Le, Regional Expansion Lead, APAC at Tether; Ben El-Baz, Managing Director and Head of International Markets at HashKey Group; Will Ross, Chief Client Officer at Dragon Capital; and Vadim Krekotin, Managing Partner at HSC Asset Group.
The panel explored what actual institutional adoption of crypto appears to be like like in observe, emphasizing that regulation, concrete use circumstances, and integration with present monetary infrastructure matter greater than merely holding digital belongings. Speakers mentioned tokenized belongings, regulatory licensing, Vietnam’s funding wants, and the necessity for conventional establishments and crypto corporations to collaborate by means of sensible, compliant rails.
The audio system converged on a shared analysis: regulatory readability is the only most essential situation for institutional adoption, however it stays uneven and incomplete.
Will Ross famous that establishments’ arms are successfully tied — they can not put money into or fundraise by means of digital belongings with out express regulatory approval, irrespective of how compelling the chance. “We can not arbitrarily say we’re going to put money into digital belongings with out having the regulatory approval to do this. Our arms are tied till the regulatory pathway permits us to maneuver ahead,” he stated.
Ben El-Baz framed Vietnam as being in “section one,” the place getting exchanges licensed creates the inspiration for extra complicated use circumstances to observe organically, noting that “what’s actually thrilling is what occurs after you might have this basis — seeing there being a regulatory framework unlocks concepts and use circumstances from corporates that go effectively past the exchanges themselves.”
Vadim Krekotin pressured that the present course is evident — governments aren’t going to let crypto totally substitute present monetary techniques, so the one viable path is to grasp the regulatory framework in place, observe it exactly, and construct creatively inside these constraints. Queenie Le added a ground-level dimension: even the place establishments wish to have interaction with digital belongings, regulatory uncertainty pushes them to depend on third-party intermediaries reasonably than touching crypto straight.
Dmitry Machikhin, founder and CEO of BitOK, argues that Vietnam just isn’t initially of the crypto regulation path — the nation acknowledged crypto as property again in 2025 and launched a pilot program for digital asset buying and selling, with locals already actively utilizing crypto on the bottom.
“What authorities ought to now prioritize just isn’t prohibition however gentle regulation that brings the business out of the grey zone — giving the state new taxpayers and actual market oversight,” he says.
For initiatives planning to enter European or international markets, Machikhin argues that compliance sequencing issues: “Study the goal jurisdiction totally, adapt the enterprise to its requirements, solely then deploy.” On AML, he’s direct: “In 2026 each severe firm wants a devoted AML specialist able to screening high-risk monetary flows. Rushing this preparation is a legal responsibility, not a shortcut.”
On the query of world requirements, he notes that whereas there isn’t a single common framework, FATF guidelines function the baseline acknowledged throughout the overwhelming majority of jurisdictions, and MiCA is rapidly changing into a de facto template — already adopted by greater than ten international locations outdoors the EU. “Even the place MiCA looks like adequate steerage, native changes and limits should be mapped jurisdiction by jurisdiction.”
From Stablecoin Transfers to Embedded Payment Infrastructure
The agenda additionally featured “Stablecoins Won the Payments War. What Comes Next?”, with Berken Menges, Chief Marketing Officer at CoinTracking; Carney Mak, Partner at FXHB Asset Management; Nathanael Christian, Co-Founder & CEO of IDRX; Harry Bui, Analyst at The Spartan Group; and Kevin Lee, CSO at BingX.
The dialog centered on the evolution of stablecoins from a cost product into a worldwide settlement and monetary infrastructure, with specific consideration to cross-border funds, tokenized belongings, and integration with conventional finance. Speakers addressed regulation and transparency, FX and capital controls, and adoption dynamics throughout Southeast Asia and Vietnam.
Multiple audio system converged on the concept stablecoins have confirmed their worth primarily as settlement infrastructure reasonably than a retail cost methodology.
Harry Bui was direct on this level: “I agree stablecoin gained, however not like in the way in which folks assume. It’s a few settlement layer — that’s crucial right here.” The cross-border and remittance lane is the place adoption is most superior: home cost techniques in Southeast Asia are already environment friendly sufficient that stablecoins add little for native retail use, however correspondent banking for worldwide commerce stays gradual, costly, and intermediary-heavy.
Speakers broadly agreed that inside two years, stablecoins will disappear into the infrastructure — absorbed into the platforms and providers folks already use.
As Nathanael Christian put it: “We as clients wouldn’t notice that we’re utilizing stablecoin or not. What we all know is simply cash motion, solely cost — and the entire rail can be on the blockchain for certain.” The subsequent frontier recognized by the panel is shifting from particular person transfers to embedded, recurring use — payroll, subscriptions, platform disbursements — the place the true quantity and the true enterprise case stay.
Sergey Kravtsov, Co-founder and CEO of Papaya Finance, sharpens this level right into a concrete infrastructure argument.
“Every new cost rail begins with one-off transfers, as a result of a single switch wants no infrastructure. You ship as soon as, you’re accomplished. Remittances match that form completely, which is why Vietnam’s stablecoin quantity sits there right now,” Kravtsov notes.
“Recurring funds are a unique downside. A subscription or a payroll run just isn’t one switch — it’s the identical relationship settling again and again on a schedule. On most chains right now, every of these funds is its personal on-chain transaction, with its personal fuel price and its personal level of failure. That is suitable for a one-time remittance and it breaks the second you attempt to run it at scale for 1000’s of payers each month.”
On the place the infrastructure will get embedded, he provides: “The sturdy enterprise is on the paying facet — the platforms, payroll suppliers, and PSPs that must ship recurring funds to tons of or 1000’s of employees without delay. That is the place aggregation issues, and that’s the place recurring settlement infrastructure will get constructed into one thing folks use with out excited about crypto in any respect.”
Participating companies represented the total breadth of the digital asset and conventional finance sectors, together with:
- Tether,
- Bybit,
- Ledger,
- HashKey Group,
- Monad,
- Metis,
- BingX,
- 1inch,
- The Spartan Group,
- Ondo Finance,
- OpenEden,
- Cactus Custody,
- Bitstamp by Robinhood,
- Orderly,
- Birdeye,
- Republic Advisory,
- Solana Superteam Vietnam,
- OrbitX,
- Synthesys,
- Kanga Global,
- CoinTracking,
- IDRX,
- TEIZA,
- SotaTek,
- OpenMax,
- Revve AI,
- GenAI Fund,
- Onigiri Capital,
- TOTM Labs,
- Varmeta,
- Hashgraph,
- DCP Co.,
- GIMA Group,
- APAC DAO,
- Nuvei,
- HSC Asset Group,
- SC Ventures,
- Dragon Capital,
- FXHB Asset Management,
- Centrifuge.
HSC Conference Ho Chi Minh City was supported by Ledger, Sonic Labs, Hypernative, Securosys, Fystack, Birdeye, Mercuryo, Addressable, and Kanga Global. Community companions included Coineasy, Akindo, SqrDAO, APAC DAO, DTC Group, Airova, 9 Cat Group, Allconfsbot, Varmeta, and GIMA. OrbitX served because the cost accomplice; RMIT University joined because the college accomplice.
Beyond the stage, the occasion provided a continuous networking surroundings the place members related with international and regional capital, met curated initiatives vetted for institutional readiness, recognized companions and market-entry pathways into Vietnam, and constructed relationships with establishments shaping the way forward for digital belongings.
Building a Global Institutional Finance Platform
Building on the success of HSC Conference Cannes 2026, the Ho Chi Minh City version broadened the dialogue to look at how blockchain can transfer past pilots into actual monetary infrastructure, what institutional digital asset adoption appears to be like like at scale, and why mature Web3 infrastructure has but to achieve mainstream markets.
Over the previous three years, HSC Conference and HSC Asset Management have developed into two complementary occasion sequence. HSC Conference brings collectively innovators, buyers, asset managers, policymakers, and business leaders for high-level discussions across the evolution of digital belongings and monetary infrastructure, whereas HSC Asset Management supplies a extra centered surroundings for funding, fundraising, and dealmaking. Together, they’ve welcomed greater than 100,000 attendees and generated over 10 million social media impressions.
Upcoming editions are scheduled in Seoul and Singapore in October, Hong Kong in November, and Abu Dhabi in December.
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