Author: Beosin
Web3 marks the new era of the Internet, and Vietnam is at the forefront of this wave of change.
There are many reasons why Vietnam is enthusiastic about Web3. For example, the country's population is proficient in technology, the technology industry is booming, government initiatives, and widespread interest in blockchain and cryptocurrency. We pose this question: Is Vietnam's Web3 on the rise?
Is Vietnam's Web3 on the rise?
According to a research report by tiger-research, Vietnam has made outstanding achievements in the development of the Web3 industry in the past two years among Asian countries. This development is based on three main factors:
(1) Vietnam has a large young population who are highly interested in new technology and have a high level of technical skills, providing a good talent base for the development of Web3 technology.
(2) High internet penetration rate: Vietnam's internet penetration rate ranks among the top in the Southeast Asia region, creating favorable conditions for the promotion and application of Web3 technology.
(3) Active startup ecosystem: Vietnam's startup ecosystem is becoming increasingly mature, with many startups venturing into blockchain and Web3 technology, driving innovation and development in this field.
On September 29, 2023, a seminar on "The Application of Blockchain Technology in the Digital Economy" was jointly held in Hanoi by the Vietnam National Assembly's Committee for Science, Technology, and Environment and the Vietnam Blockchain Association. At the seminar, the Chairman of the Vietnam National Assembly's Committee for Science, Technology, and Environment, Le Quang Huy, emphasized the global application of blockchain in various fields such as finance and energy. He also predicted that by 2030, the market value of the blockchain industry will reach tens of trillions of dollars.
Vietnam is slowly but steadily changing its stance on blockchain and cryptocurrency. Although there are no specific legal documents at present, recent government actions indicate that this field will undergo positive changes.
The beginning of regulatory changes related to blockchain in Vietnam
However, the Vietnamese Web3 market faces multiple challenges. The most prominent is the uncertainty in cryptocurrency regulation, which seriously affects its business environment. In addition, a lack of deep development skills and insufficient retail liquidity are the main obstacles that Vietnam faces in the global Web3 competition. These challenges are important considerations for Vietnam to become a global leader in the Web3 industry.
According to a report by TheRegister, as part of strengthening anti-money laundering (AML) efforts, the Vietnamese Ministry of Finance has proposed the possibility of banning or regulating virtual assets by May 2025.
The action plan aims to remove Vietnam from the Financial Action Task Force's (FATF) "gray list." FATF is an intergovernmental organization established by the Group of Seven (G7) countries to combat money laundering and terrorist financing.
The sixth action of Vietnam's national action plan states that the country will not only establish a legal framework for "banning or regulating virtual assets and virtual asset service providers," but also "demonstrate the enforcement of regulations, including ensuring compliance measures."
In September 2023, the Vietnam Bankers Association and the Vietnam Blockchain Association jointly held a meeting in Hanoi, focusing on strengthening regulations to prevent money laundering in cryptocurrency transactions.
Nguyen Quoc Hung, Vice Chairman and Secretary-General of the Vietnam Bankers Association, emphasized the importance of the Anti-Money Laundering Law, which came into effect in March 2023, and its related guidelines. He pointed out that the imperfect legal framework and the lack of professionals in the digital and cryptocurrency fields have caused confusion for banks and national regulatory agencies when dealing with cases involving new asset types. In-depth discussions on anti-money laundering are the beginning of many future blockchain-related regulations and are of great significance.
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