A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Vietnam’s digital asset landscape is increasingly attracting heavyweight players, not only domestic banks, securities firms, asset managers, and tech enterprises, but also global powerhouses.
The Monetary Authority of Singapore (MAS) last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 – or close up shop.
The Ministry of Finance has proposed a pilot programme for issuing and trading cryptocurrencies and digital assets, with oversight from three key agencies: the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.
According to Bukit Aman Commercial Crime Investigation Department (CCID) Director Datuk Seri Ramli Mohamed Yoosuf, cryptocurrency scams have become a major commercial crime trend, often luring professionals and retirees with promises of high returns.
Vietnam boasts one of the most active investment communities in the cryptocurrency sector. However, protecting investors and promoting sustainable growth requires a robust legal framework.
Thai Prime Minister Paetongtarn Shinawatra has announced the government’s decision to allow the use of payment products and services through digital assets in storage areas in Phuket, a popular island destination in the country.
Vietnam ranks second in the world of cryptocurrency ownership, with 21.2 percent of the population adopting crypto, according to data from the Crypto payment gateway Triple-A.
Philippine authorities have detained more than 250 people in a raid on a suspected online scam farm in Manila, law enforcement officials said on October 4.
Cryptocurrency is not banned in Vietnam but it is necessary to develop a legal framework to ensure its on-track development and prevent risks, a representative from the Ministry of Justice has said.
As more information technology businesses invest resources into Web 3.0, coupled with the large number of users and coders, Vietnam sees great opportunities in the blockchain market in the Southeast Asian region, say experts.
National Assembly Chairman Vuong Dinh Hue urged for a healthy banking system in which domestic lenders act as key players and operate in a healthy, effective and transparent manner when assessing the answers of State Bank Governor Nguyen Thi Hong during the Q&A session of the 15th NA in Hanoi on June 9.
Google searches for “cryptocurrency” increased sharply in recent years as Vietnamese sought investment channels, especially during the pandemic with social distancing measures in place, which forced people to stay home.
VinaCapital Ventures, a technology investment platform of VinaCapital Group, on December 21 announced that it has invested in Hub Global JSC, a blockchain eco-platform that focuses on supporting the development of promising Vietnamese startups creating blockchain solutions across a range of verticals.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to study and carry out pilot implementation of cryptocurrency based on blockchain technology in the 2021-23 period.
