Vietnam Group To Drive the Adoption of Blockchain Technology

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Vietnam could be the next country to adopt blockchain technology soon, thanks to the creation of the Vietnam Blockchain Union. Based on reports, this government-backed crypto group will ensure the implementation of crypto-friendly regulations to promote blockchain technology.

VBU, which officially launched this week, has several tasks ahead. Apart from increasing the pace of crypto adoption, VBU aims to foster cooperation between the public and private sectors on blockchain implementation. VBU will assist the government in drafting laws that will oversee the space. 

VBU Finally Gets Underway

VBU was officially unveiled this week to the delight of Vietnamese crypto enthusiasts and the crypto community generally. The unveiling ceremony was graced by top government officials and representatives from the local media and prominent crypto firms, such as Binance. 

The board of directors is led by top government officials, such as Nguyen Huy Dung, and chaired by Dang Minh Tuan. Nguyen is the D.M. of Information and Communications, while Dang is the Director CMC Applied Research Institute. 

VBU was formed late last year but didn’t kick off until now due to discrepancies and unresolved issues. The union will work with the Finance Ministry and the central bank to enact clear crypto laws that will steer the economy in the right direction and protect users. 

Vietnam on the Path to Becoming a Blockchain Hotspot

Vietnam, like the rest of the countries in Southeast Asia, has seen an unprecedented increase in cryptocurrency adoption since 2020. Based on a study from Chainalysis, Vietnam ranks number one in the list of countries leading cryptocurrency adoption. 

Although the country hasn’t legalized digital currency, it hasn’t placed any restrictions on the holding and trading of virtual currencies. However, it lacks regulatory oversight for the space, a similar situation other world countries find themselves in at the moment.

According to Triple-A, 6.1% of Vietnamese trade in crypto. It is a massive figure, considering the country’s population is approximately 99 million based on UN projections. Based on Triple-A data, it means about 6 million Vietnamese hold crypto. 

Thailand, South Korea, and Singapore are some of the Southeast Asian countries that are leaning towards virtual currency adoption in 2022. Since 2018, the Thai government has continuously reiterated the need for digital assets to be regulated for the citizens’ protection. Thailand is looking forward to implementing new laws for the crypto space after scrapping plans to impose a 15% crypto tax. 

Singapore is doing well so far, with a CBDC in sight. The country is one of the first to place income tax on NFTs. 

South Korea is arguably the most progressive in the Asian region. It has implemented AML and KYC requirements for exchanges, approved the issuance of crypto corporate accounts, and plans to develop its metaverse. Virtual currency was a significant topic in the recently concluded Presidential elections. 


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