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Vietnam Takes Bold Step to Crypto Regulation, Aiming to Prevent Illegal Activities

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Vietnam, re­nowned for its innovative population, follows a proactive approach regarding digital currencie­s. By May 2025, the nation intends to establish a compre­hensive legal frame­work for crypto regulation. This proactive measure re­sponds to Vietnam’s surging crypto ownership and the ne­cessity to address potential risks arising from an unre­gulated market.

Although Vietnam hasn’t banned cryptocurre­ncies, an absence of regulations has bre­d uncertainty for users and businesse­s alike. Cao Dang Dinh, deputy director of the­ Ministry of Justice’s Civil Law Department, highlighted the urgency of addre­ssing this void. The widespread adoption of cryptocurre­ncies requires robust legal frameworks, asserte­d Dinh, recognizing the potential for e­xploitation without clear guidelines.

Financial authorities are­ actively formulating rules to overse­e digital currencies. This e­ndeavor aims to establish lawful ownership, combat unlawful actions like­ laundering funds, and safeguard consumer inte­rests. These me­asures align with research conducte­d in 2021, which underscored the ne­cessity for regulations accompanied by e­ducational campaigns to encourage responsible­ usage of cryptocurrencies.

Vietnam Aims to Balance Crypto Regulation and Innovation

The Vie­tnamese central bank plays a crucial role­ in crypto regulation. The­y diligently investigates approache­s to prevent the illegal use­ of digital assets. This emphasis on combating money launde­ring and financial crimes shows the governme­nt’s dedication to creating a secure­ environment for cryptocurrencie­s.

Crafting effective crypto regulations requires a delicate balance. While safeguarding citizens from potential dangers is crucial, over-regulation could stifle innovation and hinder the growth of the crypto market. Vietnam’s approach seems to prioritize striking this balance by establishing clear rules without stifling the burgeoning crypto sector.

With a target completion date of May 2025, Vietnam’s journey towards crypto regulation is still in its early stages. The coming months will be crucial in observing how the framework takes shape and how it impacts the country’s crypto landscape. This move by Vietnam serves as an example for other nations grappling with similar regulatory challenges in the ever-evolving world of digital assets.

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Shiba Inu Game Players Flocking in From Vietnam, Says Game Industry Veteran

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Shiba Inu’s new collectible card game Shiba Eternity is already well-liked in Vietnam, according to William Volk, alpha director at Shiba Inu Games. In actuality, the team had to increase the game servers’ capacity by 50 percent due to higher-than-expected demand.

The Shiba Inu team unveiled a mysterious teaser on July 31st, and it has since attracted attention and traffic on social media. Now that the project’s much-anticipated game has been given the moniker “Shiba Eternity,” the official account has officially revealed it.

“And with that said, may we add an Ancestral Blessing to the ShibArmy on this birthday and a moment of silence for those who Sold Early,” project leader Shytoshi Kusama wrote.

According to the statement, the project’s creators collaborated with Melbourne, Australia-based PlaySide Studios, a maker of video games. Additionally, the game will be accessible on both the Google Play Store and the Apple App Store.

Vietnamese users got early access to the Shiba Inu game

Vietnamese iOS users get the chance to take part in Shiba Eternity’s early testing. They recently posted footage of themselves playing the card-based war game on social media. Last week, the Shiba Inu (SHIB) token’s price soared over the roof.

According to statistics from CoinMarketCap, it has moved up to 12th position in terms of market capitalization. Volk, a seasoned game developer best known for his work with Activision, was appointed as a principal consultant by the Shiba Inu team back in November. Related Mike Novogratz’s Galaxy Digital Facing Lawsuit from BitGo

Shiba Inu Games and PlaySide collaborated on a mobile game in December 2021 that will make use of NFTs from the “Shiboshi” series.

Many members of the Shib Army were shocked to learn the news, and rumors started to spread after the team tweeted that “A present would arrive shortly.”

According to TronWeekly, the chief developer revealed the game’s specifics and said in May that it will debut in early September 2022.

Vietnam Paving The Way For Crypto Legalization

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Vietnam’s Deputy Prime Minister Le Minh Khai has entrusted the nation’s Ministry of Finance to lead research for the implementation of a legal framework surrounding digital assets. According to a report by local news agency Vietnamnet, the ministry is tasked to identify specific legal documents requiring amendment or enactment for the management of the evolving asset class.

The research is being conducted in association with the Ministries of Justice, Information and Communications as well as the State Bank of Vietnam. A decision to study and guide policy discussion extends upon multiple research mandates that assess crypto’s impact on the country’s shifting digital economy.

It will also assess the requirements needed to develop legislation aimed at controlling risks but in a way that won’t affect other sectors including e-commerce and information technology, the report said.

Previously, in the Strategy for Development of E-Government towards Digital Government in the period of 2021 – 2025, with a vision to 2030, approved on June 15, 2021, the Prime Minister assigned the State Bank of Vietnam to lead the research and pilot use of virtual money based on blockchain technology in 2021 – 2023.

Vietnam’s flip-flops with crypto regulation

The nation’s crypto relationship has been marred with complications over the past few years. In 2014, the South East Asian nation first banned Bitcoin transactions but did a complete reversal in 2017 when the then PM Nguyen Xuan Phuc approved BTC as a form of payment. However, in 2018 BTC was banned for the second time.

Then in 2020, the then Vietnam’s government established a crypto research group, which was instructed to research various developments in the virtual asset market and recommend legal policy proposals.

Despite the absence of a legal framework for owning, trading, and using cryptocurrencies, the crypto adoption rate of its citizens was among the highest worldwide.

As per the Crypto Adoption Index, in October 2021, Vietnam surpassed most countries in terms of the overall peer-to-peer transaction value, as well as payments made by individuals. In general, remittances have been representing the majority share of Vietnam’s GDP, which might have helped early cryptocurrency to gain a strong foothold in the country.