Vietnam is likely to see an increase in crypto regulation soon, as a government-backed pro-crypto group seeks to promote the space.
The Vietnam Blockchain Union (VBU), a group that aims to increase crypto adoption in the country, officially made its debut this week.
The group seeks to increase cooperation between the government and private players over blockchain technology. It will also help the government draft regulations over the space, as Vietnam’s crypto adoption steadily rises.
VBU officially launched this week
The union officially launched this week, in a ceremony attended by representatives from several popular crypto players, including Binance, local publication Vietnam Investment Review reported on Friday.
The group’s advisory board is helmed by several government officials, including Nguyen Huy Dung, Deputy Minister of Information and Communications. The union is chaired by Dang Minh Tuan, director at CMC Applied Research Institute.
The union was established in late-2021 by the Vietnam Digital Media Association, under the Ministry of Information and Communications.
Vietnam’s Ministry of Finance is also working with the central bank on passing comprehensive crypto regulation.
Vietnam a crypto hotspot
Crypto adoption in the southeast Asian country has accelerated at an unprecedented pace in the last two years. Vietnam ranked first on an index of countries leading crypto adoption, from blockchain analytics firm Chainalysis.
While the country does not accept crypto as legal tender, it has no restrictions on the holding and trade of crypto assets. But Vietnam also lacks overarching regulation for crypto, something several government agencies are currently working towards establishing.
According to data from research firm triple A, about 6.1% of Vietnam’s population holds crypto. Several other southeast Asian countries, such as Thailand and South Korea, have also leaned into crypto adoption this year.
Crypto was a major factor in South Korea’s recent Presidential elections, with both candidates promising crypto-friendly regulation.
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?