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.

Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the US and UK, with nearly US$1.2 billion, according to US blockchain analysis firm Chainalysis.

The cryptocurrency market in Vietnam remained bleak in 2023, resulting in a lack of profitability for nearly 65% of investors. Among them, a significant 43.6% of investors experienced losses, according to the Vietnam Crypto Market Report 2023 by Coin98 Insights.

The Vietnam Banks Association (VNBA) and Vietnam Blockchain Association on September 20 jointly organised a conference to promote legal regulations on anti-money laundering in cryptocurrency transactions.

The rapid development of digital assets, especially blockchain–based ones, and the emergence of new business models have posed unprecedented issues to policymakers around the world on how to ensure their proper development.

VOV.VN - Vietnamese authorities are in the process of verifying and investigating the case of Minh Quoc Nguyen, a Vietnamese national wanted by the FBI for his alleged involvement in a US$3 billion money laundering scheme.

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.

As many as 173,600 Ethereum and 25.5 million dollars have been withdrawn from Axie Infinity’s system. With that scale, this is one of the most serious attacks in the history of the cryptocurrency industry.

Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Vietnam (SBV).

VOV.VN - The Vietnamese police have broken up an online gambling ring in Hanoi with transactions worth more than EUR1.1 billion.