For the first time in a while, I find myself somewhat unprepared for Monday. As such, I want to review some of the thoughts I've had lately on technology, Vietnam, and the law. Crypto Thefts and Implications This weekend the web was a buzz with news of the theft of nearly 200 million dollars in [...]
According to thus month’s Wired Magazine, the United States Federal Bureau of Investigation conducted 3.4 million illegal searches of private data. Thus included searches of foreign individuals and entities. That number, to those who might not be aligned with the United States, is a terrifying one. As the FBI is an agency devoted to domestic [...]
Know Your Customer (KYC) is a major element of most countries’ anti-money laundering legislation. Vietnam is no exception. It has developed a comprehensive set of KYC regulations and have even extended the process to allow for digital KYC confirmation. And herein lies the problem. KYC relies on the cooperation of each country. Vietnam may have [...]
A couple of months ago, the government of Vietnam issued a second draft decree on implementation of the regulatory sandbox for financial technologies (Fintech). We have been looking for this for a long time and, I’m ashamed to say it, I missed it when it first came through my inbox because I wasn’t looking for [...]
A new NFT model has recently hit the news, StepN, which is a game/program/model in which users have the opportunity to buy an NFT sneaker which represents their real sneaker and is linked to their movements via their cellphones or smartwatch. They can then be rewarded with cryptocurrency according to how much they actually move [...]
After the uproar concerning the cancellation of Tan Hoang Minh Group's nine bond issuances and the arrests of several members of their management, I wanted to look a bit more into the matter. As a result, I asked one of our legal assistants to prepare an article about what's going on. The article below, written [...]
Know Your Customer, or KYC, is a process of identification and verification of customer information by financial entities[1] in accordance with the prevention and combating of money laundering and financing of terrorism. For KYC in Vietnam, financial entities must apply measures to identify customers in the following cases: When a customer initially opens an account [...]
Credit information is defined as “related data, figures, datum of borrowers in the participating organizations of a credit information company”, and credit information services provision refers to the provision of credit information products by credit information companies to its users on the basis of collecting, processing, and storing credit information. Credit information products are created [...]
Banking is a big business in Vietnam with 4 state-owned commercial banks, 31 joint-stock commercial banks, 2 joint-venture banks, 52 branch offices of foreign banks, 60 representative offices, 16 financial companies and 9 foreign banks[1]. According to an Austrade Report (2020), 78 banks offer internet payment solutions. Mobile payment is available at 47 banks, and [...]
All right, one more blog post about cryptocurrency. A little over a week ago, the Ho Chi Minh City police announced they busted a major gambling ring (see article from Bloomberg here). They arrested 59 people and confiscated 40 laptops, over 70 cell phones, ATM cards, and over 130,000USD worth of Vietnamese Dong. The gambling [...]