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 [...]
In September, the government of Laos authorized six companies to mine and trade cryptocurrency. This last week they announced that as part of the country's expansion into the cryptocurrency markets, they anticipate to include nearly 200 million USD in their 2022 national budget from Bitcoin mining. The theory is that, using the massive amounts of [...]
For some time now, Indochine Counsel has been part of the Law Firm Network (LFN) and participated in their sometimes publications. Just recently we provided a chapter on Vietnam's treatment of cryptocurrency. As this blog regularly focuses on issues related to e-commerce and technology we wanted to make our readers aware of the publication of [...]
Non-fungible tokens (NFTs) or cryptographic tokens are unique digital signatures or tokens created by using blockchain technology, in particular using relevant platforms that operate on blockchains, which are used for certifying ownership of digital files of real or intangible assets. Cryptographic tokens represent a set of rules, encoded in a smart contract – the token [...]