Banker’s KYC in Vietnam

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 [...]

By |2022-02-14T05:22:39+07:00February 14th, 2022|Banking and Finance, Data Privacy, TMT-Technology, Media, Telecom|Comments Off on Banker’s KYC in Vietnam

Axie Infinity Redux

Vietnam's startup darling Axie Infinity is in the news. Like the United States on the back of trillions of dollars of newly printed dollar bills, Axie Infinity is suffering from a classic economic problem: inflation. Here's the skinny. Axie Infinity is a blockchain item, based on Ethereum, where it uses a couple of different technologies. [...]

By |2022-02-07T01:19:02+07:00February 7th, 2022|Business News, Contract Law, TMT-Technology, Media, Telecom|Comments Off on Axie Infinity Redux

Digital Banking in Vietnam

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 [...]

By |2022-01-17T05:28:04+07:00January 17th, 2022|Banking and Finance, TMT-Technology, Media, Telecom|Comments Off on Digital Banking in Vietnam

The Metaverse and Vietnam

On 28 October 2021, Mark Zuckerberg, CEO and majority shareholder of Facebook (now Meta apparently) announced this thing called the Metaverse, a ripped off concept from countless science fiction books that, according to Wikipedia, is: a hypothesized iteration of the Internet, supporting persistent online 3-D virtual environments[1][2][3] through conventional personal computing, as well as virtual and augmented reality headsets. The idea, then, is to [...]

By |2022-01-10T02:53:00+07:00January 10th, 2022|Data Privacy, TMT-Technology, Media, Telecom|Comments Off on The Metaverse and Vietnam

Draft Decree on Cybersecurity Sanctions

In the middle of writing about Sky Mavis and NFTs and cryptocurrency the Ministry of Public Security issued a draft decree related to cybersecurity. I didn't get the chance to write about this earlier, but I think it is important enough--as it offers some guidance on questions related to the Law on Cybersecurity of 2018--to [...]

By |2021-12-27T04:41:00+07:00December 27th, 2021|Data Privacy, TMT-Technology, Media, Telecom|Comments Off on Draft Decree on Cybersecurity Sanctions

Technology Transfer in Vietnam

This week I had the opportunity to edit our new legal guide for technology transfer in Vietnam. It was prepared by Yen Pham, a lawyer on our staff, and I thought I would give a preview of some of its contents as it is related to my practice. Some Basics of Technology Transfer Technology transfer [...]

By |2021-12-20T02:51:58+07:00December 20th, 2021|Corporate and commercial, TMT-Technology, Media, Telecom|Comments Off on Technology Transfer in Vietnam

Cryptocurrency Gambling Ring Hacked by Government

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 [...]

By |2021-12-13T02:09:22+07:00December 13th, 2021|Banking and Finance, TMT-Technology, Media, Telecom|Comments Off on Cryptocurrency Gambling Ring Hacked by Government

Blockchains or Databases, a Discussion

I recently had a conversation with an official from the US Consulate here in Ho Chi Minh City, in which we discussed cryptocurrency and blockchain issues. On repeated occasions he asked the question: what makes blockchain different from a regular database? That got me thinking. There are certainly some instances in which there is no [...]

By |2021-12-06T08:48:18+07:00December 6th, 2021|Data Privacy, TMT-Technology, Media, Telecom|Comments Off on Blockchains or Databases, a Discussion

In-Game Units in Vietnam

About a month ago I wrote about NFT Gaming and Vietnam. In that blog, I discussed some of the issues with Axie Infinity—as their recent massive funding round was the prompting for the post. But I did not really dig into the legal issues of buying and selling virtual assets in games in Vietnam with [...]

By |2021-11-29T09:42:01+07:00November 29th, 2021|TMT-Technology, Media, Telecom|Comments Off on In-Game Units in Vietnam

Laos, Cryptocurrency Mining, and Vietnam

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 [...]

By |2021-11-08T06:29:27+07:00November 8th, 2021|Banking and Finance, Data Privacy, Legal News, TMT-Technology, Media, Telecom|Comments Off on Laos, Cryptocurrency Mining, and Vietnam
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