Blockchain tech increasingly mastered
Blockchain tech increasingly mastered
The development of blockchain networks designed and implemented by Vietnam marks a significant transition in mastering core technology and driving digital economic development.
Two weeks ago, blockchain startup 1Matrix launched the Layer 1 Blockchain network, laying a foundation for the advancement of the technology in the digital age.
According to the plan, the company plans to invest $200-500 million to build a decentralised digital infrastructure for public data, public services, and digital finance.
Not only aiming to provide a tech product, 1Matrix is also a provider of transparent and secure blockchain services with wide-ranging applications in governance, commerce, finance, healthcare, and education.
Phan Duc Trung, chairman of 1Matrix, stated that there are only two national-level blockchain networks in the world, China’s BSN blockchain network and the EBSI network in Europe.
China has deployed its blockchain network to over 140 global data centres with a very ambitious goal of controlling and applying digital assets. The EU, although lagging behind, is implementing EBSI across all 27 member states.
“Many international blockchain networks hire Vietnamese programmers, organise events in Vietnam, and issue tokens to Vietnamese individuals. However, up to now, there has not been any network designed and operated by Vietnamese people that has been put into practical application,” Trung noted.
According to the Vietnam Software & IT Services Association, Vietnam is among the top six countries globally in software outsourcing with over 500,000 software engineers. Vietnamese engineers have also participated in building many international blockchain networks such as Solana, Aptos, but there has yet to be a truly successful “purely Vietnamese” blockchain network.
“The current blockchain service infrastructure mainly relies on foreign nodes and cloud services, leading to significant dependence. Meanwhile, many domestic blockchain networks have struggled due to a lack of resources, legal barriers, infrastructure constraints, and delays in developing core technology, making them unable to compete with international platforms,” Trung noted.
The company’s blockchain network is expected to be completed by 2027.
Statistics from Chainalysis and Triple-A show that Vietnam is among the top three globally in terms of cryptocurrency ownership acceptance index, with over 17 million people owning cryptocurrencies by the year 2024. During the period from 2022 to 2024, there was an annual inflow of over $100 billion from cryptocurrencies into the domestic market, indicating the explosive growth potential of this sector.
Tran Kieu Diem, the founder of Orochi Network, believed that blockchain is the core technology platform for creating, managing, and trading cryptocurrencies.
“However, the weakness of the domestic blockchain ecosystem lies in the lack of strong infrastructure platforms, connections between startups and strategic investment funds, and a professional playground for Vietnamese tech companies to access international markets,” Diem said. “This is the right time for Vietnam to not only absorb but also contribute to shaping the new wave of technology.”
In March, Prime Minister Pham Minh Chinh discussed the completion of the legal framework for managing and handling various types of digital assets and cryptocurrencies. The same month, the Ministry of Finance submitted a draft resolution to the government on the pilot implementation of issuing and trading digital assets and cryptocurrencies.
Blockchain tech increasingly mastered, photo AI-generated |
On May 9, the National Assembly discussed the draft law on the digital technology industry, which for the first time mentioned cryptocurrencies as a legitimate asset under the Civil Code, created, stored, transferred, and verified using digital technology.
The government had also previously proposed the pilot of a cryptocurrency exchange platform, marking Vietnam’s strong transition to the digital economy and blockchain technology.
Prof. Nguyen Binh Minh, director of the Institute of Digital Technology and Economics at the Hanoi University of Science and Technology, stated that Vietnam has all the conditions to rise strongly on the global digital technology map.
However, to realise this ambition, it needs large enterprises, major projects in the IT sector, and a technological ecosystem with depth and a Vietnamese identity.
“We particularly look forward to the force of students, young engineers, and technology enthusiasts, who will play a central role in building Vietnamese products that have a high potential for practical application and creating quantifiable changes, especially in important areas such as finance, data management, information verification, and cybersecurity,” he said.
According to MarketsandMarkets, the global digital asset market is projected to reach approximately $8 billion by 2027, with a compound annual growth rate of 61.5 per cent during the period of 2022-2027.
IMARC Group notes that the cryptocurrency market in Vietnam is expected to grow at an average annual rate of about 9.4 per cent during the period 2025-2033. It is projected that by the end of 2025, the value of the cryptocurrency market in Vietnam will reach $49 billion.
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Dang Vu Son, lieutenant General Senior advisor Vietnam Blockchain Association The national strategy for blockchain application and development sets the goal for Vietnam to become a leading country in the region and establish an international position in blockchain by 2030. Professional associations, organisations, and enterprises are tasked with developing Vietnamese-made blockchain platforms. They are responsible for establishing mechanisms for operation, exploitation, interaction, and interconnection between types of blockchain networks operating on Vietnamese blockchain infrastructure. In addition, they are required to bring together Vietnamese digital technology enterprises to build blockchain platforms to enhance information sharing and strengthen competitiveness with foreign enterprises. Currently, alongside the rapid development of blockchain technology and digital assets, Vietnam is actively refining its legal framework. The law on the digital technology industry and the government’s decree on the legal framework for cryptocurrency transactions are being developed and will soon be issued. This is an important foundation to ensure transparent, sustainable, and secure development in this field in Vietnam. The development of domestic blockchain technology not only helps Vietnam to master foundational and core technologies, moving towards independence from foreign technologies, but also contributes to ensuring digital sovereignty, information security, and national security in the context of the world shifting strongly towards comprehensive digitalisation. |
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Cryptocurrency manipulators may be fined up to $80,000 Two weeks ago, the Ministry of Finance (MoF) announced a draft amendment to regulations related to penalties in the securities sector, including new provisions regarding cryptocurrency assets. The draft lists acts considered as manipulation of the crypto asset market: using one or more accounts to trade continuously to create artificial supply and demand, colluding in transactions without actual ownership transfer, and ownership only circulating among members in a group. Manipulation also includes colluding with others to repeatedly place trading orders, directly or indirectly commenting on mass media to influence prices and supply and demand. The last listed behaviour is spreading rumours or providing misleading information to the public to create artificial supply and demand. The MoF proposed a fine of $60,000-80,000 for manipulating the crypto-asset market. Violators may face suspension of operations for up to five months. In addition, crypto asset service providers may be fined $12,000-80,000 for violations such as not verifying investor identities, misleading advertising information, and not separating customer crypto asset management from self-trading. For investors, the MoF proposed a fine of $4,000-8,000 if they do not open an account and transfer their crypto assets to storage and trading at organisations licensed by the agency. |
- 09:14 30/05/2025
