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
Indochine Counsel Blog
The Indochine Counsel Blog, published by Indochine Counsel, focuses on legal developments and regulatory issues in Vietnam, particularly in emerging sectors such as cryptocurrency, blockchain technology, and data privacy. It covers the impact of new laws and decrees on businesses operating in Vietnam, including cybersecurity regulations and data localization requirements. The blog also discusses government initiatives related to digital transformation and the digital economy. Its content is aimed at providing insights into the evolving legal landscape affecting technology, finance, and compliance in Vietnam.
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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…
Credit Information in Vietnam
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…
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…
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…
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…
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…
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,…
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…
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…