Vietnam’s legalisation of crypto assets sparks hopes but tough draft rules trigger industry backlash
[HO CHI MINH CITY] When Vietnam took the historic step earlier this month to legally recognise digital assets, crypto entrepreneur Tran Huy Vu saw it as a long-overdue breakthrough and a promising development for local companies eyeing the fast-growing domestic market.
But his optimism quickly gave way to concern over a separate set of draft rules for Vietnam’s pilot crypto asset market, which he fears could stifle innovation and create legal uncertainties for businesses like his own, Kyber Network.
“Current regulations and draft rules are vague with a very broad scope of restrictions,” Vu, chief executive at Kyber Network, lamented to The Business Times. “For global-facing service providers like us, it remains unclear whether…
