What opportunities for Vietnamese blockchain?

Blockchain HR price storm – metaverse

Vietnam is in the group of 5 leading countries in technology blockchain. According to Chainalysis, the index of this new technology adoption is also 5 times higher than in the US.

However, for Vietnam to have new unicorns is not an easy thing. Domestic enterprises are facing many different difficulties. First, they have to solve the personnel problem.

House3D Company is one of the first Vietnamese enterprises to apply blockchain to develop the Metaverse platform. Although technology infrastructure and 3D cloud solutions are available, they can only prepare the necessary personnel after many months.

“When we decided to do this project, we already planned a salary budget for our employees. However, in reality, this number increased to 50% compared to the expected,” said Ms. Phan Sac, the company’s operating director. House3D, said.

Vietnam is in the group of 5 leading countries in blockchain technology. (Illustration image – Photo: Investment Newspaper)

To explain this, experts said, businesses are racing to compete for human resources with a series of “short-term” projects.

Some businesses recently said that when developing blockchain applications, they have to spend 4-5 times higher than traditional applications.

DeFi, GameFi, EduFi – decentralized economy, game economy or recently an economy associated with education and training. A series of different digital asset trends are gradually forming under the explosion of blockchain technology. Vietnamese startups did not miss this wave, however, many were unable to set up their businesses in Vietnam.

It is difficult for Vietnamese to start blockchain at home

After VNG and VNLife, within the past 1 year, there have been 3 Vietnamese startups in the blockchain field that have achieved unicorn status, ie with a capitalization value exceeding 1 billion USD. Even Axie Infinity is the world’s largest market capitalization game.

“Some areas of blockchain are leading the world, specifically here, the blockchain game market has unicorn businesses, leading the market capitalization,” said Dang Minh Tuan, Chairman of the Vietnam Blockchain Alliance. , said.

However, despite being founded by Vietnamese people, all three new unicorns do business and pay taxes abroad. The reason is that the operating model is not consistent with the regulations on online games in Vietnam.

“The most difficult regulation is that in Vietnam, it is not allowed to buy and sell in-game items. What we did is calculated to violate that law, even though we do not officially release the game in Vietnam”, Mr. Nguyen Thanh Trung, Sky Mavis founder, game owner Axie Infinity, said.

Soon to complete the legal process for domestic enterprises to seize blockchain opportunities

The obvious advantage will still be an advantage if there are no policies and opportunities for Vietnamese people to start blockchain at home, and can contribute a great source of revenue to the budget. Several other countries in Southeast Asia are making good use of this opportunity. For example, Singapore, a country that allows anyone to open a business with new business models, if this model can be risky with the domestic market, it will have to make money elsewhere.

“Singapore is a country with strict financial regulations. However, with the blockchain field, people have a very good plan that is to separate between registering a business there and doing business there. They allows blockchain businesses to open their headquarters in Singapore, but some operations may not be operated in Singapore, but in other countries, according to the laws of that country,” said Trinh Cong Duy, Founder of Bizverse, Head of Metaverse Lab, University of Danang, said.

According to the Ministry of Information and Communications, this agency is studying and proposing new legal bases related to this technology. The early regulations on piloting sandbox models are expected to be a place for regulators to observe and evaluate the impact of blockchain on the economy and perfect legal regulations in the future. future.

“We think that completing the legal corridor is the most important thing so that new ideas and new fields such as digital assets and digital currencies can be developed in Vietnam,” said Deputy Minister of Information. and Media Nguyen Huy Dung commented

Recently, the Blockchain Alliance – the first official organization in Vietnam about this technology, has also been established and is expected to help make the market transparent, a place to consult on appropriate policies, participate in Incubate and help Vietnamese people not miss the opportunity with these pioneering technologies.

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