Highlights of GM Vietnam Blockchain event

Highlights of GM Vietnam Blockchain event

The Blockchain symposium on 7-8/7/2023 held in Ho Chi Minh City by Kyros Ventures, Ancient8 and Coin98, happened very successfully with the participation of over 5000 registered people and more than 200 blockchain projects around the world.

During the seminar, the audience can listen to speakers from the most successful companies in this blockchain field such as EMURGO (Cardano), Binance, Solana, etc. with many hot topics just as

  • EVM and non-EVM projects,
  • The opportunity for Southeast Asia countries to develop blockchain companies,
  • How to protect yourself against attacks, centralized or decentralized, fundraising in difficult times,

Through this seminar, the fans of blockchain also had the opportunity to witness and experience products/services from attractive projects in this industry such as: experiencing the NFT art exhibition, watching live the Guild Rush S5 LAN Final gathering 8 teams playing Axie Infinity, etc.

Vietnam is a potential market for new technology, especially blockchain.

Day by day in Vietnam, technology is updated and used by the young generation, who were born in the explosion of the industrial revolution 4.0 and the coming 5.0.

The new technologies of this revolution have gradually changed the lives of many Vietnamese people.

  • For example, the development of AI has created smart cameras or timekeepers and locks for companies and homes. Moreover, AI virtual reality glasses can help people travel to the place they want (with the scenery and feel like the real thing without even setting foot there).
  • Or about the field of the Internet of Things (IoT), people today just need a phone to be able to control all electrical appliances in the home such as air conditioners, TVs, lights, etc. installing too many switches or using too many dedicated remotes for the above devices.
  • Nowadays, people can use big data to optimize more easily and effectively the customer insights or educate machines to run in the factories automatically without human coding.

Especially blockchain is the field that attracts the most attention and participation of most Vietnamese people because many of them know it as the place where they can earn the most money through trading activities as well as holding coins on exchanges.

Vietnam is also the country with the second largest percentage of cryptocurrency holders in ASEAN after Thailand and is one of the top 5 countries in Blockchain.

Vietnam now has more than 16.6 million crypto holders. Of these, about 31% own Bitcoin. In a survey of 389,345 people across 26 countries, Vietnam ranked 3rd in crypto adoption, behind India and Nigeria. About 23% of the Vietnamese population reported owning Crypto assets.

According to a forecast by MarketsandMarkets, the Blockchain-related market in Vietnam is expected to reach a value of nearly $2.5 billion by 2026.

All the above details give us the reality that Vietnam is the potential for new technologies because of its young, love to get rich and enthusiastic and eager-to-learn population.

What is the opportunity for Vietnam to catch up with blockchain trends?

Is blockchain a cryptocurrency and only serves financial problems?

The growing expansion of the blockchain market in Vietnam (especially in the cryptocurrency market) has created a great opportunity for startups in this field to develop their full capabilities to apply this technology in real life.

However, most of the blockchain communities in Vietnam are still having the confusion between blockchain and cryptocurrency.

Agreeing that the cryptocurrency market is the biggest market for this technology. However, in some other industries, people can also apply this technology to optimize and develop faster than some other urgent services such as healthcare, education, and even public services.

These are all areas with great potential for the development of this technology and are very effective opportunities for technology startups in Vietnam.

Will the cryptocurrency sector still be a good bait for startups?

Still today, cryptocurrency is the biggest and most vibrant field of the blockchain market. With the emergence of NFT technology, the combination of these two areas has created great projects for the blockchain community in Vietnam.

The Vietnamese have even been creating companies specializing in these two fields that are highly valued in the market and are also unicorns in the technology world (typically the NFT game Axie Infinity and the DeFi (decentralized finance) ecosystem with many products serving different needs from transaction, storage to management, lending, saving assets… named Coin98).

Coin98 has established a legal entity in Vietnam and will operate like other traditional Fintech startups, complying with the law and paying taxes in Vietnam.

Particularly for issues that do not have a regulatory legal corridor like Token, Coin98 still must be registered at a foreign-related company.

Most recently, another NFT project, VMeta, was invested by Shark Lien on the reality TV show Shark Tank Vietnam in 2022.

However, when having ideas about projects in these two areas, fintech companies should pay more attention to legal in Vietnam.

The most typical case is Coin 98. Coin98 has established a legal entity in Vietnam and will operate like other traditional Fintech startups, complying with the law and paying taxes in Vietnam.

Particularly for issues that do not have a regulatory legal corridor like Token and Cryptocurrency Payment Coin98 still must be registered at a foreign-related company.

In short, by successfully organizing an international blockchain event, these three co-organizers have once again proven Vietnam's position in the development of blockchain technology in the country. At the same time, this is also an opportunity for related fintech startups to exchange and seek cooperation opportunities in the above field.