Removing roadblocks to Vietnam’s blockchain game development

Talkshow 1 - Legal Updates for the Vietnamese NFT Games

The panel mentioned key features of the country’s blockchain market and user behaviour with practical examples of successful cases.

William Do, HOBBIT Investment CEO, highlighted exponential returns and a quick payback period as the appeal of the growing blockchain gaming market.

“This slice of cake is so lucrative that project founders and angel investors are willing to set aside their self-interest and stand together. The stronger the relationship, the greater the mutual benefits," said Do.

According to Do, this 4.0 investment type has the potential to replace the startup wave of past years. Just a handful of projects launched during the 2017-2020 entrepreneurship wave were able to establish themselves in the international market. The remainder struggled to survive without the support of major players in their industries. Consequently, they will have to make a trade-off and are likely to lose control of the game.

“The blockchain model with its transparent, speedy, and bold projects has solved the problems that pioneering startups of the past could not answer,” he added.

Trinh Ngoc Duc, FOTA’s CEO said, "Vietnam currently lacks a clear legal framework for blockchain game projects. 70 to 80 per cent of those in Asia and Vietnam were established in Singapore."

Duc said that several countries have developed clear regulatory frameworks to promote blockchain-based enterprises.

“We decided to first introduce FOTA in Singapore as the country is considered the world’s blockchain capital. In addition, the Vietnamese market is the most critical of locally-based projects. The meticulousness of the market has motivated projects like FOTA that are expecting to go global to take smarter, more professional, and more transparent measures,” added FOTA's CEO.

Do shared, "I am proud to say that all of our staff are Vietnamese. However, the backing of Vietnamese legislation and the existing legal updates are insufficient to enable potential projects to compete with those in other countries. I would be overjoyed to bring a project registered in Vietnam to other countries for fundraising.”

According to Duc, fully comprehending the concept of currency in use is the first step toward providing clearer legal updates.

“We are currently unclear about definitions, which is preventing investors from entering this market. A few countries throughout the world have tried giving people this currency to spend, albeit there are still significant challenges in changing behaviour, anti-money laundering legislation, and inflation. I believe Vietnam should follow the trend and can draw on successful international models and expert ideas to create the legal updates more precisely,” Duc suggested.

Nguyen Xuan Yen, the representative of DJinn Guild Game, stated that Vietnam used to be a game processing hub with many potential players.

“While the existing market is expanding, it is not yet completely open. I believe complete legal updates will facilitate Djiin’s and the Vietnamese blockchain industry’s development,” said Yen.

At the talk show, the speakers agreed that legal sanctions alone will not be sufficient to foster high-quality blockchain or cryptocurrency projects in Vietnam.

They feel that the major impediment to blockchain projects' regrowth is a lack of awareness of blockchain technology and new cryptocurrencies. Furthermore, a lot of projects that have taken advantage of the novelty of blockchain to defraud Vietnamese people have made many of them distrustful and hostile.

The speakers suggested careful evaluation of projects before finalising their investment decisions. By doing so, high-quality projects will be approved, while low-quality projects will be denied.

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+ At 9 am, on May 19: Talkshow 2 – Cybersecurity issues with NFT Games