Opportunities and challenges in the Web3 era

Digital assets will be recognized by early 2026 according to the regulations issued, so Vietnamese businesses should learn about the opportunities as well as the challenges posed in this new era.

The Web3 era in Vietnam is about to begin. Photo: Webapper .

The legal landscape for digital technology in Vietnam is changing rapidly. In the first half of June 2025, three important documents were issued, creating favorable conditions for technology businesses and investors.

The official legalization of cryptocurrencies presents an opportunity to boost the development of the digital technology market. At the same time, the increasing number of people owning these assets poses a challenge in identifying increasingly sophisticated scams.

Opportunities for breakthroughs for Vietnamese businesses.

On June 14th, the National Assembly officially passed the Law on Digital Technology Industry (DITI), effective from January 1st, 2026. This is the first legal document in Vietnam to define crypto assets, creating a clear framework to promote innovation while improving management, supervision, and investor protection.

Four days prior, Blockchain was identified as one of the Strategic Technologies according to Decision 1131/QD-TTg of the Prime Minister . Specifically, the applications identified as strategic technology products include Blockchain network infrastructure, digital assets, digital currency, cryptocurrencies, and traceability systems.

Vietnamese people in general have a very high level of interest in, research, and use of Blockchain applications, especially the younger generation. According to Chainalysis, a US-based Blockchain analytics company, Vietnam topped the Global Crypto Adoption Index for two consecutive years (2021–2022) and has consistently been in the top 3 in subsequent years.

Mr. Trung, chairman of the Vietnam Blockchain Association, gave a speech.

For the blockchain technology industry, cryptocurrencies, and related services to thrive and put Vietnam on the global technology map, the rapid completion of the legal framework is a crucial prerequisite, according to Mr. Phan Duc Trung, chairman of the Vietnam Blockchain Association (VBA).

On June 5th, the Ministry of Science and Technology announced 21 major innovation challenges. These included two major challenges related to Blockchain: building and deploying a Vietnamese Blockchain service network and developing a "Blockchain as a Service" platform.

Dr. Do Van Thuat, Director of Blockchain Solutions and Architecture at 1Matrix, believes there is an impossible triangle in the "Made in Vietnam" blockchain network. Three factors cannot be simultaneously enhanced: security, decentralization, and scalability.

To address this problem, 1Matrix was created to provide a solution that combines multiple advanced technology platforms from around the world to optimize existing strengths and minimize the weaknesses of networks operating independently.

Mr. Thuat shared his thoughts on the impossible triangle of the "Made in Vietnam" blockchain network.

"Simply put, the Vietnamese blockchain network comprises multiple blockchain layers, bridges between chains, and different preferred consensus mechanisms," Mr. Thuat shared.

Development comes with new challenges.

The rapid development of crypto assets and blockchain technology has created new challenges in regulation. The rapid pace of technological development, coupled with a lack of a global legal framework, has also led to the emergence of new types of fraud.

According to the FBI's Internet Crime Complaint Center (IC3), in 2024 alone there were 150,000 cryptocurrency-related fraud cases with total losses exceeding $9.3 billion , an increase of nearly 70% compared to the previous year. Vietnam is among the top six countries with the highest volume of fraudulent transactions globally.

Mr. Tran Huyen Dinh, Head of the ChainTracer Fraud Tracking Program, VBA, stated, "Many current scam models are very professionally organized, with fake websites, sophisticated copied documents, and even founding teams consisting of imposters."

Although cryptocurrency-related scams are frequently discussed, the specific methods used in each case are constantly changing, making it difficult for people to take timely precautions. Most such cases are only discovered after the perpetrators have already committed the crime.

According to Mr. Dinh, trusted tools like TokenSniffer, Dextools, and Revoke.cash, while capable of early risk identification, are difficult for the majority of the population to apply. Even government agencies face many difficulties in the process due to delays in legal regulations.

During the specialized training session "Legal Framework and Identification of Cryptocurrency Fraud" organized by VBA and 1Matrix, Mr. Dinh shared detailed information about various forms of fraud and prevention skills. At the end of the session, he summarized common signs of fraud.

First, he warned about investment offers promising interest rates above 15% per year, as well as tokens with very little information available on social media or in the press. People should also be wary of tokens offered by groups of people or individuals they've recently met who may be involved in multi-level marketing schemes, or by social media influencers (KOLs).

Furthermore, anyone can become a victim of scams, even those with specialized knowledge. Another form of scam targets business owners with digital assets, introducing them to opportunities they have never encountered or have very little information about, such as meme coins, DeFi, layer 1, and layer 2.

Source: https://znews.vn/co-hoi-va-thach-thuc-trong-ky-nguyen-web3-post1561307.html