Opportunities and challenges in the Web3 era

The web3 era in Vietnam is about to begin. Photo: Webapper .

The legal landscape of 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 legalization of crypto assets is an opportunity to promote the development of the digital technology market. At the same time, the number of people owning these assets is increasing, posing the challenge of identifying increasingly sophisticated fraud models.

Breakthrough opportunities for Vietnamese businesses

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

Four days earlier, Blockchain was identified as one of the Strategic Technologies under Decision 1131/QD-TTg of the Prime Minister . In particular, specific applications identified as strategic technology products include Blockchain network infrastructure, Digital Assets, Digital Currency, Cryptocurrency and Traceability System.

Vietnamese people in general have a very high level of interest, learning and using Blockchain applications, especially the younger generation. According to Chainalysis, an American Blockchain analysis company, Vietnam topped the Global Crypto Adoption Index for two consecutive years 2021-2022, and has always been in the top 3 in the following years.

Mr. Trung, Chairman of Vietnam Blockchain Association, spoke.

In order for the Blockchain technology industry, crypto assets and related services to develop strongly, putting Vietnam on the global technology map, completing the legal corridor quickly is an important premise, according to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA).

On June 5, the Ministry of Science and Technology announced 21 major problems on innovation. These include two major problems for Blockchain: building and deploying a Vietnamese Blockchain service network and building a “Blockchain as a Service” platform.

Dr. Do Van Thuat, Director of Blockchain Solutions and Architecture of 1Matrix, believes that there is an impossible triangle in the “Made in Vietnam” Blockchain network. There are 3 factors that cannot increase simultaneously including security, decentralization and scalability.

To solve this problem, 1Matrix was born to provide a solution that combines many advanced technology platforms in the world to optimize existing strengths and minimize disadvantages when networks operate independently.

Mr. Thuat shares about the impossible triangle of the "Made in Vietnam" Blockchain network.

“Simply put, the Vietnamese Blockchain network includes many blockchain layers, chain bridges and different priority consensus mechanisms,” Mr. Thuat shared.

Development comes with new challenges

The rapid growth of crypto assets and blockchain technology has created new challenges in governance. The rapid development of technology and the lack of a common global legal framework have also brought with them new types of fraud.

According to the Internet Crime Complaint Center (IC3 - FBI) of the US Federal Bureau of Investigation, in 2024 alone, there were 150,000 fraud cases related to crypto assets with total losses of more than 9.3 billion USD , an increase of nearly 70% compared to the previous year. Vietnam is among the 6 countries with the highest volume of fraudulent transactions globally.

Mr. Tran Huyen Dinh, Head of the ChainTracer Fraud Tracking Program, VBA, said that "many fraud models today are organized very professionally, with fake websites, sophisticatedly copied documents, and even the founding team are all fake individuals."

Although crypto-asset scams are often mentioned, the specific methods of each case are constantly changing, making it difficult for people to avoid them in time. Most of these cases are only discovered after the bad guys have committed their acts.

According to Mr. Dinh, popular tools such as TokenSniffer, Dextools, Revoke.cash can help identify risks early but are difficult to apply to the majority of people. Even state management agencies face many difficulties in the processing process due to the delay in legal regulations.

During the training session on “Legal framework and identification of crypto asset fraud” organized by VBA and 1Matrix company, Mr. Dinh shared details about the forms of fraud and prevention skills. At the end of the session, he summarized the common signs of fraud.

First, he warned about investment announcements with interest rates above 15%/year as well as tokens with very little information on social networks or media. People should also pay attention to tokens introduced by a group of people, individuals newly acquainted with related to multi-level marketing, or KOLs on social networks.

In addition, anyone can fall victim to scams, even those with specialized knowledge. Another form aimed at business owners with digital assets will introduce opportunities they have never been exposed to or have very little information about such as meme coins, DeFi, layer 1, 2.

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