A stormy year for blockchain in Vietnam

In 2024, the entire blockchain industry will still be experiencing the effects of the "crypto winter", and Vietnam is no exception. However, statistics show that Vietnam is still in the top two in the world in terms of cryptocurrency ownership, according to Triple-A, and third globally in terms of profitability, according to a report from blockchain research firm Chainalysis.

However, while negative news such as theft, fraud, and layoffs remained the main topics until the end of the year, the promulgation of national blockchain policies and strategies brought new hope.

Theft, fraud overshadow Vietnamese blockchain

Vietnam’s blockchain market started 2024 in a gloomy way. Not long before that, Kyber Network - a Vietnamese startup was hacked, losing 47 million USD. After that, the project announced a 50% staff cut.

Vietnam Blockchain and Cryptocurrency Map in 2024 according to Kyros Ventures

Then, in early February, the Ronin project of Sky Mavis - the Vietnamese company behind the blockchain game Axie Infinity - had a scandalous debut. The project's Ron token suddenly dropped 18% in price one hour after Binance announced the project was listed on the world's largest cryptocurrency exchange. In one day, Ron fell from $3.5 to $2.8, a 26% decrease. This is rare when a new project is listed on Binance. This caused the Vietnamese project to be embroiled in many scandals.

Binance co-founder Yi Hee confirmed that there were signs of irregularities related to this token transaction. She announced a $5 million reward for anyone who could find evidence of the controversy.

The unlucky days for the Vietnamese project have not stopped yet. In early August, Sky Mavis confirmed that Ronin Network was hacked again, taking 4,000 Ethereum (equivalent to 9.8 million USD at that time). At the end of 2024, the Vietnamese blockchain unicorn announced a large-scale staff cut to "adapt to new market fluctuations".

In mid-September, Hung Dinh, a familiar face in the Vietnamese blockchain community, was accused by foreign investors of defrauding the community of $28 million in cryptocurrency. The project then planned to compensate the community but continued to face mixed opinions. The incident attracted great attention in the global cryptocurrency industry, causing the reputation of projects from Vietnam to be significantly affected.

Good news at the end of the year

While once-famous projects experienced many ups and downs throughout 2024, the entire Vietnamese blockchain industry received many positive signals at the end of the year.

The first is the draft Law on Digital Technology Industry submitted to the 15th National Assembly, during the 8th session, in early October. This is the first time the concept of digital assets has been included in a legal document, laying an important premise for forming a legal framework for digital assets and the application and development of related technologies, especially blockchain technology.

On October 22, the Government issued Decision 1236/QD-TTg on the "National Strategy on Application and Development of Blockchain Technology", aiming to make blockchain a platform for innovation in Vietnam by 2030.

Speakers discussed how to apply new technologies such as blockchain and AI to create smart cities in Da Nang.

The national strategy shows that blockchain has proven its importance in the national digital transformation process. The government also aims to build a legal framework to promote a favorable environment for businesses to invest in this technology in important areas such as finance, healthcare and public services. This not only opens up a friendly investment environment but also creates motivation to bring technology into many areas of life.

From there, it can be clearly seen that the National Blockchain Strategy is not only a technology roadmap but also shapes the legal framework, promotes the development of the entire industry, and lays an important foundation for the Vietnamese blockchain industry to continue to break through in the coming time.

Not stopping there, at the end of 2024, when the market began to flourish, Vietnamese projects continued to demonstrate their influence on a global scale. Many startups continued to lead new technology trends in the world such as DePIN (Decentralized Physical Infrastructure Networks). At the end of last month, U2U Network, a Vietnamese blockchain startup pioneering in the DePIN field, just completed a funding round worth tens of millions of USD from large international funds.

This proves that Vietnam still maintains its pioneering position in the global blockchain field. Along with that, the Government's issuance of the National Blockchain Strategy and the Digital Technology Industry Law submitted to the National Assembly for consideration and approval have opened up many new expectations for the entire industry in 2025.

Source: https://thanhnien.vn/mot-nam-nhieu-song-gio-cua-blockchain-viet-nam-185241230223914176.htm