Southeast Asia is waking up to the metaverse

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Vietnam has the highest #crypto adoption rate per capita in the SEA region and isn’t it unexpected that the nation with the world’s highest crypto adoption is also the nation that has formally banned crypto?

Five years ago, the Vietnamese Central Bank prohibited the issuance, supply, and use of crypto as a payment for goods and services. Curiously enough, without giving any justification.

From then on, many Vietnamese realised the value of an independent and borderless money (as opposed to their national currency, which cannot be converted to a foreign currency), and have developed some very important crypto companies, like Sky Mavis who developed the Axie Infinity P2E game.

Triple A estimates that almost 6 million Vietnamese currently own crypto assets, and Chainalysis Inc. ranks Vietnam as the country with the highest crypto adoption rate per capita.

This may be a time for change now in Vietnam. Its Deputy Prime Minister Le Minh Khai has recently instructed the Ministers of Finance, Justice, and Information & Communications to work with the Central Bank to build a legal framework for crypto. Though it is not yet clear what direction such regulation would entail, it would be reasonable to assume that after years of banning the use of crypto in the country, the nation would like to profit from all the jobs and taxes a regulated crypto industry could bring.