The Vietnamese financial market is akin to the local music industry in the early 2000s, dominated by the sentimental Bolero genre. This style of music had clear rules, was easy to listen to and evoke emotions, and had a loyal fan base (traditional investors). The “artists” (listed companies) were well-known, and their music was managed and distributed by major record labels (banks and investment funds).
However, a new genre emerged from the “underground” scene – Rap/Hip-hop. Initially, it was considered unconventional and only appealed to a small group of rebellious youth. The “rappers” (crypto projects) self-produced and released their music on independent platforms, operating entirely outside the realm of the established record labels.
As Rap/Hip-hop gained popularity and the rappers rose to superstardom, here’s the twist: Two savvy Bolero “moguls,” TCBS and VIX, declared, “Let’s put on a Rap Viet show for these crypto folks!”
This show has effectively received the green light from the “Ministry of Culture” (the National Assembly), giving the nod for this “genre” of digital assets to be performed legally in Vietnam.
Soon after, the “Event Organizer” (Blockchain Association Chairman) took the stage to reveal that the first season would feature only about five “hot seats” (licensed exchanges) for producers to compete.
Our two “promoters” wasted no time and established event organizing companies, TCEX (backed by Techcombank) and VIXEX (backed by VIX), injecting massive amounts of capital, ranging from a few hundred to thousands of billions, to build a grand stage.
So, how does this affect your “rice bowl”?
Instead of trading on small, English-dominated exchanges, you’ll now have a playground backed by Vietnamese “big boys.” It’s safer, with Vietnamese support when orders go awry, and most importantly, you won’t have to worry about waking up one day to find your exchange and funds gone.
When major “promoters” get involved, they set clear rules. The fake “rappers” who engage in pointless “dissing” (scam projects) will be weeded out. Only those with exceptional “flow” and meaningful “lyrics” (quality projects) will make it to the main stage. The market will become less “wild” and far more professional.
In conclusion, the underground crypto scene is about to step into the spotlight. Get ready for a “Rap Viet” season, digital asset edition.
The Ultimate Rap Battle: VIX and TCBS, the ‘Bolero’ Giants, Take on the Realm of Rap Việt Crypto
The ‘big players’ VIX and TCBS were once thought to be forever faithful to the soothing Bolero tunes of the stock market, but surprise surprise, they’re rolling up their sleeves and building a whole new Rap Viet stage for the crypto world.
Why is Blockchain Pivotal in Building Vietnam’s New Financial Hub?
Blockchain is the backbone of modern finance, ensuring transparency, speed, and efficiency in cross-border transactions. This technology is ushering in a new era for the development of global financial hubs. With Vietnam’s vision to establish Da Nang as an international financial center, blockchain is not just a trend but a strategic focal point.
The Magic City Trials: Unveiling Vietnam’s First Crypto Asset Project
Basal Pay is Vietnam’s first crypto asset conversion project, adhering to stringent AML/CFT regulations and integrating the FATF’s Travel Rule standards. This innovative project has been approved for testing within the FinTech sandbox in Da Nang, marking a significant step forward in the country’s crypto landscape.
The Crypto-Savvy Asian Family Offices
Wealthy Asian families and their wealth management offices are embracing the world of cryptocurrency investments. This shift is driven by a positive mindset towards digital assets, a wider acceptance of cryptocurrencies in the financial market, and positive regulatory developments in key markets.
The Crypto Exchange: Don’t Let Opportunity Slip Through Your Fingers
“Vietnam possesses the requisite expertise to establish its own cryptocurrency exchange platform. However, to maximize opportunities and gain invaluable insights, it would be prudent to collaborate with established global exchanges, leveraging their existing infrastructure and expertise in the field.”
