What It Means that Vietnam Plans to Link Cryptocurrency Accounts with VNeID
Latest News: Vietnam plans to link cryptocurrency accounts with VNeID (Vietnam’s national electronic identification system): Mandatory identity verification across multiple sectors!
Vietnam is considering expanding the scope of electronic identity verification (via VNeID) to cover the digital asset and cryptocurrency sector.
Sectors expected to require identity verification include:
- Banking, Finance, and Securities
- Digital Assets and Cryptocurrency Trading
- E-wallets and Payment Intermediaries
- Telecommunications and E-commerce
- Online Gaming
- Healthcare and Domain Name Services
What does this mean for the cryptocurrency market?
If the proposal is approved, users may be required to complete identity verification when using digital asset trading platforms. This move will help enhance market transparency, restrict fake accounts, and assist relevant authorities in better managing and tracing illegal and compliant activities.