2023 Growth of Online Casinos and Cryptocurrencies in Vietnam
All thanks to the pandemic, online casinos have continued to witness nothing but an upward spiral in the last few years. More and more people are slowly easing into playing and enjoying their favorite casino games online without worrying about visiting a brick-and-mortar casino.
Remarkably, the popularity of online casinos has increased significantly, even in nations like Vietnam where gambling is illegal due to its negative effects on social order, safety, and even ethical ethics. Here's everything you should know about Vietnamese gambling laws and the growth of online casinos in the southeastern Asian country.
Online Gambling is Legally Banned in Vietnam
With the growth of online casinos vietnam, as we said, regulation of some gambling laws became a must. So, Vietnam has one of the strictest gambling laws, and gambling activities have been prohibited in the country for as long as anyone can remember. As a matter of fact, it wasn't until the 20th century that locals were able to start participating in the national lottery.
Gambling, online gambling inclusive, is banned by the Vietnamese government for its citizens. Even though there are no particular references to the ban of online gambling in any official document, it still remains impossible in the country. The reason for the ban stems from social and moral reasons that the Vietnamese communist government believes may affect the quality of life of its citizens.
Locals may still go to the eight government-approved casinos, however only if their monthly income is more than 10 million dong ($450). To enter, they must also deposit a significant quantity of 1 million dongs and be of legal gambling age (21 years old). Foreigners, however, are exempt from these restrictions and are permitted to enter any gambling establishment within the nation.
The "ban" hasn't stopped folks from gambling in Vietnam.
According to Statista, based on the trends established from 2012-2018, the betting and gambling revenues in Vietnam are predicted to reach a whopping $3.8 million by 2024.
Cryptocurrencies Are Not Accepted Either
Many of today's online casinos rely heavily on Bitcoin and similar cryptocurrencies.
In the wake of the FTX collapse late last year, the Vietnamese government stance on cryptocurrencies remains unchanged since an official dispatch in 2017. Like with online casinos, digital currencies are technically illegal.
“Virtual currency in general, and Bitcoin and Litecoin in particular, are not currencies and are not legal means of payment according to the provisions of Vietnamese law. Issuing, supplying and using virtual currency in general and Bitcoin, Litecoin in particular… as currency or means of payment is prohibited."
That is not to say dabbling in cryptocurrencies is not popular in Vietnam, quite the contrary.
From Vietnam Briefing:
Whereas in developed economies cryptocurrencies have largely been seen as investment vehicles similar to stocks, in emerging economies like Vietnam, crypto has played a more practical role.
There are currently 600,000 Vietnamese working overseas in more than 40 countries. Between them, they remit an estimated US$3-3.5 billion every year, according to the Ministry of Labor, Invalids, and Social Welfare.
The Future of Gambling and Cryptocurrencies in Vietnam
It's a crap shoot, literally.
The Vietnamese government is beginning to loosen its grip and relax the stringent measures it has placed on gambling laws.
By and large, social and cultural reasons are still at the top of the list of reasons for the ban. But much to the delight of the locals, the government has shown more pliability and has even recently extended its casino pilot program. We will keep our fingers crossed and see what comes of these new moves.
But in the meantime, players should be careful with how they release their personal information online and ensure that they only play at legit sites. All in all, we believe that the future of legal gambling in Vietnam looks promising.
As for the cryptocurrency market, regulation may be on its way.
In May of 2022, the Vietnam Blockchain Association was officially launched with a mandate to create a framework for the development of the sector.
We are seeing efforts to boost the blockchain in other Asian nations.
In Japan, for example, the BSV blockchain software, IP Licensing and consulting service organization, nChain, just partnered with Keio University’s FinTEK center.
The Philippines is also in the process of laying out plans for blockchain adoption.
- Aaron Goldstein, Gambling911.com
