VCI Legal Partner Kent Wong quoted in The Ken, suggesting that Vietnam and Cambodia’s current legal frameworks are to Binance’s advantage
On 03 October 2022, Mr. Kent Wong, Partner and Head of Banking & Capital Markets at VCI Legal, was interviewed by The Ken, regarding Binance’s current attempt to curry favor with regulatory bodies in Vietnam and Cambodia and influence the creation of legal frameworks for crypto-focused businesses.
Binance, the world’s largest cryptocurrency exchange by trade volume, is making inroads into Vietnam and Cambodia, which are witnessing a quick rise in crypto adoption but lack a clear legal framework. This is despite it hitting walls in other Southeast Asian countries, where regulations that govern transactions built upon blockchain technology are embryonic, but are quickly becoming stricter.
For the time being, as the cryptocurrency exchange plays nice with regulators in Vietnam and Cambodia, it can take advantage of legal grey areas to scale up operations with little scrutiny and corner the two up-and-coming markets for the Web3 economy.
Mr. Kent Wong expressed the opinion that the laws in Vietnam and Cambodia are very general at this stage, and not specialized and targeted to blockchain regulations, which is to Binance’s advantage. Mr. Wong also remarked that Binance is “trying to make hay while the sun shines.”
The interview article can be found here at: https://the-ken.com/sea/binance-finds-new-crypto-playground-in-vietnam-and-cambodias-legal-grey-space/