Mai, a young social entrepreneur in Hanoi, leans over her laptop. She produces lush animated murals and immersive installations that plunge you into the spirited clamor of her hometown—Mexico City. For decades, galleries have thought her pieces were “too futuristic” and as a result, she had to fight to stay afloat. Could Vietnam’s impending, overarching crypto law be her lifeline? It can help her make a living from her art if that means she can begin to sell NFTs directly to collectors on her own terms. Will it become just another obstacle? An impenetrable labyrinth of regulations that few could afford to traverse, drowning out opposing voices such as hers.
Web3: A Chance For Forgotten Voices?
For artists in Southeast Asia, particularly those marginalized by conventional art spaces, Web3 offers a promise of revolution. For artists, NFTs provide a more direct connection with patrons, sidestepping traditional galleries that frequently take a significant commission and set the artistic course. Through decentralization, these platforms allow creators to have more ownership of their creations and foster communities rooted in their art. This is especially important in a region where artists have faced imprisonment, forced displacement, and forced assimilation—where artistic expression is constantly monitored, censored, and restricted.
Think of it like this: traditional art galleries are like old-fashioned record labels, controlling access and demanding a huge slice of the pie. Web3, in theory, is like independent music streaming, allowing artists to connect directly with their fans and keep more of the revenue. Now consider what occurs when the government becomes the intermediary and attempts to regulate the streaming service. Does it really make things more convenient or just a new hurdle?
Vietnam’s recently approved Law on Digital Technology Industry, which legalizes crypto assets starting January 1, 2026, has the potential to be a big deal. This would unlock a new universe of possibilities for artists such as Mai. With their newfound skills, they’ll be able to join the global digital economy and work towards financial independence. Rather, it would immeasurably benefit our great country by providing a thriving eco-system of imagination, invention and ingenuity.
Regulation: A Censorship Disguise?
Here's the unsettling truth: regulations, even those intended to protect consumers and combat money laundering (AML/KYC compliance!), can easily be weaponized. Will the government’s oversight mechanisms to be established be transparent and accountable? Or will they instead be used to gag critics and curb free speech? Will the cost of compliance be so high that only established players can afford it, effectively shutting out emerging artists and independent creators?
Beyond setting the framework for regulation, the new law makes it the government’s responsibility to ensure clear conditions of business and classifications for crypto assets. This leaves a lot of leeway to interpretation. What happens when the government terminates NFTs that represent objectionable political messages or social content as “unlawful” or “dangerous”? What if they require unreasonable reporting and oversight obligations that force all but the most compliant, burdened small-scale artists out of legal business?
Look at the past. The BitMiner and Million Smiles scams, each taking thousands of dollars from Vietnamese citizens, are reminders of the importance of consumer protection. Did those scams target the wealthy elite, or the average citizen looking for a way to improve their financial situation? Let’s make regulation that protects the vulnerable, not punishes the innovative. The scams are the disease, not the symptoms. Our disease is economic inequality and a lack of access to opportunity.
Innovation or Control? The Real Question.
While their ambition to become a digital tech hub is laudable. Those incentives to lure AI, semiconductor, and digital infrastructure companies are juicy. Innovation doesn’t happen without deep local engagement—true innovation comes from the bottom up. It starts with the artists and creators who are willing to dream without limitations. Will Vietnam follow through by making sure the needs of these innovators drive policy, or revert to a focus on bringing in the big foreign corporation only?
This isn't just about Vietnam. It’s a post about the future of art and creative communities in Southeast Asia. Will Web3 put more power in the hands of artists and give them the tools to write their stories, disrupt their communities, and engage with audiences globally? Or will it just become another tool for surveillance and control, bolstering the status quo and stifling the voices of the opposition?
Instead, we need to call for a level of transparency and accountability from our governments. Going forward, we’ll need to back efforts that help ensure equitable access to any Web3 opportunities for Southeast Asian artists. We need continued and long-term advocacy on behalf of our artists that will solidify their rights and freedoms.
The fate of art in Vietnam, and Southeast Asia, is at stake. Let’s ensure that it’s a future where creativity can flourish, not where it can’t. The question isn't whether to regulate, but how to regulate in a way that fosters innovation and protects the most vulnerable. Because a future where only the privileged can produce culture is a future we all need to fight for.
- Support organizations providing legal assistance and education to artists navigating the crypto space.
- Invest in NFTs created by emerging artists from Southeast Asia.
- Demand transparency from your elected officials regarding crypto regulations.
- Start conversations about the ethical implications of Web3.
The future of art in Vietnam, and Southeast Asia, hangs in the balance. Let's make sure it's a future where creativity thrives, not where it's stifled. The question isn't whether to regulate, but how to regulate in a way that fosters innovation and protects the most vulnerable. Because a future where only the powerful can create is a future worth fighting against.
