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Vietnam to Regulate Online Casinos |
| Vietnam is set to become the newest country to join the worldwide online casino community this year. The government has asked its Ministry of Post and Telematics to create legislation that will regulate and license online casinos and other online betting venues. The government has asked that this legislation be completed before the end of the year. Officials say they are encouraging this legislation largely because of the rapid growth of online casinos. In the face of this growth, however, the government hopes to closely regulate the industry not only in order to capitalize on the tax potential but, more importantly, to attempt to reduce the harmful effects that online betting can have on the population at large, particularly on minors. However, this kind of regulatory legislation may prove challenging for Vietnamese lawmakers to compose; officials point to the fast-paced advancement in the technology created for online casinos as the cause for this difficulty. The legislation was also spurred by the growth of overall Internet use in Vietnam. Although only ten percent of the population uses the Internet today (approximately eight million users), the overall numbers are growing quickly, which also indicates a potential growth in online casino usage. Additionally, as more and more individuals are developing computer skills today in Vietnam, this growth will lead to the possibility of even greater increases in online betting and other similar recreational activities. |
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