Vietnam Launches Blockchain Association to Conduct Research and Suggest Regulations

A newly established blockchain association aims to help Vietnam promote its digital economy and position the country on the world’s technology map. The organization looks to unite Vietnam’s experts in the field and seek cooperation with blockchain communities around the globe for the research and development of blockchain solutions.

Vietnam to Expand Implementation of Blockchain Technologies

Vietnam Blockchain Association, the first such entity in the country’s crypto space, was launched in the capital city Hanoi on Tuesday, when it held its first congress. The new body’s main purpose is to allow blockchain experts to join forces in promoting the development of Vietnam’s digital economy and help the Asian nation to find its place on the global tech stage.

The association will be tasked to expand relationships with similar organizations and communities around the world, Việt Nam News reported. Another key objective will be to attract investment for the country’s blockchain industry and provide training for human resources in the digital sector.

It will also be tasked to create favorable conditions for its members to share experience and resources for the research, testing, and deployment of blockchain technologies while abiding by relevant Vietnamese legislation. 

According to a statement by the organization’s chairman, Hoàng Văn Huây, the Vietnam Blockchain Association is committed to raising community awareness and advising the government on the development and adoption of standards and regulations to govern the offering of blockchain-based products and services.

The decision to establish the association comes from the Ministry of Home Affairs, VNS noted. Vietnam has been focusing on researching blockchain applications which can be deployed in many industries such as finance, logistics, and retail. Vietnamese authorities have also supported the development of blockchain solutions that can bring socio-economic benefits.

The Vietnam Blockchain Association begins activities as the government in Hanoi is taking steps to create a legal framework for cryptocurrencies. As Bitcoin.com News reported in March, Vietnamese Deputy Prime Minister Le Minh Khai has instructed several ministries to work with the State Bank of Vietnam on the new framework.