An interdisciplinary, borderless handshake between VBA and MEAACBA
Thanh Ngan
On June 12, the Vietnam Blockchain Association (VBA) signed an online cooperation agreement with the Middle East, Africa and Asia Blockchain Association (MEAACBA). This is a non-profit organization, with the aim of supporting, activating and developing the blockchain technology ecosystem in several regions.
The two associations will expand cooperation in the blockchain region of the Middle East, Africa and Asia, which has boomed in recent years, to strengthen education and promote compliance.
According to a report by Chainalysis, the Middle East and North Africa (MENA) region is considered to be one of the fastest growing cryptocurrency markets, with huge trading volumes in 2022.
The UAE government has always supported blockchain with a series of initiatives to put the country at the forefront of developing this technology, including the Emirates Blockchain Strategy 2021 (Emirates Blockchain Strategy 2021), which aims to digitize at least 50% of transactions. government adopts blockchain platform. Recently, the UAE also announced the establishment of the RAK DAO free trade zone in Ras Al Khaimah, which is expected to welcome companies in the blockchain, Web3, Metaverse industry around the world.
However, the collapse of a series of companies and cryptocurrency exchanges at the end of 2022 has posed new challenges for the UAE, as well as the increased risk of money laundering and financial crime. UAE government must consider.
Against this backdrop, the MEAACBA Association, headquartered in Abu Dhabi (UAE), supported by the Abu Dhabi Global Market (ADGM), has stated five key objectives, including a mission to coordinate the agency law enforcement and other government agencies to assist in the prevention of financial crime and illegal activities.
Currently, MEAACBA has a network of members and businesses spanning three regions of the Middle East, Africa and Asia, with the mission of universalizing blockchain knowledge; supporting, representing and promoting the Blockchain industry to create a transparent, legally compliant ecosystem.
In response to market volatility as blockchain companies continued to collapse, in January 2023, the Board of Directors of MEAACBA established a Regulatory Commission that aims to bring together key regulators in the industry. each region, Zawya reported. Committee members are tasked with developing regulatory measures, allowing effective monitoring of the operation of the blockchain and cryptocurrency industry.
This is also the directional goal of VBA, because promoting legal compliance for the blockchain industry has always been one of the key actions VBA has set since its inception. In 2023, VBA will promote RegTech Applications (technology that supports legal compliance). In particular, the Chaintracer data tracking program will be integrated into the Project Reporting Portal with signs of fraud under the Project “Testing digital asset monitoring on Blockchain cyberspace” that the Association has been implementing. .
Since its launch, the Reporting Portal has received information on more than 50 user-supplied blockchain projects. So far, the number of projects received has increased by 120% compared to the record since December 2022 and the Association is speeding up reviewing and examining these projects in order to report to the management agency, contributing to building policy making for the industry.
At the signing ceremony with VBA, Mr. Jehanzeb Awan – President of MEAACBA said that he was very pleased to have the opportunity to work with VBA and expressed his desire to expand activities in Asia, to implement activities. practical through contact and deep work with VBA with VBA members in Vietnam.
VBA and MEAACBA are both Non-Profit Organizations operating in the blockchain industry, participating in the promotion of nonprofit programs from the perspective of expertise and oversight.
Through the process of absorbing experiences from countries such as the UAE, in 2023, the Vietnam Blockchain Association will promote action programs including the Blockchain Application Project Evaluation Standard, the Anti-Phishing Project. Chaintracer Island and the SwitchUp Business Support Program.
The Vietnam Blockchain Association has also signed cooperation agreements with two international companies in the field of RegTech (regulatory technology – technology to support legal compliance), blockchain security company CertiK and data analysis company Chainalysis. According to Mr. Phan Duc Trung, Chainalysis is coordinating with VBA to participate in anti-money laundering in Vietnam. CertiK accompanies the Association to participate in the awarding of coding standards for programming engineers in universities.
Mr. Phan Duc Trung – Standing Vice President of VBA shared about the purpose of cooperation: “UAE is one of the leading places in encouraging innovative technology in the world. The governments of Dubai and Abu Dhabi cities have many policies to attract investment in the blockchain field. Through cooperation with MEAACBA, VBA wishes to learn from experience, enhance education, discuss policy, connect the community, gradually spreading value to the market.”