Promoting legal compliance for the blockchain industry is one of the goals of the Vietnam Blockchain Association (VBA) since its inception. Throughout the signing activities with foreign partners such as Binance, or participating in domestic events such as Tour de Web3, Blockchain Global Day, etc., legal compliance has always been the main story that Vietnam Blockchain Association wants spread and extend to the community.
Recently, the Association has accompanied the Vietnam Tour de Web3 series of events in a 2-month journey, starting from Ho Chi Minh City and ending in Da Nang. Events like the Tour de Web3 are an opportunity for the Association to popularize legal compliance to the blockchain community in Vietnam and announce its operational orientation in 2023.
On May 20, Vietnam Tour de Web3 took place in Da Nang, which is also the last stop of this series of events. Recently, K300 Ventures – the organizer of the Tour de Web3 was also honored by the Vietnam Blockchain Association in the category of Leadership Leading the Development of Vietnam Blockchain Community at the Association’s 1 year anniversary.
Mr. Cuong Tran – representative of K300 Ventures shared: “The purpose of the Vietnam Tour de Web3 chain is to bring together communities, organizations and young people who are passionate about blockchain, creating alliances and partners that contribute to blockchain. promote the development of Vietnamese blockchain industry. K300 Ventures is committed to always being a pioneer in popularizing blockchain to everyone, warning against fraud, supporting agencies in preventing fraud so that the Vietnamese Blockchain community has a clean environment than”.
Attending the event were Mr. Tran Manh Huy – Chief Representative in charge of Da Nang Office of Vietnam Blockchain Association. At the event, he shared about 4 action programs in 2023 including Vietnam Blockchain Association Standards, Regtech Application, Fundraising Support and Curriculum. In which, Vietnam Blockchain Association Standards and Regtech Applications are two top priority programs to promote legal compliance in the blockchain environment in Vietnam.
Building Standards on a Community Platform
Drafting a set of standards is an important key to new technologies in general, not just blockchain. The standards will help increase interoperability in the blockchain network, create trust among participants, and contribute to the opening of the mass adoption roadmap.
Mr. Phan Duc Trung – Standing Vice Chairman of Vietnam Blockchain Association at the Tour de Web3 event in Ho Chi Minh City
In Europe, the development of a set of standards for the blockchain industry requires the participation of a series of European standardization organizations (such as the European Telecommunications Standards Institute – ETSI, the European Commission for Standardization). CEN…), relevant professional associations, standards bodies in each country in the region. There are many organizations that are participating in blockchain – related standards in many areas such as digital assets, governance, security, smart contracts, etc. and the introduction of a common standard is still being discussed because of the multi-faceted nature country of the European Union (EU).
In Vietnam, on a smaller scale, the Vietnam Blockchain Association Standards will include: Blockchain application project evaluation standards, Community standards and Digital asset safety standards. In particular, the Blockchain Application Project Evaluation Standard published the draft at the end of 2022 for public comment and officially launched in the 1 year anniversary of the Association’s establishment.
Next, the Community Standards will be the most important set of standards because it regulates how communities, blockchain businesses, and agencies communicate with each other, as well as how the community communicates with regulators and professional association.
Mr. Huy said: “The VBA standard was built with the purpose for the community, so it is in great need of the help of individuals, businesses and experts interested in blockchain technology across the country. After consulting, we review and draft, then these standards will be freely available to the community and regulatory agencies to take next steps”.
Expand Project Reporting Portal and boost activities
In 2023, Vietnam Blockchain Association will promote Regtech Application (technology to support 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 industry policy.
The Chaintracer anti-fraud program is essentially a transaction tracing platform on the blockchain. Receiving information from investors, Chaintracer looks at a project’s on-chain activity data and references it with known models to assess whether a project is a scam or not. The platform will also analyze market behavior to identify inflation and warn investors about ransomware attacks.
Representative of K300 Ventures opened the Tour de Web3 event in Da Nang