The Vietnam Blockchain Association hosted a seminar in Hanoi on April 24 to collect opinions for the building of a legal framework for virtual assets (VA) and virtual asset service providers (VASP).

Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.

Blockchain, which helps store information transparently between parties and can’t be faked, is considered an effective tool for the development of international trade as well as the digital economy.

The Vietnam Blockchain Summit 2022 officially opened in Hanoi on October 19.

With the boom in blockchain technology and speedy digital transformation, Vietnam has great potential for blockchain development to compete in the global market, speakers said at a recent seminar in HCM City.

The Vietnam Blockchain Association was launched in the capital city of Hanoi on May 17, the first official legal entity specialising in the field of blockchain technology.