Vietnam forms a Blockchain Association to conduct research and make recommendations on regulations.

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A newly formed blockchain association aims to assist Vietnam in promoting its digital economy and establishing its place on the global technology map. The organization aims to bring together Vietnam’s experts in the field and seek collaboration with blockchain communities around the world for blockchain research and development.

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 primary 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 worldwide, 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 that 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.