Binance Joined Forces With Vietnam Blockchain Association to Boost Crypto Development

The Vietnam Blockchain Association has collaborated with Binance, the world's largest cryptocurrency exchange, to accelerate the development of blockchain technology in the Asian country.

The two parties will also connect with other technology companies around the world. They’ll also work on the security of crypto transactions and while projects like Concordium have made transactions traceable by using iD recognition for transfers, it remains to be seen whether it will be adopted by other blockchain projects.

The cryptocurrency industry has found a welcoming home in Vietnam in recent years, with the country ranking first in digital asset adoption in 2020, according to a Chainalysis survey.

Mr. Ngo Duc Thang, Director of the Government Cipher Committee, signed a directive focused on the sector's development the same year. He also claimed that blockchain technology is one of the key features of the Fourth Industrial Revolution.

According to a recent statement, the country increased its efforts in the field after the local decentralized application ecosystem – the Vietnam Blockchain Association – shook hands with Binance. Mr. Phan Duc Thung, the former's Vice President, expressed hope that the collaboration will build a bridge between crypto's backbone technology and the local business industry and tech corporations. Binance CEO Changpeng Zhao, for his part, stated that his company will comply with domestic laws and demonstrate to the Vietnamese that the platform is "secure and reliable."

Furthermore, the collaboration will seek to attract foreign investors and international resources that can be invested in Vietnam's rapidly growing economy. Personal training and education about the benefits of cryptocurrency will be another goal.

The Vietnam Digital Communications Association (VDCA) established the Vietnam Blockchain Union earlier this year (VBU). Its primary goal is to spread blockchain technology adoption throughout Asia and to support crypto projects.

In addition, the organization will collaborate with Vietnamese lawmakers to develop an appropriate regulatory framework for the domestic digital asset ecosystem.

The establishment of the union, according to Dang Minh Tuan, Chairman of the VBU, will aid Vietnam's ambitions of becoming a highly developed tech nation.