Speaking at the conference, Mr. Nguyen Tran Minh Quan, Legal Director of VBA, shared: “Vietnam is gradually完善ing the legal framework and infrastructure for the development of financial technology, including digital assets and blockchain.”
According to Mr. Quan, policies such as Resolutions 57, 59, 66, and 68-NQ/TW of the Political Bureau play a foundational role in the goal of establishing financial centers in Ho Chi Minh City and Danang.
Mr. Quan also introduced the ChainTracer program, a collaborative project between VBA and the Social Anti-Fraud Company, aimed at tracing fraudulent activities related to encrypted assets. As of the end of 2024, the program had received nearly 60 cases, with a reported total loss of nearly $8 million. While the number of cases in 2024 decreased compared to the previous year, the value of losses tripled, reflecting the sophistication of fraudulent activities.
During the event, at a panel discussion on Fintech and Digital Assets, Mr. Tran Huyen Dinh, Chairman of the VBA Fintech Application Committee, emphasized: “The biggest barrier to the application of blockchain and fintech in Vietnam is user trust.”
Despite the State Bank’s target of digitizing at least 50% of business activities and 70% of customer transactions through digital channels by 2025, the gap in trust between users and fintech platforms, especially blockchain-based applications, remains a significant challenge. According to Mr. Dinh, this issue needs to be addressed through practical, transparent, and scalable solutions within a clear legal framework.
The speakers exchanged discussions at the “Fintech – Crypto” panel within the framework of the French Tech Summit Vietnam 2025.
Mr. Dinh also introduced a payment solution developed by AlphaTrue called BasalPay. This solution allows international travelers to use encrypted assets to make payments at domestic stores via QR codes.
According to Mr. Dinh, BasalPay aims to comply with international standards for anti-money laundering and counter-terrorism financing, while also integrating the “Travel Rule” mechanism as recommended by the FATF. BasalPay is currently being proposed for testing within a regulatory sandbox environment in Danang, which is oriented to become a regional financial center.
During the event, experts from banks, technology companies, and financial organizations, including representatives from Techcombank, NAPAS, and OKcontract, shared practical insights on the development of digital assets, central bank digital currencies (CBDCs), Web3, and system security issues. The discussions centered on the need to build a sustainable digital financial ecosystem with collaboration between the state, businesses, and research institutions.
The French Tech Summit 2025 is considered a step forward in promoting technological cooperation between France and Vietnam, especially as both countries are accelerating innovation and digital transformation programs. The Vietnam Blockchain Association participated as a strategic partner, fostering policy-technology-business connections and aiming to build a transparent and integrated digital financial ecosystem.
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