On June 16th, the Vietnam Blockchain Association (VBA) and 1Matrix Company organized a training session on "Legal Framework and Identification of Cryptocurrency Fraud" in Ho Chi Minh City for over 40 reporters and journalists from reputable domestic and international press, television, and media organizations.
Mr. Phan Duc Trung, Chairman of the VBA and Chairman of the Board of Directors of 1Matrix, stated that the legal framework for crypto assets presents a breakthrough opportunity for Vietnamese businesses. Accordingly, Vietnam's digital technology legal framework is rapidly changing, creating favorable conditions for technology companies and investors, with three important documents being issued in the first half of June 2025.
Most recently, the National Assembly officially passed the Law on Digital Technology Industry (DITI), effective from January 1, 2026. This is the first legal document in Vietnam to define crypto assets, creating a clear framework to promote innovation while improving the efficiency of management, supervision, and protection of investors.
VBA President Nguyen Duc Trung shared his thoughts at the program.
"The rapid completion of the legal framework is a crucial prerequisite for the strong development of blockchain technology, cryptocurrencies, and related services, enabling Vietnam to make its mark on the global technology map," Mr. Trung stated.
According to Dr. Do Van Thuat, Director of Blockchain Solutions and Architecture at 1Matrix, Blockchain has been chosen by many countries as a strategic infrastructure and a global connectivity solution, such as China with its BSN service network or Europe with its EBSI network, which shares infrastructure and public data for 29 countries (27 EU countries and 2 additional countries).
Sharing his thoughts on the "Make in Vietnam" blockchain network, Mr. Thuat stated that to address the impossible triangle in blockchain, including security, decentralization, and scalability, 1Matrix has combined many advanced technology platforms from around the world to optimize existing advantages and minimize the disadvantages of networks operating independently.
"Simply put, the Vietnamese Blockchain network comprises multiple Blockchain layers, bridges between chains, and different preferred consensus mechanisms," Mr. Thuat shared.
Along with the rapid development of cryptocurrencies and blockchain technology come new challenges in regulation due to the rapid technological advancement and the lack of a global legal framework for new types of fraud.
According to the FBI's Internet Crime Complaint Center (IC3), in 2024 alone there were 150,000 cryptocurrency-related fraud cases with total losses exceeding $9.3 billion, an increase of nearly 70% compared to the previous year. Vietnam is among the top six countries with the highest volume of fraudulent transactions globally.
Mr. Tran Huyen Dinh, Head of the ChainTracer Fraud Tracking Program at VBA, stated: "Many current scam models are very professionally organized, with fake websites, sophisticated copied documents, and even founders who are impersonators. Ordinary users find it very difficult to distinguish between genuine and fake without warnings from reputable independent organizations and informational guidance from the press and media."
According to Mr. Dinh, although scams involving cryptocurrencies are frequently discussed, the specific methods of each case are constantly changing, making it difficult for people to keep up with the information and equip themselves with the knowledge to prevent them. Trusted tools include TokenSniffer, Dextools, Revoke.cash, etc.
While it can help identify risks early, it is not easy for most people to use. Even government agencies face many difficulties in the process due to delays in legal regulations.
Source: https://nld.com.vn/luat-hoa-tai-san-so-thach-thuc-gi-cho-chong-lua-dao-196250616175104785.htm
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