Vietnam To Prepare Legal Framework Concerning Cryptocurrency Management 12

Vietnam To Prepare Legal Framework Concerning Cryptocurrency Management

  • The Vietnamese government is devising a new legal framework to include cryptocurrency and virtual assets. 
  • The country’s deputy PM has instructed three ministries to carry out research and amend legal documents to include virtual assets.   

Vietnam is once again exploring the domain of cryptocurrencies and is reportedly busy conducting preliminary research to spearhead crypto-friendly policies. 

According to the local news outlet Vietnamnet, the country’s Deputy Prime Minister has advised three ministries notably the Ministry of Finance, Justice, Information & Communication, along with the State Bank to accelerate research on cryptocurrency and prepare a legal framework for the management of virtual assets and currencies.

Vietnam Is Developing A Legal Framework To Manage Cryptocurrencies

As per sources, Vietnam’s Deputy Prime Minister Li Minh Khai has assigned three ministries to carry out essential research work concerning cryptocurrency regulation and governance. 

Moreover, the Deputy PM has also instructed the Ministry of Finance to assess various legal documents that require prior amendments, additions, or revisions to complete the legal framework for the management of virtual assets.  

The legal framework which is still in its infancy will be devised according to the details outlined in Decision 1255, which was earlier announced in August 2017. Decision 1255 broadly outlines the creation of a legal framework for the management of virtual assets, virtual and digital currencies.

Vietnam’s crypto research project intends to understand and accurately comprehend the “nature of virtual assets, electronic and virtual money, according to foreign experience and Vietnamese practice. “

The project will also suggest “specific tasks, jobs, and orientations to develop and perfect the law on virtual assets, electronic money, and virtual money to control related risks. “

The Vietnamese government had previously suggested a few proposals to stimulate crypto trading in the region, however, no concrete steps were taken to solidify its position. Notably, cryptocurrency trading in Vietnam has received considerable traction in recent times, with research demonstrating that at present, nearly 5.9 million Vietnamese citizens own cryptocurrency and are interested in exploring diverse crypto options.