Vietnam has started work on the development of a legal framework for cryptocurrencies. The Ministry of Finance, Ministry of Justice, Ministry of Information and Communications, as well as the State Bank of Vietnam are involved in the work.

Vietnam Is Working on a Legal Framework for the Crypto Market

Vietnamese Deputy Prime Minister Le Minh Khai has instructed the country’s Ministry of Finance to lead the development of a legal framework governing cryptocurrency. This was reported by the publication Vietnamnet, citing the corresponding decree. 

The decree instructs to identify specific legal documents that need to be amended, supplemented and made public to form a legal framework in line with Decision 1255. 

Recall that on August 21, 2017, the Prime Minister of Vietnam issued Decision 1255, providing a plan to develop a regulatory framework for virtual assets and digital currencies. This was followed in April 2018 by an order to improve the regulation of crypto transactions. In May 2020, Vietnam’s Ministry of Finance established a research unit to study virtual asset management and regulation.

According to Triple A, despite the country’s lack of a legal framework, as of February 2021, more than 5.9 million Vietnamese people owned cryptocurrencies, representing 6.1% of the total population.

Author: Olga Zemtsova
#Cryptocurrency #Regulation