Vietnamese Government and Central Bank Developing Legal Framework for Crypto – Regulation Bitcoin News

Vietnam creates a legal environment for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework.

Vietnam creates legal framework for crypto

• The Vietnamese deputy prime minister Le Minh Khai apparently notified the three ministries, informing them to cooperate with the State Bank of Vietnam as well as the central bank and all other bodies necessary to establish a legal framework for cryptocurrency. The three ministries are Finance, Justice, and Information & Communications.
• As deputy prime minister, the Ministry of Finance has been given the primary responsibility of negotiating an agreement with regulators and the central banks to determine which pieces of legislation need to be modified, added to, promulgated and if possible, a timeframe for their implementation.
• Following the steps laid out by Decision 1255 (issued Aug. 21 2017 by the Vietnamese prime minister), the legal framework will be developed for crypto. Decision 1255 approves a plan to develop a legal framework for the management and handling of “virtual assets, digital currencies, and virtual currencies.”
• In November 2018, a number of proposals were presented to regulate cryptocurrency, but there was no consensus. Reports indicate that Vietnamese regulators do not have a shared view of how to regulate crypto.

• A government report on implementation of Decision 1255 dated February 17, 2021 states that the Ministry of Finance established a Study Group on Crypto Assets with the goal of making recommendations about the legal framework to supervise crypto issuance and trade activities.
• Over the last few years, cryptocurrency ownership has increased in Vietnam. Triple A’s research shows that 6.1% of Vietnam’s total population owns cryptocurrency, which is 5.9M. Finder.com’s survey shows that Vietnamese have the highest levels of crypto ownership than any other country.

How do you feel about Vietnam establishing a regulatory framework for cryptography? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.