Key Takeaway:
- Reportedly the Vietnamese government is putting together a legal framework specifically for cryptocurrency.
- The country’s Deputy Prime Minister has directed a total of three ministries to work on the crypto framework.
Reportedly the Vietnamese government is putting together a legal framework. The legal framework is said to be specifically for cryptocurrency. Le Minh Khai, the country’s Deputy Prime Minister, has directed a total of three ministries to work on the crypto framework.
Last week, Le Minh Khai reportedly instructed three ministries to collaborate with the central bank, the State Bank of Vietnam, and other relevant bodies to develop a legal framework for cryptocurrencies. The Ministries of Finance, Justice, and Information and Communication were all given orders to look into the framework.
The deputy prime minister has charged the Ministry of Finance with reaching an agreement with other regulatory bodies and the central bank to identify specific pieces of legislation that need to be amended, supplemented, and promulgated, as well as recommending a timetable for implementation.
This collaboration is expected to assist the parties in determining the specifics of the amendment procedure for specific legislation. The issue of amendments isn’t the only one that needs to be addressed. It is also necessary to supplement and promote the inclusion of cryptocurrency.
This framework’s release date has not yet been announced. The Ministry of Finance must also provide the government with a timetable for implementation. The Ministry of Finance had previously established a study group to oversee the entity’s crypto decisions. Meanwhile, cryptocurrency ownership in Vietnam has increased significantly in recent years.
The legal framework for cryptocurrency will be developed in accordance with the details outlined in Decision 1255, which was issued by the Vietnamese prime minister on August 21, 2017. Decision 1255 approves a plan to create a legal framework for managing and dealing with “virtual assets, digital currencies, and virtual currencies.”
In November 2018, a few proposals to regulate cryptocurrency were made, but no decision was made regarding it. According to reports, Vietnamese regulators do not agree on how to regulate cryptocurrency.
According to a government report on the implementation of Decision 1255 dated February 17, 2021, the Ministry of Finance established a crypto assets study group. The crypto asset study group goal was to make recommendations on the legal framework for the supervision of crypto issuance and trading activities.
