Vietnam is developing a legal framework for Cryptocurrency

Le Minh Khai, Vietnam’s Deputy Prime Minister, has tasked the country’s Ministry of Finance with leading research towards the creation of a legislative framework to govern digital assets.

According to a report published on Monday by local news outlet Vietnamnet, the ministry must identify particular legislative instruments that need to be amended or enacted in order to regulate the emerging asset class.

The study is being carried out in collaboration with the ministries of justice, information, and communications, as well as the State Bank of Vietnam.

Following the country’s central bank’s prohibition on Bitcoin and other Cryptos for usage as a means of payment in 2017, this measure is another step in the country’s march to formally legalize digital assets.

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Nguyen Xuan Phuc, Vietnam’s then-Prime Minister, issued Decision 1255 in August 2017, requesting the establishment of a legal framework to handle digital assets. Vietnam’s research builds on that edict by looking at the relationship between Crypto and real assets, as well as determining the timeframe for putting the legal framework in place.

While there has been some attempt in the past to move forward with regulatory recommendations, no decision has yet been made.

The government does not prohibit residents from trading Cryptocurrency and enables them to hold it as an asset. Despite the lack of a legal framework for owning, trading, and using Cryptocurrency, Vietnam’s adoption of digital assets is among the greatest in the world by total population.

Multiple research demands that examine Crypto’s impact on Vietnam’s developing digital economy have been expanded by a decision to study and steer policy discussion.

According to the study, it will also analyze the prerequisites for developing legislation aimed at risk management while avoiding negative consequences for other industries such as e-commerce and information technology.