Vietnam is currently working on new guidelines to regulate crypto-related activities in the country.
Vietnam is another step closer to a comprehensive regulatory framework on how cryptocurrencies and virtual assets should be treated in the country., Vietnamese Deputy Prime Minister Le Minh Khai has instructed the different government bodies in the country on the creation of a framework that would regulate digital assets and their activities.
The agencies selected to partake in the project include the nation’s central bank and the Ministries of Finance, Justice, Information & Communications. However, the Ministry of Finance will spearhead the project and will work with related bodies to identify legal documents that need adjustments or promulgation.
The Ministry of Finance will also schedule a specific time for the implementation of the framework. However, the proposed date was not disclosed in the report. The upcoming regulation that will oversee the management of cryptocurrencies and digital assets, in general, will be in accordance with Decision 1255. It was issued by the country’s Prime Minister in August 2017, approving a plan on how virtual assets should be managed in the country.Since Decision1255 was issued, Vietnam has kept a close eye on the cryptocurrency industry.
The research unit was made up of finance specialists from different agencies. These included the State Securities Commission, General Department of Taxation, State Bank of Vietnam’s Department of Banking and Financial Institutions and Legal Department, Vietnam Customs, and National Institute for Vietnam Finance.
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