Vietnam is reported to be actively conducting preliminary research to establish a crypto-friendly policy. According to Vietnamnet, a local news outlet, the country’s Deputy Prime Minister has instructed three ministries to accelerate research into cryptocurrencies and develop a legal framework for managing virtual assets and currencies.
These ministries include the Ministry of Finance, the Ministry of Justice, the Ministry of Information and Communications, and the State Bank of Vietnam.
Developing a legal framework in Vietnam
Deputy Prime Minister Lê Minh Khái has tasked the three ministries with carrying out research related to crypto regulation and governance. He has also directed the Ministry of Finance to review the relevant legal documents that may need amendment, supplementation, or preliminary revision to complete the legal framework for managing virtual assets.
The framework will be designed in accordance with the details set out in a decision announced in August 2017, which broadly outlines the establishment of a legal framework for managing virtual assets and currencies.
The research project aims to gain a deeper understanding of the nature of virtual assets, electronic and virtual money, and to apply that understanding appropriately based on Vietnam’s practices and foreign experience.
Additionally, the project will propose specific tasks, responsibilities, and directions for developing and refining laws related to virtual assets, electronic money, and virtual currencies to manage associated risks effectively.
The Vietnamese government has previously proposed several measures to boost cryptocurrency trading in the region. However, concrete steps to improve the country’s stance have not yet been implemented.
Notably, cryptocurrency trading in Vietnam has seen considerable momentum recently. Research indicates that nearly 5.9 million Vietnamese citizens currently own cryptocurrencies and are interested in exploring various crypto options.