Vietnam prepares legal framework to establish crypto-friendly policy

Vietnam is reportedly busy conducting preliminary research to establish crypto-friendly policies. According to Vietnamnet, a local news outlet, the country’s deputy prime minister has advised three ministries to accelerate research into cryptocurrencies and prepare a legal framework for managing virtual assets and currencies.

This would concern the Ministry of Finance, Justice, Information and Communication together with the State Bank.

Developing a legal framework in Vietnam

Li Minh Khai, the Deputy Prime Minister of Vietnam, has commissioned the three ministries to conduct research work related to cryptocurrency regulation and governance. 

In addition, the Deputy Prime Minister has also instructed the Ministry of Finance to review various legal documents requiring prior amendments, additions or revisions to complete the legal framework for the management of virtual assets. 

The framework will be designed according to the details set out in a decision announced in August 2017. This decision broadly outlines the establishment of a legal framework for the management of virtual assets and currencies.

The research project aims to better understand the nature of virtual assets, electronic and virtual money and to be able to apply it accurately according to Vietnamese practice and foreign experience. 

In addition, the project will propose specific tasks, jobs and orientations to develop and perfect the law on virtual assets, electronic and virtual money to manage risks related.

The government of Vietnam has previously made a few proposals to boost cryptocurrencies trading in the region. However, no concrete steps have yet been taken to improve the country’s position. 

In particular, cryptocurrency trading in Vietnam has gained significant traction in recent times, with research showing that nearly 5.9 million Vietnamese citizens currently own cryptocurrency and are interested in exploring various crypto options.