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Vietnamese Government and Central Bank Developing Legal Framework for Crypto Regulation

Le Vietnam crée un cadre juridique pour la crypto-monnaie. Le pays’Le vice-Premier ministre a instruit les ministères des Finances, Justice, et informations & Communications pour travailler avec la banque centrale, la Banque d'État du Vietnam, sur le cadre.

Vietnam Creating Legal Framework for Crypto

  • Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, la Banque d'État du Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are Finance, Justice, et informations & Communications.
  • The deputy prime minister has tasked the Ministry of Finance with the prime responsibility of 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 specific time frame for implementation.
  • The legal framework for crypto will be created according to the details laid out in Decision 1255, issued by the Vietnamese prime minister on Aug. 21, 2017. Décision 1255 approves a plan to develop a legal framework for the management and handling of “actifs virtuels, digital currencies, and virtual currencies.
  • A few proposals to regulate crypto were put forward in November 2018 but no decision was made. Reports indicated that Vietnamese regulators did not share a common view on how to regulate cryptocurrency.
  • According to a government report on the implementation of Decision 1255 dated Feb. 17, 2021, the Ministry of Finance had established a study group on crypto assets with the aim to make recommendations on the legal framework for the supervision of crypto issuance and trading activities.
  • Entre-temps, crypto ownership in Vietnam has grown significantly over the past years. Research by Triple A shows that over 5.9 million people, ou 6.1% of the total population of Vietnam, currently own cryptocurrency. A survey by shows Vietnamese respondents having the highest percentage of crypto ownership.

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