Just-In: Vietnam Starts Developing Legal Framework For Cryptocurrencies

Vietnam Deputy Prime Minister Le Minh Khai in an official notice to the Ministry of Finance; Ministry of Justice, Information & Communications; and the State Bank of Vietnam issued guidelines for developing a legal framework on virtual assets and cryptocurrency. ASEAN countries including Vietnam are accelerating toward building a digital economy as it continues to deepen research on the impact of crypto.

Vietnam Prepares Legal Framework For Virtual Assets And Cryptocurrency

Crypto reporter Colin Wu announces in a tweet on Tuesday regarding a further push from the Vietnamese government for developments in the field of virtual assets and virtual currency.

Under the notice, the Ministry of Finance has been assigned the major responsibility of spearheading research for building a legal framework for cryptocurrencies. The Finance Ministry will identify legal documents that need to be amended, supplemented, and promulgated for further advancing the adoption approach.

The Ministry of Finance must reach an agreement with the Ministry of Justice, the State Bank of Vietnam, and other government agencies to complete the legal framework for the management and handling of virtual assets, cryptocurrencies, and virtual currencies. The agreement must be in accordance with the tasks set out in Decision 1255.

The Deputy Prime Minister also requested the ministries and central bank of Vietnam to speed up the research, cooperation, and decision-making process of performing assigned legal framework tasks.

The project aims to review and evaluate the current scenario of the legal framework for virtual assets and cryptocurrencies. Moreover, identify any legal issues among the state agencies and assign responsibilities and implementation roadmap to handle related issues.

ASEAN Countries Leads in Crypto Adoption

The ASEAN countries including Vietnam, Thailand, Malaysia, Singapore, Cambodia have established their leadership in the crypto adoption race. The countries are carefully planning their policies and regulations related to digital assets and digital currency.

Singapore and Cambodia are actively working on their central bank digital currencies (CBDCs), while prioritizing de-dollarization. Vietnam is leading the adoption race for digital currencies in the region, and the country could transform its economy with the successful completion of the legal framework.