Just-In: Vietnam Starts Developing Legal Framework For Cryptocurrencies

Varinder Singh
March 29, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Vietnam could pass crypto-friendly laws soon

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.

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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.

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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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.