Vietnam is establishing a legal framework for cryptocurrency

Vietnam is establishing a legal framework for cryptocurrency. Vietnam’s deputy prime minister has directed the ministries of finance, justice, and information and communications to work with the State Bank of Vietnam on the framework.

Le Minh Khai, Vietnam’s Deputy Prime Minister, has tasked the country’s Ministry of Finance with leading research towards the creation of a legislative framework to govern digital assets.

Vietnamese government and central bank are putting together a legal framework for cryptocurrency

Image Source: The NewsCrypto

Last week, Deputy Prime Minister Le Minh Khai allegedly instructed three ministries to collaborate with the central bank, the State Bank of Vietnam, and other necessary entities to develop a legislative framework for cryptocurrencies. Finance, Justice, and Information and Communications make up the three ministries.

The deputy prime minister has tasked the Ministry of Finance with 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 timeframe for implementation.

According to a report published on Monday by local news outlet Vietnamnet, the ministry must identify particular legislative instruments that need to be amended or enacted in order to regulate the emerging asset class.

Vietnam’s Deputy Prime Minister, Le Minh Khai, has charged the Ministry of Finance with spearheading research towards the construction of a legislative framework to control digital assets.

Vietnamnet published a report on Monday suggesting that the ministry should identify specific legislative instruments that need to be changed or enacted to enable it to manage the rising asset class.

Although some efforts have been made in the past to move regulatory suggestions forward, no final decision has yet been made. Residents are allowed to trade cryptocurrencies and keep them as assets. Even though there is no legal framework for owning, trading, and using cryptocurrencies, Vietnam has one of the highest rates of adoption of digital assets in the world.

A decision to analyze and influence policy discussion has extended many research needs that examine crypto’s impact on Vietnam’s expanding digital economy. Additionally, the report examines the criteria for adopting risk management legislation while avoiding negative implications for other businesses, such as e-commerce and information technology.

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