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Thursday, June 1, 2023

Vietnamese Government and Central Bank Developing Legal Framework for Crypto

Vietnamese Government and Central Bank Developing Legal Framework for Crypto – Vietnam is putting together a regulatory framework for cryptocurrencies. The deputy prime minister of Vietnam has directed the ministries of finance, justice, information and communications to collaborate on the framework with the country’s central bank, the State Bank of Vietnam.

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Last week, three ministries were reportedly notified by Vietnamese Deputy Prime Minister Le Minh Khai, asking them to cooperate with the central bank, the State Bank of Vietnam, and other necessary entities to develop a legal framework for cryptocurrencies.

The deputy prime minister has charged the Ministry of Finance with establishing an agreement with other regulatory authorities and the central bank to identify specific pieces of legislation that need to be modified, supplemented, and promulgated, as well as recommending a clear timeline for implementation.

Also Read: Global Crypto Economy Holds Above the $2 Trillion Zone for 5 Consecutive Days

The legal framework for cryptocurrency will be established in accordance with the provisions of Decision 1255, which was announced by the Vietnamese Prime Minister on August 21, 2017. Decision 1255 approves the concept of creating a legal framework for the handling and management of ” digital currencies and virtual assets.”

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In November 2018, a few suggestions to regulate cryptocurrency were presented, but no decision was reached. According to reports, Vietnamese regulators do not agree on how to regulate bitcoin.

The Ministry of Finance established a study group on crypto assets with the goal of making suggestions on the legislative framework for the supervision of crypto issuance and trading operations, according to a government report on the execution of Decision 1255 dated Feb. 17, 2021.

Also Read: Bank of Russia Allows Sberbank to Issue Digital Financial Assets

In the meantime, cryptocurrency ownership in Vietnam has increased dramatically in recent years. According to Triple A, approximately 5.9 million people in Vietnam own cryptocurrencies, accounting for 6.1 percent of the overall population. According to a survey conducted by Finder.com, Vietnamese respondents hold the most cryptocurrency.

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