Vietnam Gets Closer To Regulatory Framework For Crypto Assets

Vietnam gets closer to the regulatory framework for crypto-assets and it is working on the guidelines to regulate all the crypto-related activities in the country so let’s read more in today’s latest cryptocurrency news.

Vietnam gets closer to a comprehensive regulatory framework on how crypto and virtual assets are treated in the country. The Vietnamese Deputy Prime Minister instructed the different government bodies in the country to create a framework that will regulate digital assets and their activities. The agencies selected to take part in the project include the nation’s central bank and the Ministries of Finance, Justice, Information, and Communications but the Ministry of Finance will lead the project and will work with related bodies to identify the legal documents that need adjustments.

The Ministry of Finance will also schedule a time for the implementation of the framework but the proposed date was not disclosed in the report. The regulation will oversee the management of crypto and other digital assets and in general, it will be in accordance with Decision 1255. it was issued by the country’s Prime Minister in August 2017 and approved a plan on how virtual assets have to be managed in the country.

Since the decision was issued, Vietnam kept a close eye on the crypto industry and another directive was created to enhance the management of BTC and crypto transactions as well as to minority and contrl the risks of the assets. In May 2020, the Vietnamese Ministry of Finance set up a research unit to study the ways and how to manage the crypto assets in the country. The research unit was made up of finance specialists from different agencies like the State Securities Commission, State Bank of Vietnam’s Department of Banking and Financial Institutions and LEgal department, National Institue for Vietnam Finance, and Vietnam Customs.

The move to introduce a comprehensive legal framework to regulate crypto activities in Vietnam came from the rise in interest in crypto and the mining operations from users across the country. According to the reports, Vietnam, India, and Pakistan led the global crypto adoption race in 2020 and the reports show that the country recorded high demand for the digital asset mining rigs with more people joining the sector.