Cryptocurrency is not banned in Vietnam but it is necessary to develop a legal framework to ensure its on-track development and prevent risks, a representative from the Ministry of Justice has said.
Hanoi (VNS/VNA) - Cryptocurrency is not banned in Vietnambut it is necessary to develop a legal framework to ensure its on-trackdevelopment and prevent risks, a representative from the Ministry of Justice hassaid.
Cao Dang Vinh, Deputy Director of the Department of Economic andCivil Legislation, said on April 12 that there are still differentunderstandings about virtual assets, digital currencies and cryptocurrencies.Countries also have different management approaches.
Cryptocurrencies contain a number of risks which make it easy totake advantage of this type of assets for appropriation or money laundering.
Vietnam has not had regulations to manage their development, hesaid, adding that cryptocurrency is not considered a legal asset.
It is necessary for Vietnam to develop a legal framework forcryptocurrency to prevent risks and illegal appropriation, he stressed.
When the Ministry of Finance raises specific proposals, theMinistry of Justice will have more detailed opinions.
The Government has asked the State Bank of Vietnam to study thepilot implementation of cryptocurrencies to prevent money laundering.
Two years ago, the National Assembly asked the Government todevelop the legal framework for this new type of asset early.
In February, the Government asked the Ministry of Finance to studyand complete the development of the legal framework to regulate cryptocurrencymarket by May 2025.
Cryptocurrency transactions in Vietnam are mostly implemented oninternational platforms or put-through transactions.
Statistics of the Vietnam Blockchain Association said that thevalue of cryptocurrencies Vietnam received totalled nearly 91 billion USD bySeptember 2023, of which, illegal transactions were worth around 956 millionUSD./.
As more information technology businesses invest resources into Web 3.0, coupled with the large number of users and coders, Vietnam sees great opportunities in the blockchain market in the Southeast Asian region, say experts.
Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the U.S. and UK, with nearly 1.2 billion USD, according to U.S. blockchain analysis firm Chainalysis.
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Illustrative image (Photo: AFP) 
