Pham Minh Chinh, Vietnam’s prime minister, reportedly said that the country’s government should investigate crypto legislation, citing residents’ continued use of digital assets despite their lack of legal recognition.
According to a post that was published on the 24th of October by an online news site called VnExpress, Chinh made a veiled suggestion that a bill on anti-money laundering, or AML, should accept a modification on virtual currencies given that “in reality, individuals still trade” crypto in Vietnam. The prime minister’s words gave the suggestion that the government of Vietnam would consider regulating cryptocurrencies to address the role they play in financial crimes.
To a large extent, the Vietnamese government does not recognise cryptocurrencies such as Bitcoin as a form of payment in the country; however, it does allow tokens to exist in an apparent legal grey area as investments.
According to a report by Chainalysis that was published in September, Vietnam ranked first among all countries in crypto adoption in both 2022 and 2021. The report said that Vietnam was at the top because the country has “extremely high purchasing power and population-adjusted adoption across centralised, DeFi, and P2P cryptocurrency tools.”
As the cryptocurrency industry and rate of acceptance developed, a number of local MPs began to advocate for the adoption of crypto assets. Le Minh Khai, Deputy Prime Minister for General Economics, approached the Ministry of Finance in March with a request that it investigate and alter existing legislation in order to provide a legal framework for cryptocurrencies.
This was a direct result of an effort that was launched by the Prime Minister of Vietnam in July 2021, which instructed the State Bank of Vietnam to investigate and test a digital currency pilot programme. On November 1, the National Assembly of Vietnam will have a discussion on the AML law, and by the time its fourth session comes to a close on November 15, it will most likely have approved or disapproved the measure.
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