Vietnam is doing preparatory research in order to build crypto-friendly policies and frameworks. As per reports, the country’s Deputy Prime Minister has instructed three ministries to speed up the research on crypto policy. He directed officials to establish a legislative framework for regulating digital assets as well as virtual currencies. The concerning ministries related to crypto regulation in Vietnam are the Ministry of Finance, Justice, Information and Communication.
Furthermore, the Deputy Prime Minister of Vietnam has directed the Ministry of Finance to study numerous legislative instruments that require prior modifications, additions, or revisions in order to finish the legislative structure for virtual asset management.
Study for crypto-friendly policies and frameworks in Vietnam
Details outlined in an August 2017 decision in Vietnam are the key behind its crypto-friendly policies and frameworks. The decision lays the groundwork for the creation of a legal framework for the administration of virtual assets. The goal of the crypto study project is to get a deeper understanding of the nature of virtual assets, electronic money, and virtual currency, as well as to be able to apply it properly based on Vietnamese and international experience.
In addition, the project will suggest particular tasks, occupations, and orientations for developing and perfecting the legislation on virtual assets, electronic money, and virtual currency in order to handle risks associated with them.
Vietnam’s government has made a number of initiatives in the past to encourage cryptocurrency trade in the area. However, no meaningful actions to improve the country’s status have yet been taken.