Vietnam is reportedly working on a legal framework for cryptocurrency.
The Vietnamese Deputy Prime Minister Le Minh Khai instructed three ministries last week to start collaborating with the central bank, the State Bank of Vietnam, and other important stakeholders to construct a legal framework for cryptocurrencies. The three ministries tasked are Finance, Justice, and Information & Communications.
Sources familiar with the matter note that Vietnam’s legal framework for crypto will be based on the details laid out in Decision 1255, which was issued by the Vietnamese prime minister on Aug. 21, 2017. Included in Decision 1255 is a plan to develop a legal framework for the management and handling of “virtual assets, digital currencies, and virtual currencies.”
In 2018, there was some movement on spurring crypto legislation in the country and some proposals were made. Nevertheless, final decisions were steered off with Vietnamese regulators having opposing views on the matter.
Cryptocurrency has become massively popular in Vietnam. Chainalysis puts Vietnam on the first place of countries with regards to adoption to digital assets in its 2021 Global Crypto Adoption Index. Interestingly, a Finder survey conducted over Google on crypto adoption had also placed Vietnam top of the charts, confirming a strong crypto uptake in the country.