Vietnam working on legal framework for crypto assets
None of the developing nations want to be held back when it comes to crypto adoption and it seems that after Dubai came up with crypto laws favoring the nation, Vietnam is another country that plans to take advantage of the crypto industry in the nation. As per a recent report from a local media outlet, authorities are working on legalizing cryptocurrencies in the nation.
Vietnam to legalize crypto
As per the report, the Deputy Prime Minister of Vietnam, Le Minh Khai, has released an "instruction for the Ministries of Finance, Justice, Information & Communications and the Central Bank" so as to build a legal framework for digital assets in the nation so that it is possible to legalize crypto in the nation.The Deputy PM issued a notice which was dated March 23 and asked the above-mentioned authorities to work on the laws that need to be "amended, supplemented and promulgated" in Vietnam so that the entire industry can be legalized and be regulated. The report further stated:
This is being done to complete the legal framework for the management of virtual assets, virtual currencies, digital assets, and cryptocurrencies in accordance with Decision 1255.
Decision 1255
It is to be noted that on August 21, 2017, the Prime Minister issued Decision 1255 which directed the authorities to study the nature of digital money and how they work. Decision 1255 was focused on figuring out how cryptocurrencies can be used in Vietnam and their relationship with real-world assets and fiat currency.The project also aims to speed up the process of crypto adoption and regulation of cryptocurrencies in the nation, something that every nation has been struggling with recently. Another report by Vietnamnet‘s Van Anh stated that Vietnam is also working on the creation of virtual money under the Strategy for Development of E-Government towards Digital Government in the period 2021 – 2025.
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