Vietnam’s Deputy Prime Minister, Le Minh Khai has issued a directive to the nation’s Ministry of Finance to get to work on developing the necessary frameworks that would determine the rules of engagement for digital assets in the nation.
For a country that is reported to top the chart in the number of individuals who own cryptocurrency in the Asian region, this move by the government is therefore borne out of the escalating interest in crypto-related activities such as trading, mining, and investing in the country.
This charge which was made recently would therefore see the Ministry of Finance act as the lead agency in this task while collaborating with other departments such as the Ministry of Justice, the Ministry of Information and Communication, and Vietnam’s Central Bank.
All these units are required to conduct a full-blown assessment of digital assets and their possible impact on the nation. Another vital task is to pinpoint individual legal-related notes that should be rewritten, promulgated, or discarded.
The expected markers for this emerging asset category would, however, be drafted in conformity with the nation’s Decision 1255 which was issued in 2017 by Vietnam’s Prime Minister. Decision 1255 overlays the ability of the government to formulate legal structures for virtual assets, digital currencies, and virtual currencies.
Winding Road For Cryptocurrency Regulation in Vietnam
With the call for an outright ban on cryptocurrency by some government heads, while some others have rather chosen the path of regulation and subsequent adoption, one notion that cannot be shoved aside is the fact that cryptocurrency and digital assets continue to lead in global conversations.
For Vietnam, the road down which has led to this recent call for the regulation of digital assets has been nothing but a winding one. Three years before the pronouncement of Decision 1255 in 2017, the government of Vietnam placed a ban on all forms of Bitcoin (BTC) transactions.
However, in 2017, Vietnam did a 180-degree turn, approving Bitcoin as a valid means of payment and in 2020, the nation raced ahead by setting up a special cryptocurrency research group which was saddled with the duty of analyzing and suggesting modalities for virtual assets within the country.