Vietnamese Government and Central Bank Developing Legal Framework for Crypto
Vietnam Creating Legal Framework for Crypto
· Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are Finance, Justice, and Information & Communications.
· The deputy prime minister has tasked the Ministry of Finance with the prime responsibility of reaching an agreement with other regulatory bodies and the central bank to identify specific pieces of legislation that need to be amended, supplemented, and promulgated as well as recommending a specific time frame for implementation.
· The legal framework for crypto will be created according to the details laid out in Decision 1255, issued by the Vietnamese prime minister on Aug. 21, 2017. Decision 1255 approves a plan to develop a legal framework for the management and handling of “virtual assets, digital currencies, and virtual currencies.”
· A few proposals to regulate crypto were put forward in November 2018 but no decision was made. Reports indicated that Vietnamese regulators did not share a common view on how to regulate cryptocurrency. Read More…
