The Vietnamese government and central bank are developing a legal framework for crypto.
Cryptocurrency is being legalised in Vietnam. Following Le
Minh Khai's notification last week, it was reported that the central bank and
other relevant agencies will be tasked to develop a legislative framework for
cryptocurrencies in collaboration with the country's deputy prime minister and
other ministers. Finance, Justice, and Information and Communications are the
three ministries. According to the deputy prime minister, the Ministry of
Finance has been tasked with the primary 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 recommend a specific timeframe for implementation.
Decision 1255, announced by the Vietnamese prime minister on August 21, 2017,
lays out the provisions for the creation of a legal framework for crypto. As a
result, the number of Vietnamese citizens who hold cryptocurrency has increased
dramatically in recent years. There are roughly 5.9 million Vietnamese
citizens, or 6.1 per cent of the population, who now hold cryptocurrency.
Crypto ownership in Vietnam is higher than in any other country surveyed by
Finder.com.
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