TechFlow news, Vietnam is creating a legal framework for cryptocurrencies. The Deputy Prime Minister of Vietnam has directed the Ministry of Finance, the Ministry of Justice, and the Ministry of Information and Communications to collaborate with the central bank—the State Bank of Vietnam—on this framework.
The legal framework for cryptocurrencies will be developed based on details specified in Decision No. 1255, issued by the Prime Minister of Vietnam on August 21, 2017. Decision No. 1255 approved a plan to establish a legal framework for the management and handling of "virtual assets, digital currencies, and virtual currencies."
In November 2018, Vietnamese authorities proposed some recommendations for regulating cryptocurrencies, but no decisions were made. Reports indicate that Vietnamese regulators have not yet reached consensus on how to regulate cryptocurrencies.
According to a government report dated February 17, 2021, on the implementation of Decision No. 1255, the Ministry of Finance has established a research task force on crypto assets, aiming to propose a legal framework for regulating cryptocurrency issuance and trading activities.
Meanwhile, the number of cryptocurrency holders in Vietnam has grown significantly over the past few years. Research by Triple A shows that more than 5.9 million people currently own cryptocurrencies, accounting for 6.1% of Vietnam's total population.
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