Technology development is one of the top national policies for Vietnam. In an effort to promote economic growth, Vietnamese authorities prefer to explore new ideas and challenge conventions. A unique approach has also been applied to blockchain technology. The government is now working on a legal framework to regulate the cryptocurrency market.
According to Cao Dang Dinh, deputy director of the Department of Economic and Civil Legislation, cryptocurrencies are not banned in the country, but there is a pressing need for a comprehensive legal framework. He believes that it is time to remove chaos and bring order to the sphere of digital assets.
Thus, Cao Dang Dinh has asked the Ministry of Finance to study how the industry is regulated in different countries and come up with extensive proposals. Creating a legal framework would help mitigate potential risks and effectively respond to the challenges that virtual currencies may pose, the official noted.
In February 2024, the Vietnamese government ordered the implementation of a legal framework by May 2025 to ban or regulate the cryptocurrency market.
Interestingly, statistics from the Vietnam Blockchain Association showed that the value of cryptocurrency assets received by Vietnam totaled nearly $91 billion in September 2023. Cryptocurrency transactions are mostly conducted by Vietnamese holders on international platforms or through anonymous transactions.
