Despite having quite an unstable history with the cryptocurrency market, Vietnam has now called for the building of a new crypto regulatory framework.
According to sources, it seems that the unstable situation of digital assets in the region of Vietnam might finally be resolved, as the Deputy Prime Minister, Le Min Khai has now demanded new laws, regarding the use of digital assets n the country. Le Min Khai has issued a note to the Finance Ministry, demanding them inspect the digital market and build a completely new legal regulatory framework.
Cooperative Work
The Ministry of Finance in Vietnam have been assigned the task and will be directly responsible for the development of the new regulations. As per reports, the list of tasks includes analyzing some legal documents that are in need of revision or augmentation.
Additionally, the Finance Ministry will also have to team up with the Ministry of Justice, Ministry of Information and Communications and the State Bank of Vietnam in order to come up with the best of laws regarding the crypto market. All three of the selected ministries will have to cooperate with the state bank, in order to learn about different legal characteristics when it comes to the trade of cryptos and their impact on the overall economy of the country.
Decision 1255
This new regulatory framework will also be following Decision 1255, implemented by the Prime Minister back in the mid of 2017. Decision 1255 was approved by the government in 2017 and mentioned the approval of plans, regarding the development of a regulatory framework for digital assets.
Shaky Past with Crypto
Looking into the past, Vietnam has been in a constant fight with the digital asset market for many years. Back in 2014, the government had restricted any Bitcoin-related transactions, hindering the hidden potential of the crypto. However, in 2017, a complete flip occurred where Prime Minister Nguyen Xuan Phuc had given crypto the greenlight to operate legally in the country.
But just after a year, the government restricted Bitcoin payments once again, spreading confusion all around the world to what the country’s true motives were towards digital currencies. Then again, in 2020, the government of Vietnam introduced a digital asset research team, that was assigned the task to research the digital asset market and suggesting potential legal policies.
The result of this uncertainty has led to many market experts being confused about what Vietnam actually wants, so hopefully, this new regulatory framework will shed some light on it.
