VIETNAM IS ACTIVELY DEVELOPING CRYPTOCURRENCY REGULATION

According to a new report from the Ministry of Justice, Vietnam is considering to amend its current legislation to establish new regulations, adapted to cryptocurrencies.

In Vietnam, cryptocurrencies are currently not considered as a legal payment method, and the country’s banks from time to time warn citizens about the illegal status of virtual currencies.

Prime Minister of Vietnam, Nguyen Xuan Phuc announced that the government agencies were instructed to prepare a project for the development of the first legal system of regulation of digital currencies in the country.

It is known that the Vietnamese Ministry of Justice has already studied various variants of the legislative framework, applied by other jurisdictions. The Agency seeks to minimize the elements of risk and maximize the potential of technology while looking for a certain balance before investors and businesses can benefit from blockchain and cryptocurrency under the new legislation.

Recall, the Prime Minister of Vietnam Nguyen Xuan Phuc urged the Ministry of Justice and financial regulators of the country to tighten “control over activities related to bitcoin and other cryptocurrencies”.

Earlier, the Ministry of Finance of Vietnam banned the import of cryptocurrency mining equipment into the country.