Virtual and crypto assets do not face any prohibition, as the Vietnamese Ministry of Justice has announced. As per the announcement, despite having no ban at all, the respective assets still require an adequate agenda for their regulation in the future. This pushes for the proper study and research on the respective assets.
Finance Ministry in Vietnam Affirms Crypto Has No Restriction But Requires a Framework
Jurisdictions around the world define virtual and crypto assets in different ways. However, Vietnam does not possess any regulations for the management of this new asset class. On Friday, the deputy head of the civil law department under the Ministry of Finance commented on this matter. According to the official, the authorities require establishing the relevant regulations as soon as possible.
The official added that these assets experience huge risks and the malicious people can leverage the respective hazards. Additionally, the authorities have directed the State Bank of Vietnam to conduct a thorough study concerning such assets. As a result of this, the authorities will reportedly better handle the issues dealing with the virtual and crypto assets.
A Crypto Agenda Will Reportedly Emerge Before 2025’s May
This will also contribute to minimizing the money laundering that the bad actors are carrying out within the jurisdiction. Apart from that, the ministry has a plan to create a legal agenda for the development of a suitable agenda. In this respect, the deadline for the respective agenda is 2025’s May. Hence, it is working on the things that would assist in comprehending the functions of these assets.
An interesting thing here is that the jurisdiction of Vietnam has not declared the crypto assets as legal tender. Even then the citizens trade these assets via foreign companies or straightly transact to each other. The Jurisdiction became 3rd after the United States and the United Kingdom in terms of crypto gains in 2023.
