Legal framework on cryptos to be submitted to PM in March
(VOVWORLD) - Ministry of Finance and the State Bank of Vietnam were asked to draft a legal framework on cryptocurrencies and digital assets within this month, according to a directive signed by Prime Minister Pham Minh Chinh on Saturday.
Vietnam has yet to provide a specific definition for cryptocurrencies and digital assets such as Bitcoin and Ethereum. Current regulations only address the concept of electronic money pegged to fiat currency, existing in forms such as bank prepaid cards and electronic wallets. A legal framework defining and evaluating digital assets would facilitate businesses' access to bank financing, thereby enabling investment.
Party General Secretary To Lam has recently stressed the need to study and apply a controlled testing mechanism (sandbox) to establish a trading platform for digital assets.
Vietnam ranked among the top three countries globally in terms of the percentage of the population owning digital assets (equivalent to 21% of Vietnam’s population) in 2021 and 2022, according to data from the Vietnam Blockchain Association.
The flow of digital assets into Vietnam in 2023 reached 120 billion USD, said market analysis organization Chainalysis.