- The Ministry of Finance formed a crypto asset research group.
- Approximately 5.9 million Vietnamese citizens possess cryptocurrencies.
At the request of the country’s deputy prime minister, Le Minh Khai, many government agencies have been tasked with establishing a legal framework for cryptocurrencies. Finance, Justice, along with Information and Communications, are the three departments.
For the time being, the deputy prime minister has entrusted his ministry with the primary responsibility of reaching an agreement with other regulatory bodies and the central bank on which laws should be amended, supplemented and formally promulgated and recommending an exact timeline for their implementation.
Decision 1255 Acts as a Guide
Decision 1255, announced by the Vietnamese prime minister on August 21, 2017, lays out the specifics for developing a legal framework for cryptocurrencies. Virtual assets, digital currencies, and virtual currencies are to be managed and handled in accordance with a new legal framework defined by Decision 1255. No decisions were taken in November 2018 on the regulation of crypto. However, cryptocurrency regulation in Vietnam seems to be a hot-button issue for Vietnamese authorities.
The Ministry of Finance formed a crypto asset research group to give suggestions on the legislative framework for the supervision of crypto issuance and trading operations, according to a government report on the execution of Decision 1255 dated February 17, 2021.
Meanwhile, the number of Vietnamese citizens owning cryptocurrency has increased dramatically during the last few years. Approximately 5.9 million Vietnamese citizens, or 6.1% of the entire population, possess cryptocurrencies. This is according to Triple A’s research. Survey results suggest that Vietnamese people are the most likely to hold cryptocurrency.
