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Vietnam to Create Legal Framework for Cryptocurrency

The country's various agencies have been tasked with exploring digital assets.

Vietnam to Create Legal Framework for Cryptocurrency
Hanoi; Shutterstock photo by Vietnam Stock Images

Key Takeaways

  • Vietnam has instructed various government agencies to develop a legal framework around digital assets.
  • The Ministry of Finance and various other state agencies will participate in creating and following the framework.
  • The legal framework aims to research digital assets, their impact on the law, and their relationship with fiat money.

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Vietnam is working toward a legal framework for cryptocurrency, according to recent reports from local media.

Vietnam Tasks Agencies With Framework

On Mar. 29, Tienphong News reported that Vietnam’s Deputy Prime Minister, Le Minh Khai, has instructed various agencies within the country to create a framework for digital currency.

Le Minh Khai sent a notice to various agencies last week. Those instructions task Vietnam’s Ministry of Finance with identifying legal documents that must be updated to accommodate the legal framework around digital assets and cryptocurrencies.

The legal framework will produce research on the nature of digital assets, their impact on the law, their usage inside and outside of the country, and their relationship with fiat money.

It will also assign responsibilities and tasks to government agencies. Those tasks are intended to update the law and control the risks of digital currencies without impacting IT and e-commerce.

The Ministry of Justice, the Ministry of Information & Communications, and the State Bank of Vietnam are also involved in the effort, according to the original report.

Today’s news is related to Decision 1255, a 2017 decision in which Vietnam’s Prime Minister approved the creation of a legal framework.

It is also related to Vietnam’s Strategy for Development of E-Government Towards Digital Government, an issuance from 2021 that tasks the State Bank of Vietnam with piloting crypto-based technology.

Other Countries Have Legal Framework

Vietnam is just one of many countries that have created a legal framework around cryptocurrencies (or around specific applications of cryptocurrencies) in recent months.

Perhaps most notably, Ukraine signed a bill to create a legal framework for digital assets on Mar. 16. Dubai, meanwhile, put forward its own legal framework on Mar. 9.

Elsewhere, El Salvador is creating a legal framework for Bitcoin bonds after giving Bitcoin legal tender status last September.

Other countries have taken a harsher approach; China has imposed a near-total ban on Bitcoin and cryptocurrencies.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

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