May 20, 2024

Cryptocurrency will not be banned in Việt Nam: justice ministry


Việt Nam needs a legal framework to manage cryptocurrency. — AFP/VNA Photo

HÀ NỘI — Cryptocurrency will not be banned in Việt Nam but it is necessary to develop a legal framework to ensure its on-track development and prevent risks, a representative from the Ministry of Justice said.

Cao Đăng Vinh, deputy director of the Department of Economic and Civil Legislation, said on Friday that there are still different understandings about virtual assets, digital currencies and cryptocurrencies. Countries also have different management approaches.

Cryptocurrencies contain a number of risks which make it easy to take advantage of this type of assets for appropriation or money laundering.

Việt Nam has not had regulations to manage their development, he said, adding that cryptocurrency is not considered a legal asset.

It is necessary for Viêt Nam to develop a legal framework for cryptocurrency to prevent risks and illegal appropriation, he stressed.

When the Ministry of Finance raises specific proposals, the Ministry of Justice will have more detailed opinions.

The Government has asked the State Bank of Việt Nam to study the pilot implementation of cryptocurrencies to prevent money laundering.

Two years ago, the National Assembly asked the Government to develop the legal framework for this new type of asset early.

In February, the Government asked the Ministry of Finance to study and complete the development of the legal framework to regulate cryptocurrency market by May 2025.

Cryptocurrency transactions in Việt Nam are mostly implemented on international platforms or put-through transactions.

Statistics of the Việt Nam Blockchain Association said that the value of cryptocurrencies Việt Nam received totalled nearly US$91 billion by September 2023, of which, illegal transactions were worth around $956 million. — VNS

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