Legal framework for crypto assets to be finalised next year
The Government has assigned the Ministry of Finance to research and develop a legal framework to ban or regulate crypto assets in May 2025 with an aim to combat money laundering.
Bitcoin is now the most valuable cryptocurrency. (Photo: cafef.vn)
Hanoi (VNS/VNA) - The Government has assigned theMinistry of Finance to research and develop a legal framework to ban orregulate crypto assets in May 2025 with an aim to combat money laundering.
The direction is under the Government Decision 194/QĐ-TTg datedFebruary 23, 2024, which promulgates the national action plan to implement theVietnamese Government's commitments on preventing and combating moneylaundering, terrorist financing, and financing for the proliferation of massdestruction weapons.
Besides the development of the legal framework for crypto assetmanagement, the decision also requires the ministry to enforce the legalframework, including improving understanding for management and supervisoryagencies about the risks of the issue.
This is among 17 action programmes to implement the VietnameseGovernment's commitments on preventing and combatting money laundering,terrorist financing, and financing for the proliferation of mass destructionweapons.
Previously, answering questions at the National Assembly sessionin October 2022, leaders of the State Bank of Vietnam said cryptocurrency andcrypto assets, such as Bitcoin and Ethereum, are not currencies that arelegally issued by central banks of countries, but are created by organisationsand individuals through using algorithms on computer networks.
Cryptocurrency is only recognised as a means of payment in certaincommunities such as the gaming community and technology platforms.
Currently, each country has a different way of managingcryptocurrency. Some countries consider cryptocurrency an asset, likesecurities, to collect taxes and grant licence for transactions.
Previously, the Government also assigned the State Bank of Vietnamto research and pilot cryptocurrency with an aim to prevent money launderingrisks in the banking system.
Vietnam’s management agencies have repeatedly affirmed thatcryptocurrency is not a legal currency or means of payment in Vietnam. The Lawon Prevention of Money Laundering passed at the end of 2022 has not alsolegislated cryptocurrency and crypto assets./.
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Bitcoin is now the most valuable cryptocurrency. (Photo: cafef.vn) 
