According to local news reports, Vietnam’s Ministry of Finance has announced to set up a research group that would study virtual assets and cryptocurrencies. The group would also be responsible for proposing regulations to manage cryptocurrencies in the country. The Vice-Chairman of the State Securities Commission Pham Hong Son will lead the nine-member group to study cryptocurrencies. The other members of the group are from the State Securities Commission, General Department of Taxation, State Bank of Vietnam’s Department of Banking and Financial Institutions & Legal Department, Vietnam Customs and National Institute for Vietnam Finance.
No crypto regulations in Vietnam.
As of now, there are no crypto regulations in Vietnam, leaving the industry in a grey area. However, there is no restriction in the country on trading cryptocurrencies on exchanges as goods or assets. But the central bank of the country has declared the use of bitcoin and other cryptocurrencies as a means of payment illegal. On August 21, the Prime Minister of Vietnam had approved a project that focused on completing the legal framework for managing virtual assets, cryptocurrencies, and electronic currencies. The Ministry of Vietnam has now set up a nine-member group to study and propose policies to manage crypto assets in the country.
Countries continue to enforce FATF guidelines to regulate crypto.
The Financial Action Task Force issued guidelines concerning crypto regulations around the world. Thirty-nine countries that are members of FATF have to enforce crypto regulations based on those guidelines or face the consequences. Several countries have already enforced crypto regulations based on those guidelines. Singapore, Switzerland, South Korea, and several other countries implemented crypto regulations based on the FATF guidelines to manage the crypto industry.
The Governor of the State Bank of Vietnam on April 13, 2018, had issued Directive about measures to strengthen control over transactions related to cryptocurrencies. Currently, there is no restriction in Vietnam over trading bitcoin and other crypto assets on exchanges.
