Vietnamese government official clarifies that cryptocurrencies are not banned in the country but emphasises the urgent need for a legal framework to regulate their use.
The Finance Ministry has been directed to draft a regulatory framework governing crypto assets, with a completion deadline set for May 2025.
Cao Dang Dinh, the deputy head of Vietnam’s Ministry of Justice’s Civil Law Department, underscores the necessity of establishing regulations promptly, especially considering the high ownership of cryptocurrencies among Vietnamese residents.
Vietnam has instructed its central bank to explore measures to prevent cryptocurrencies from being used for money laundering, while the Finance Ministry is tasked with developing a comprehensive framework to manage crypto assets.
The Finance Ministry has been actively studying crypto assets and proposing legislative reforms since 2021, aiming to provide regulatory tools for supervisory bodies and address potential risks associated with cryptocurrencies.