Le Minh Khai, Vietnam’s deputy prime minister, has instructed relevant agencies in the country to build a legal framework on virtual assets and virtual currency, reported VietnamNet Global.
The deputy prime minister has tasked the ministries of finance, justice, information and communications, and the nation’s central bank with working on a blueprint for implementing the legal framework.
The framework will be created according to the details laid out in Decision 1255, issued by the Vietnamese prime minister in August 2017, approving a plan to develop a legal framework for the management of “virtual assets, digital currencies, and virtual currencies.”
The new framework comes three years after Vietnamese regulators did not reach an agreement on how to regulate cryptocurrencies in 2018.
Crypto ownership in Vietnam has grown significantly over the past few years, with over 5.9 million people, or 6.1% of the country’s total population owning a digital asset.
See also: Explaining Vietnam’s crypto boom
Editing by Samreen Ahmad and Arpit Nayak
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