Vietnam prepares legal framework for virtual assets, virtual currency
Deputy PM Le Minh Khai has released an instruction for the Ministries of Finance, Justice, Information & Communications and the State Bank of Vietnam on the building of a legal framework on virtual assets and virtual currency.
In a notice sent to the agencies dated March 23, Deputy Prime Minister Le Minh Khai assigned the Ministry of Finance to assume the prime responsibility to identify specific legal documents that need to be amended, supplemented and promulgated in association with the related bodies and the specific time of implementation. This is being done to complete the legal framework for the management of virtual assets, virtual currencies, digital assets and cryptocurrencies in accordance with Decision 1255.
Previously, on August 21, 2017, the Prime Minister issued Decision 1255 approving the project to complete the legal framework for the management and handling of virtual assets, cryptocurrencies and virtual currencies.
The project aims to research, and fully and accurately identify: the nature of virtual assets, electronic money and virtual money according to foreign experience and Vietnamese practice; the relationship with real assets, real money; and the role of virtual assets, electronic money, virtual money and the impact of virtual assets, electronic money, virtual money on the law.
The project also aims to propose specific tasks, jobs and orientations to develop and perfect the law on virtual assets, electronic money, and virtual money to control related risks but not affect the development of IT and e-commerce; and assign responsibilities and an implementation roadmap to relevant ministries and agencies to handle related issues.
In addition, in the Strategy for Development of E-Government towards Digital Government in the period of 2021 - 2025, with a vision to 2030, approved on June 15, 2021, the Prime Minister assigned the State Bank of Vietnam to lead the research, creation and pilot use of virtual money based on blockchain technology in 2021 - 2023.
In 2021, financial news site Finder released a survey on the ownership and interest in NFTs of people around the world, including Vietnam. Vietnam is in a group with the highest ownership rate of NFTs among the surveyed economies.
The Covid-19 pandemic has attracted capital from Vietnamese investors in cryptocurrencies. About 6 million Vietnamese own digital assets.