#VietnamCryptoPolicy Vietnam is currently developing a legal framework for cryptocurrency and digital assets, with the Ministry of Finance and the State Bank of Vietnam tasked with proposing a comprehensive framework by March 2025. The framework aims to address the lack of formal legal definitions and oversight, which has led to risks for users and hindered domestic development of the sector. The proposed law is expected to define digital assets, including virtual assets and crypto assets, and establish regulations for their management and service provision.
Here's a more detailed breakdown:
Key Developments:
• Government Urgency:
The Vietnamese government, including the Prime Minister, is pushing for faster progress on crypto regulation to address the growing digital asset space.
• Drafting Process:
The Ministry of Finance and the State Bank of Vietnam are working on the legal framework.
• Framework Goals:
The framework aims to:
• Provide clarity: Establish clear definitions for digital assets and regulations for their use.
• Protect users: Ensure consumer protection, dispute resolution mechanisms, and address illicit financial activities related to crypto.
• Foster innovation: Create an environment where digital assets can be used and developed responsibly.
• Two Categories of Digital Assets:
The draft law is expected to differentiate between virtual assets and crypto assets.
• Virtual assets: Non-financial digital tools used for exchange or investment, excluding securities and digital versions of fiat currency.
• Crypto assets: Encrypted digital units using blockchain technology, excluding financial instruments covered by civil or banking laws.
