Vietnam to Develop a Crypto Regulatory Framework
In the spring of 2023, the Vietnamese government announced the implementation of a program aimed at gradually legalizing virtual currencies.
The program was spearheaded by the Central Bank, Ministry of Finance, Ministry of Justice, and Ministry of Information and Communications. The country is expected to establish a regulatory framework by 2025.
According to a spokesman for the Ministry of Justice, Cao Dang Vinh, this legislation will enable Vietnam to utilize cryptocurrencies more extensively.
Although the authorities do not intend to prohibit the use of virtual currencies, they do plan to implement measures for monitoring the flow of Bitcoin and other digital assets.
With investments in virtual assets surpassing $9 billion last year, as reported by the Blockchain Association of Vietnam, many investors currently opt to trade cryptocurrencies on foreign exchanges and platforms due to the lack of regulations in their own country.
