The deputy prime minister of Vietnam, Le Minh Khai, has sent a notification to the finance ministry. Requesting that they investigate and alter laws in order to provide a legal foundation for the digital asset market.
The Deputy Prime Minister has authorised the Ministry of Finance to take the lead in building the legal framework for the crypto market, according to a notice dated March 23. Identifying specific legal papers that need to be altered or supplemented is included in the reported list of instructions.
According to Vietnam Net, the Finance Ministry will collaborate with the Ministries of Justice, Information and Communications. As well as the State Bank of Vietnam to create a regulatory framework for the digital asset market.
The three ministries, as well as the central bank, will investigate the legal elements of digital assets and their economic implications.
The new legal framework for the digital asset market will be constructed in accordance with the Prime Minister’s August 2017 “Decision 1255”. This year has come to an end. The initiative to create a legal framework for “virtual assets, digital currencies, and virtual currencies” gained approval by Decision 1255.
Vietnam has had a tense crypto relationship
Over the last few years, Vietnam has had a tense crypto relationship. In 2014, the South East Asian nation outlawed Bitcoin transactions. But in 2017, Prime Minister Nguyen Xuan Phuc reversed his decision and allowed Bitcoin as a means of payment. BTC, on the other hand, was once again banned as a form of payment in 2018.
In 2020, the Vietnamese government established a crypto research group. Which entrusted with analysing various changes in the virtual asset market and making legal policy recommendations.
Despite the lack of a legal framework for the cryptocurrency market in Vietnam, the country boasts the largest percentage of cryptocurrency holders in the world. According to Finder’s crypto ownership survey, Vietnam ranks first in the globe. With 41% of the population claiming to own cryptocurrency.
The government’s request for the construction of a legal framework around the nascent market likely inspired by the significant crypto-holding populace in Vietnam. As well as the growing popularity and adoption of cryptocurrencies in the Asian market.