Vietnam Exploring Framework for Crypto Legalization

Investing, News, Regulation | August 25, 2017 By:

Vietnam Prime Minister Nguyen Xuan Phuc has asked the country’s central bank, its Ministry of Finance, and its Ministry of Public Safety to draw up a legal framework for cryptocurrencies.

Regional news service VNA  said the agencies have one year to complete their assessments. After that, the government is expected to create the legal framework for recognition of cryptocurrencies by the end of 2018. Then the remaining issue is taxation, with a system to monitor cryptocurrencies for that purpose expected to be developed by June, 2019.

Vietnam joins others in the Asia Pacific region in aggressively moving forward on integrating cryptocurrencies into their formal economy. The decision also marks a maturing attitude on the Vietnamese government’s part. It once warned consumers on the dangers of bitcoin back in 2014.