Vietnam to legalize bitcoin

Regulation | December 7, 2016 By:

The Vietnamese government is working toward building and introducing a comprehensive legal framework surrounding virtual currencies like bitcoin.

Vietnamese-language news outlet VnEconomy reported that the government and relevant ministries are working on a proposal for “improving the legal framework to manage and deal with all kinds of virtual property, electronic money, [and] virtual money.”

The proposal also pointed out that bitcoin can be used to launder money, purchase illegal weapons and arms, and enable corruption and bribery.

The justice ministry, along with the central bank, the information ministry and the trade ministry, has been tasked with bringing a regulatory framework to the table by the end of next year.

The regulatory approach will borrow from the efforts taken by other governments and authorities around the world, including the likes of Japan, the United States and the European Union. Japan has notably passed a legislative bill to regulate bitcoin exchange in the country this year. While the United States sees laws differ across states, New York’s BitLicense is a notable example of an existing legal framework in the country.