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| Việt Nam wants a authorized framework to handle cryptocurrency. — AFP/VNA Picture |
HÀ NỘI — Cryptocurrency is not going to be banned in Việt Nam however it’s essential to develop a authorized framework to make sure its on-track improvement and stop dangers, a consultant from the Ministry of Justice mentioned.
Cao Đăng Vinh, deputy director of the Division of Financial and Civil Laws, mentioned on Friday that there are nonetheless completely different understandings about digital property, digital currencies and cryptocurrencies. International locations even have completely different administration approaches.
Cryptocurrencies include a lot of dangers which make it straightforward to benefit from one of these property for appropriation or cash laundering.
Việt Nam has not had rules to handle their improvement, he mentioned, including that cryptocurrency isn’t thought-about a authorized asset.
It’s essential for Viêt Nam to develop a authorized framework for cryptocurrency to stop dangers and unlawful appropriation, he pressured.
When the Ministry of Finance raises particular proposals, the Ministry of Justice could have extra detailed opinions.
The Authorities has requested the State Financial institution of Việt Nam to review the pilot implementation of cryptocurrencies to stop cash laundering.
Two years in the past, the Nationwide Meeting requested the Authorities to develop the authorized framework for this new sort of asset early.
In February, the Authorities requested the Ministry of Finance to review and full the event of the authorized framework to control cryptocurrency market by Might 2025.
Cryptocurrency transactions in Việt Nam are largely carried out on worldwide platforms or put-through transactions.
Statistics of the Việt Nam Blockchain Affiliation mentioned that the worth of cryptocurrencies Việt Nam acquired totalled practically US$91 billion by September 2023, of which, unlawful transactions had been price round $956 million. — VNS
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