Vietnamese authorities are still considering their approach to regulating the cryptocurrency space. The Ministry of Justice has put forward several alternative solutions and the Ministry of Industry and Trade has expressed its opposition to the ban on imports of mining equipment.
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Justice Ministry Reports on Regulatory Approaches
Vietnam’s Ministry of Justice has submitted а report to the government in Hanoi that contains a review of the current legislation and an assessment of cryptocurrency-related business activities in the country. The authors of the document have also made a number of proposals about changes they consider necessary.
The ministry explores three alternative policies applied in different parts of the world. The first approach, referred to as “floating,” involves the implementation of a relatively lax regulatory regime. The second called “prohibiting” is pretty much self-explanatory. And the third option is to legalize digital asset transactions under certain conditions.
The ministry has surveyed the development of cryptocurrencies in Vietnam and abroad. The pros and cons of the examined trends have been analyzed, pointed out Nguyen Thanh Tu, director of the Department of Civil and Economic Laws. The conducted analysis will form the basis for further considerations by the Vietnamese government, Tu said, as quoted by Vietnamnet.
Relevant ministries and departments will build an appropriate legal framework to govern digital assets and currencies after the executive power chooses the trend it wants to follow, the official added. He believes Hanoi should balance the risks and the potential associated with cryptocurrencies to ensure that investors benefit from them and to support the development of crypto technology in general.
Vietnam Still Undecided About Cryptocurrencies
Vietnamese authorities have not taken a final decision on cryptocurrencies yet. The
