Vietnam’s prime minister calls for crypto regulation | The Financial Express

Vietnam’s prime minister calls for crypto regulation

As the market and rate of adoption for cryptocurrencies rose, some local authorities campaigned for their adoption.

Vietnam’s prime minister calls for crypto regulation
Le Minh Khai, the deputy prime minister in charge of general economics, asked the Ministry of Finance to examine and revise legislation with the intention of creating a framework for cryptocurrencies.

Vietnam’s prime minister, Pham Minh Chinh, is alleged to have stated that the government of the nation should research crypto legislation due in part to citizens’ continued trading of digital assets despite their illegal status, Cointelegraph noted.

According to Cointelegraph, Chinh reportedly suggested that a bill on anti-money laundering, or AML, should recognise an amendment on virtual currencies given that “people still trade” cryptocurrency in Vietnam, according to a report from online news source VnExpress on October 24. 

According to the prime minister’s remarks, the Vietnamese government may look into regulating cryptocurrencies to address their involvement in financial crimes.

It is necessary to study appropriate sanctions, and assign the government to make detailed regulation,” the prime minister reportedly noted.

As the market and rate of adoption for cryptocurrencies rose, some local authorities campaigned for their adoption. Le Minh Khai, the deputy prime minister in charge of general economics, asked the Ministry of Finance to examine and revise legislation in March with the intention of creating a framework for cryptocurrencies. This came after the prime minister ordered the State Bank of Vietnam to research and carry out a pilot for a digital currency in July 2021.

(With insights from Cointelegraph)

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First published on: 27-10-2022 at 10:12 IST