Completing the legal framework to manage virtual assets and cryptocurrencies

03/23/2022 18:42 GMT+7

The direction of Deputy Prime Minister Le Minh Khai for the development of a legal framework for virtual assets and virtual currency was given on the basis of reviewing the report dated February 28 of the Ministry of Finance.

Specifically, in a notice sent to the 3 ministries of Finance, Justice, Information & Communications and the State Bank of Vietnam on March 23, the Government Office said that Deputy Prime Minister Le Minh Khai assigned the Ministry of Finance to assume the prime responsibility for working. discuss and reach agreement with the Ministry of Justice, the State Bank of Vietnam and relevant agencies to identify specific legal documents that need to be amended, supplemented and promulgated in association with the lead agency and specific implementation time in order to complete the legal framework for the management and handling of virtual assets, virtual currencies, digital assets, and cryptocurrencies according to the tasks set out in Decision 1255 dated 21/21/ August 2017 of the Prime Minister, the directives of the Government Leaders and relevant documents.

Currently, the state has not yet recognized any virtual currency as a payment unit in Vietnam (Artwork: vneconomy.vn).

Deputy Prime Minister Le Minh Khai also requested the ministries and agencies: Finance, Justice, Information & Communications, the State Bank of Vietnam and relevant agencies to actively research and strengthen coordination, exchange and unification. opinions in the process of performing assigned tasks on perfecting the legal framework for the management and handling of virtual assets, virtual currencies, cryptographic assets, and cryptocurrencies.

Previously, on August 21, 2017, the Prime Minister issued Decision 1255 approving the project to complete the legal framework for the management and handling of virtual assets, cryptocurrencies, and virtual currencies. . The project aims to research, fully and accurately identify the nature of virtual assets, electronic money, virtual money according to foreign experience and Vietnamese practice; relationship with real assets, real money; the role of virtual assets, electronic money, virtual money and the impact of virtual assets, electronic money, virtual money on the law.

The project also aims to review and assess the current status of the legal framework on virtual assets, electronic money, and virtual currency in Vietnam; foreign regulatory experience and influence on the relevant legal system of Vietnam to identify and determine the attitude of state agencies towards related legal issues.

At the same time, propose specific tasks, jobs and orientations to develop and perfect the law on virtual assets, electronic money, virtual money to ensure corresponding risks related to control. . Assign responsibilities and implementation roadmap to relevant ministries and branches to handle related issues raised.

In addition, regarding the issue of virtual currency, in the Strategy for Development of E-Government towards Digital Government in the period of 2021 – 2025, with a vision to 2030, approved on June 15, 2021, the Prime Minister assigned the State Bank to lead the research, construction and pilot use of virtual money based on blockchain technology (blockchain), with the implementation time being 2021 – 2023.

Van Anh