Vietnam Forms Research Group To Study and Propose Crypto Regulation

Vietnam’s Ministry of Finance has decided to form a research group that will focus on studying and proposing policies to regulate cryptocurrency in the country.

According to local news reports, Vietnam’s Ministry of Finance has announced to form a research group that will study virtual assets and cryptocurrencies.

The group will also be responsible for proposing regulations for managing cryptocurrencies in the country. State Securities Commission Deputy Chair Pham Hong Son will lead a nine-member group to study cryptocurrencies.

Other members of the group are from the State Securities Commission, General Department of Taxation, Ministry of Banking and Financial Institutions & State Law Department of Vietnam, Vietnam Customs and National Institute for Finance of Vietnam.

No Crypto Regulation in Vietnam.

As of now, there is no crypto regulation in Vietnam, leaving the industry in a gray area. However, there are no restrictions in the country on trading cryptocurrencies on exchanges as goods or assets.

But the country’s central bank has declared the use of bitcoin and other cryptocurrencies as means of payment illegal. On August 21, the Prime Minister of Vietnam has approved a project focused on finalizing a legal framework for managing virtual assets, cryptocurrencies and electronic currencies.

The Vietnamese ministry has now formed a nine-member group to study and propose policies for managing crypto assets in the country.

Countries Enforce FATF Guidelines To Regulate Crypto

The Financial Action Task Force issues guidelines on crypto regulations worldwide. The thirty-nine countries that are members of the FATF must enforce crypto regulations under these guidelines or face the consequences.

Several countries have enacted crypto regulations based on these guidelines. Singapore, Switzerland, South Korea and several other countries implement crypto regulations based on FATF guidelines for managing the crypto industry.

The Governor of the State Bank of Vietnam on April 13 2018, has issued a Directive on measures to strengthen control over transactions related to cryptocurrencies. Currently, there are no restrictions in Vietnam on trading bitcoin and other crypto assets on the exchange.

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