On 21st August, Vietnam Prime Minister has signed the Plan to fully legalize digital assets and cryptocurrencies.
According to the Plan, the Ministry of Justice and the State Bank of Vietnam are in charge of reviewing the current legal status of digital assets and cryptocurrencies; considering the US, EU and Japan approach in order to apply to Vietnam situation with appropriate regulation and conviction before August 2018.
The Ministry of Finance takes responsibility to build taxation regulation before June 2019. And the Ministry of Public Security is ordered to make plan to prevent, investigate and prosecute criminal offenses in digital assets and cryptocurrencies, especially money laundering and terrorist support before September 2019.
The news has been greeted with much joy among cryptocurrency enthusiasts in Vietnam. People believe that, with the Plan, the Government finally admits that cryptocurrencies and digital assets are not outlaw.
They feel more confident in using cryptocurrencies because they are protected by the state eventually. Businesses operating in the cryptocurrency field also welcome the Plan.
Mr. Phil Trinh from Bitcoin Vietnam commented:
“We are excited hearing the news. We have been looking forward to the legalization of cryptocurrencies in Vietnam for so long. It’s always better to do business in a field that is fully regulated and protected by government. We are also aware of the difficulties that the Government is facing in this completely new area.
How the law can encourage the Vietnamese Fintech start-ups and at the same time can ensure the public security as well as the country’s financial stability is what the lawmaker has to work out. Bitcoin Vietnam are willing to share our expertise and experience with the Government to help the plan become realized faster.”