The truth is that Vietnam's Ministry of Justice affirms that "it does not ban digital currencies and virtual assets"
Virtual currencies and virtual assets are not banned in Vietnam, but it is necessary to build a legal framework to manage and prevent risks, according to a representative of the Ministry of Justice.
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Xem Ngay: SIÊU SỰ KIỆN QUỸ THƯỞNG 12 BTCOn the afternoon of April 12, a representative of the Ministry of Justice - Deputy Department of Civil Law (Ministry of Justice) said that in the world there are still many different concepts about virtual assets, digital currencies, and cryptocurrencies. Countries have different approaches. For example, the US does not issue a separate legal framework for virtual currencies and virtual assets, but uses specialized laws to regulate them.
He assessed that virtual assets and virtual currencies "have many potential risks and can easily be exploited and appropriated", but Vietnam does not have specific regulations and does not consider cryptocurrency as a type of asset.
Therefore, in the coming time, he believes that it is necessary to build a legal framework to manage virtual assets and virtual money. "There needs to be regulations prohibiting risky behaviors or taking advantage of virtual currency and virtual assets," he said, adding that when the Ministry of Finance makes specific proposals, the Ministry of Justice will take charge. point more clearly.
Digital currencies such as Bitcoin, Ethereum... are considered popular virtual assets. However, Vietnam does not have a specific definition of virtual currency and virtual assets. The new regulations now mention the concept of cryptocurrencies anchored to fiat money, existing in the form of bank prepaid cards and e-wallets.
The Government has repeatedly assigned the State Bank to research and pilot virtual currency to prevent money laundering risks.
However, the current practice of buying, selling, and exchanging virtual assets in Vietnam is done through international exchanges or direct agreements, posing potential risks of money laundering. Therefore, two years ago, the National Assembly proposed that the Government soon have a legal corridor on this new type of asset.
In February 2024, the Government assigned the Ministry of Finance to research and develop a legal framework to ban or regulate virtual assets and organizations providing these asset services, completed in May 2025. This is to limit the risks of money laundering and terrorist financing related to this type of asset.
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