According to Jinshi, a representative of the Vietnamese Ministry of Justice said that although cryptocurrencies are not banned in Vietnam, it is necessary to develop a legal framework to ensure their normal development and prevent risks. Cao Dang Vinh, Deputy Minister of the Ministry of Economy and Civil Legislation of Vietnam, said that Vietnam has no regulations to manage the development of cryptocurrencies, and cryptocurrencies are not considered legal assets. He stressed that it is necessary for Vietnam to develop a legal framework for cryptocurrencies to prevent risks and illegal misappropriation. According to statistics from the Vietnam Blockchain Association, as of September 2023, the total value of cryptocurrencies in Vietnam is nearly US$91 billion, of which illegal transactions are worth about US$956 million.