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🔥🔥🔥Regulations on cryptocurrency in Vietnam officially take effect from July 1, 2024
Completing the legal regulations for electronic money in Decree 52 will contribute to preventing and eliminating illegal means of payment issued by unauthorized organizations.
On May 15, the Government issued Decree No. 52/2024/ND-CP (Decree 52) regulating non-cash payments (effective from July 1), replacing Decree No. 101 of 2012 (amended and supplemented).
Decree 52 is an important legal document in the field of non-cash payment, having a wide impact on many related fields, subjects, organizations and individuals; contributing to creating a basic, solid legal framework for non-cash payments, promoting non-cash payments, facilitating digital transformation of the banking industry and developing products and services New, convenient, safe payment at reasonable costs.
A number of major policy contents have been institutionalized through specific regulations in Decree No. 52/2024/ND-CP.
Specifically, the Decree has added a number of regulations on cryptocurrency; which defines and clarifies the nature of cryptocurrency; Specify the forms of electronic money used in payment activities including e-wallets and prepaid cards;
Electronic money providers include: banks, foreign bank branches (providing e-wallet and prepaid card services) and payment intermediary service providers (providing e-wallet services). linked to the customer's payment account opened at the bank).
Completing the legal regulations for electronic money in Decree 52 will contribute to preventing and eliminating illegal means of payment issued by unauthorized organizations, and supporting competent authorities in preventing and fighting against illegal acts in the field of cryptocurrency
(According to the Project to complete the legal framework for management and handling of virtual assets, cryptocurrencies, and virtual currencies approved by the Prime Minister with Decision No. 1255/QD-TTg dated September 21, August 2017).
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