HCMC – The Prime Minister has approved the formulation of a legal framework to manage cryptocurrencies and digital assets.

Ministries and relevant agencies are tasked with completing the drafting of laws and regulations over the next three years.

The scheme is aimed at defining and determining the nature of cryptocurrency and digital assets, and determining the relationship between digital and real currencies and assets.

The Ministry of Justice is assigned to review the current laws regarding cryptocurrencies and digital assets, and identify those regulations no longer appropriate. The ministry should also study laws on cryptocurrencies and digital assets of the U.S., the EU and Japan, organize seminars on cryptocurrencies and digital assets, and submit the suggestions to build laws on cryptocurrencies and digital assets to the Prime Minister in August 2018.

The ministry will also have to make a proposal for drafting legal documents on management of cryptocurrencies and digital assets and submit it in December 2018.

The State Bank of Vietnam is responsible for proposing amending the current legal documents on tax for cryptocurrencies and digital assets and issuing new documents. Its suggestions should go before the Government in August 2018. The central bank is also in charge of proposing measures to fight fraud, money laundering, terrorism financing and other crimes related to cryptocurrencies and digital assets and will have to submit them in September 2019.

The Ministry of Finance will propose amending and issuing legal documents on tax on cryptocurrencies and digital assets, and submit suggestions to the Government in June 2019.

The Ministry of Public Security is assigned to propose measures to prevent and deal with administrative violations related to cryptocurrencies and digital assets. The proposed measures should be available for consideration in September 2019.

Experts in information technology, banking and international arbitration have discussed a number of issues related to cryptocurrencies and digital assets. Lawyer Truong Thanh Duc - Arbitrator form Vietnam International Arbitration Center (VIAC) said that Government agencies should define cryptocurrencies and digital assets before compiling relevant legal documents.

According to the plan, the Ministry of Justice will complete the scheme for amending current laws and issuing new laws on cryptocurrencies and digital assets in 2020.

In addition to cryptocurrencies, the central bank said it will issue legal documents on digital currencies. At present, some digital currencies have been accepted as a means of payment, such as digital wallet.

Credits: The Saigon Times