Vietnamese Prime Minister Pham Minh Chinh has called for regulation of the cryptocurrency industry.
The Vietnamese Prime Minister brought up the cryptocurrency regulations during a meeting where regulations on money laundering were discussed.
The Prime Minister said that citizens in Vietnam are actively buying and selling cryptocurrencies, but that they are still “not legally recognized” stressed.
In Vietnam, institutions such as the central bank and the Ministry of Justice are putting pressure on the government to complete their digital asset and blockchain policies as soon as possible.
Although cryptocurrency regulations in Vietnam are not yet ready, institutions such as the Vietnam Blockchain Association (VBA) are striving to accelerate these efforts.
VBA officials are collaborating with legislators to create a new tax regime that covers digital assets and treat those assets as property.