The Prime Minister of This Critical Country Calls for Regulating Cryptocurrencies!

Vietnamese Prime Minister Pham Minh Chinh at a negotiation group cryptocurrency called for new rules to regulate the industry.

Vietnam Parliament Seeks Clarity on Regulating Cryptocurrencies

Chinh said that “he has lost patience due to the lack of recognition of virtual assets, but people continue to trade them.” Changes to the country’s anti-money laundering law were being discussed, local VnExpress reported.

Lawmakers are pressing the prime minister as well as the head of the State Bank of Vietnam, the country’s central bank, and the minister of justice to clarify their stance on virtual assets and blockchain technology.

Last month, Duong Van Phuoc, a delegate in the country’s National Assembly, advocated for the inclusion of virtual assets in a draft law, pointing out that large-scale gambling and money laundering networks use them.

Huy Nguyen, vice president of the Vietnam Blockchain Association (VBA), said that virtual assets currently operate in a regulatoryly obscure region in Vietnam and there are many policy proposals in the works.

Nguyen said the VBA is working with the National Assembly to propose a virtual wealth tax as a first step towards recognizing virtual assets as property. When that happens, “corporate money will flow in,” he said.

Last year, the Vietnamese government instructed the State Bank of Vietnam to launch a cryptocurrency pilot program. It also selected Blockchain as one of the technologies on its research and development priority list for its fourth Industrial Revolution national strategy.

Blockchain and bitcoin The country is the world leader in popular crypto adoption, according to analytics firm Chainalysis’s 2022 Global Crypto Adoption Index. 69 percent of Vietnam’s population is unbanked and 73.5% of adults use smartphones.

*Not investment advice.