Vietnam Prime Minister, Chinh To Regulate Crypto Operations

• Vietnam Prime Minister calls for new regulation to monitor crypto operations.
• “When I have not recognized it [crypto], but in fact, people still trade,” states the PM.
• Blockchain Association negotiates with National Assembly for virtual asset tax.

On October 24, the Prime Minister of Vietnam, Pham Minh Chinh, called for new regulations to monitor the crypto space at a government discussion. Chinh took the decision to regulate virtual currency, citing the increase in transactions happening despite virtual currencies not being recognized in Vietnam.

A Twitter user shared the following post to inform the community about the government’s new regulations.

However, citing the large number of transactions happening in virtual currency in the absence of recognition of virtual currency by law, Chinh stated: “I am also very impatient about this place when I have not recognized it, but in fact, people still trade.”

Moreover, considering the rapidly changing reality, the Prime Minister stated:

It is necessary to study appropriate sanctions, and should assign the Government to make detailed regulations.

Meanwhile, lawmakers have been heaping up a lot of pressure on the Prime Minister, Minister of Justice, and the governor of the State Bank of Vietnam, the country’s Central Bank, to reveal their stance on virtual currency and blockchain technology.

In particular, Duong Van Phuoc, a delegate in the country’s National Assembly, advocated for virtual assets to be included in a draft law as there were large-scale gambling and money-laundering rings using them.

Subsequently, Huy Nguyen, vice president of the Vietnam Blockchain Association, said that they are working with the National Assembly to propose a virtual asset tax. Moreover, he stated that this will be the initial step toward recognizing virtual assets as property.

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