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Vietnam Govt to Introduce Crypto Research Group to Evaluate Policy

Vietnam’s Ministry of Finance has plans of establishing a research group with the aim of studying and devising policy proposals regarding cryptocurrencies and virtual assets.

The group will consist of nine members under the leadership of the vice-chairman of the State Securities Commission, Pham Hong Son. 

Representatives of the General Department of Taxation, the National Institute for Finance, the General Department of Vietnam Customs, and the Department of Banking and Financial Institutions of the State Bank of Vietnam are also among the additional members.

The research group will enlighten Vietnam on the new developments within the newly evolving blockchain sector, allowing the country to respond to regulatory challenges with greater smartness.

In April 2018, Bitcoin was banned as a means of payment in Vietnam. However, individuals and businesses were still allowed to make private investments in cryptocurrency. Later a directive was issued restricting all credit institutions from providing services using digital currencies to protect against the risks of money laundering.

Although there is a lack of legislative framework, local firms have attempted to establish exchanges in Vietnam in the past.

Recently, Binance and Paxful have started operating peer-to-peer trading platforms that are focusing on the Vietnamese market, with Binance incorporating a fiat currency on-ramp for the Vietnamese dong in January.