Vietnam Prime Minister Calls for New Crypto Regulations

Vietnam Prime Minister Calls for New Crypto Regulations

Vietnam's Prime Minister, Pham Minh Chinh, has urged the government to establish new regulations to oversee the cryptocurrency space. This move comes amid a surge in crypto transactions, despite virtual currencies not being legally recognized in the country.

Legal Status and Rising Transactions

Chinh emphasized the need for appropriate sanctions and detailed regulations to address the growing use of virtual currencies. He acknowledged the impatience surrounding the lack of legal recognition but noted that crypto trading continues to thrive regardless.

Blockchain Association Proposes Virtual Asset Tax

The Vietnam Blockchain Association is collaborating with the National Assembly to propose a tax on virtual assets. This initiative aims to be the first step toward formal recognition of virtual assets in the country.

Regulatory Pressure and Advocacy

Lawmakers are pressing government officials to clarify their stance on virtual currency and blockchain technology. A National Assembly delegate has advocated for including virtual assets in legislation to combat illegal activities like gambling and money laundering.

The push for regulation reflects Vietnam's efforts to balance innovation with legal frameworks in the rapidly evolving crypto landscape.