Vietnam Devises A New Legal Framework That Includes Digital Assets

Vietnam has re-enacted its desire to explore the digital asset space and has already started researching crypto-friendly legislation. The local news outlet, VietnamNet, reports that the nation’s deputy prime minister (DPM) has instructed three ministries to hasten their research about digital assets and develop a legal infrastructure for managing blockchain technology and digital assets.

The three ministries that have been tasked with the responsibility of researching the appropriate crypto policies are the state bank and the ministry of finance in collaboration with the ministry of justice, information & communication.

The Ministries Involved In The Research

Various local news outlets confirm that the DPM Li Minh Khai, has instructed the ministries (mentioned above) that they must ensure that their research about regulating Vietnam’s crypto space is well-detailed and suits the country’s current financial policies. The DPM also assigned the ministry of finance to consider necessary legal documents that need to be amended to finalize all legal frameworks to manage digital assets in the country.

Even though this legal framework is still at an initial stage, it would be revised based on the content of the Decision 1255 outline which was announced four years ago. The Decision 1255 policy is a broad definition of the legal framework for managing digital assets and blockchain technology.

This new research project on digital assets is aimed at having a better understanding and an accurate comprehension of the digital assets space, including NFTs and DeFi, and based on international standards but without compromising the nation’s financial rules.

Government Showing More Interest In The Crypto Space

The project is also expected to define the tasks and roles of players in the crypto space, including all risks involved. Even though Vietnamese authorities have previously proposed some policies to enhance crypto trading in the country, these proposed policies weren’t passed into law. Recent data by on-chain tracking firm, Santiment, shows that there has been a huge increase of interest in crypto trading among Vietnamese in the last 12 months.

The data further stated that about 6 million Vietnamese residents own digital assets or show interest in exploring the crypto space. Thus, making Vietnam rank among the top 10 nations with the highest percentage of crypto holders. The nation’s authorities continue to improve their knowledge of the crypto space even though it has a fair understanding of how the crypto space works. Last July, PM Pham Minh Chinh, ordered the nation’s central bank to research implementing blockchain technology in the country.

Vietnam’s Crypto Space

This step proves that Vietnamese authorities are making efforts to position the country as one of the leading lights in the inclusion of blockchain technology and crypto into the economy. The positive stance of Vietnamese authorities towards the crypto space might explain the rising number of mining rig sales experienced since last September.

It might also explain the astronomical rise in the number of new blockchain firms in the nation. While there are many blockchain gaming startups whose origin can be traced to Vietnam, Axie Infinity remains the most popular.

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