Vietnam to build legal framework to manage virtual money

Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Justice (MOJ) to establish a legal framework to manage virtual assets and digital currency.

Illustrative photo.

Accordingly, the MOJ is tasked with reviewing the current status of laws concerning virtual assets and digital currency in Vietnam and examining international experience in a number of economies such as the US, the EU and Japan.

The MOJ is also responsible for presiding over the formulation of legal documents on virtual assets and digital currency as well as making suggested changes to current laws concerning this matter.

Meanwhile the State Bank of Vietnam is entrusted with reviewing, researching, and fine-tuning existing legal documents while also issuing new ones on digital currency to submit to the Prime Minister by August 2018.

The Ministry of Finance is tasked with formulating tax regulations regarding virtual assets and virtual money, which must be completed by June 2019.

The Prime Minister also requests the Ministry of Public Security to work out measures needed to prevent and punish fraud, money laundering, terrorism sponsorship and other crimes related to virtual assets and digital money by September 2019.