View of arbitrators

Vietnam seeks to put cryptocurrency under control

30/08/2017 14:30

HCMC – The Prime Minister has approved the formulation of a legal framework to manage cryptocurrencies and digital assets.

Ministries and relevant agencies are tasked with completing the drafting of laws and regulations over the next three years.

The scheme is aimed at defining and determining the nature of cryptocurrency and digital assets, and determining the relationship between digital and real currencies and assets.

The Ministry of Justice is assigned to review the current laws regarding cryptocurrencies and digital assets, and identify those regulations no longer appropriate. The ministry should also study laws on cryptocurrencies and digital assets of the U.S., the EU and Japan, organize seminars on cryptocurrencies and digital assets, and submit the suggestions to build laws on cryptocurrencies and digital assets to the Prime Minister in August 2018.

The ministry will also have to make a proposal for drafting legal documents on management of cryptocurrencies and digital assets and submit it in December 2018.

The State Bank of Vietnam is responsible for proposing amending the current legal documents on tax for cryptocurrencies and digital assets and issuing new documents. Its suggestions should go before the Government in August 2018. The central bank is also in charge of proposing measures to fight fraud, money laundering, terrorism financing and other crimes related to cryptocurrencies and digital assets and will have to submit them in September 2019.

The Ministry of Finance will propose amending and issuing legal documents on tax on cryptocurrencies and digital assets, and submit suggestions to the Government in June 2019.

The Ministry of Public Security is assigned to propose measures to prevent and deal with administrative violations related to cryptocurrencies and digital assets. The proposed measures should be available for consideration in September 2019.

Experts in information technology, banking and international arbitration have discussed a number of issues related to cryptocurrencies and digital assets. Lawyer Truong Thanh Duc - Arbitrator form Vietnam International Arbitration Center (VIAC) said that Government agencies should define cryptocurrencies and digital assets before compiling relevant legal documents.

According to the plan, the Ministry of Justice will complete the scheme for amending current laws and issuing new laws on cryptocurrencies and digital assets in 2020.

In addition to cryptocurrencies, the central bank said it will issue legal documents on digital currencies. At present, some digital currencies have been accepted as a means of payment, such as digital wallet.

Credits: The Saigon Times


Share Post
  • Concerns about Multiple Sublicenses from National Competition Committee Model 17/05/2018 13:46

    The National Competition Committee should be an independent governmental body rather than a ministerial affiliate, said at a Consultative Workshop on Revised Law on Competition, raising concerns about the birth of multiple sublicenses, monopolistic behaviours and power abuse in the public service. 

  • Forgiving tax debts must be done transparently 06/04/2018 14:08

    Tax losses caused by enterprises that have received contracts to be paid from the State budget, but haven’t yet paid their taxes, are also under consideration for tax clearance. The amount of tax arrears is estimated at over VNĐ542 billion (roughly $24 million).

  • Tough odds for VN market upgrade 19/03/2018 09:43

    Việt Nam’s securities market has a 25 per cent chance of being upgraded to the “emerging market” status from its current “frontier market” level by 2021, according to Võ Trí Thành, senior economist at the Central Institute for Economic Management (CIEM) cum VIAC arbitrator.

  • Mine declines: Good news for sustainability 07/03/2018 10:54

    Statistics from the General Statistics Office of Việt Nam (GSO) showed that the mining industry has posted a record slump since 2011, with the growth rate dropping by 7.1 per cent in 2017 and 4 per cent in 2016. This could be a small disappointment amid lots of bright spots in the country’s wider socio-economic picture last year. But this could also lead to an alarming conclusion – the mining industry will be unable to return to growth, and so the growth pattern must be transformed. 

  • Insurance books should not be used as collateral 06/03/2018 17:09

    Lawmakers, lawyers and leaders from Vietnam Social Security (VSS), a State agency in charge of the country’s social insurance programme, have all advised against the practice of using social insurance books as collateral by banks, credit institutions and small loan businesses at a conference last week on the subject.  

  • Five Vietnamese think tanks have been ranked in the top 100 06/03/2018 17:07

    The five think tanks are Việt Nam’s Institute of World Economics and Politics (30th), the Diplomatic Academy of Việt Nam (40th), the Việt Nam Institute of Economics (42nd), the Việt Nam Institute for Economic and Policy Research (VEPR - 56th), and the Việt Nam’s Institute for American Studies (97th).

  • Gap widens in deposit interest rates 01/03/2018 16:46

    A gap has opened up between deposit interest rates offered by different categories of banks due to differences in their liquidity, cash demand and status. Small- and medium-sized banks have hiked their interest rates.

  • An urgent strategy needed for Vietnamese enterprises to grow 26/02/2018 10:14

    2017 has been described as a successful year for our national economy. In your opinion, what are the key factors that will serve as engines for the country’s economic development in 2018. In 2017, our national economy scored many notable achievements – becoming a pace setter for a promising economy in 2018.