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
  • Burning question: Uber and Grab’s legal status 04/01/2018 09:45

    Emboldened by the ECJ's decision, Vietnamese lawyers call to re-label Uber and Grab Europe's top court ruled that Uber should be regulated as a transportation company and not a tech firm, forcing it to comply with national regulations that it has previously been able to ignore. The decision came only a day after the company was accused at a London court of becoming a menace to public safety by forcing its drivers to work exhausting hours.

  • Experts warn Vietnamese investors of bitcoin bubble 26/12/2017 08:50

    Investors of bitcoin in particular and cryptocurrencies in general should be aware of the possible risks involved in addition to rapidly increasing profits, experts have warned.

  • Vietnam – Real Estate Sector – Current Issues and Solutions for Investment and Outlook on Major Trade Deals TPP 11 and EUVNFTA 20/12/2017 09:35

    The provisions of the mentioned regulations have brought more investment in the real estate market to Vietnam. They have reduced barriers for investment and widened accessibility to properties in Vietnam.

  • HCM City’s new policies to boost competitiveness 19/12/2017 16:51

    Under the resolution, HCM City will be able to strengthen resources and create new driving forces for development. The special policy devolves power to the city to make decisions on issues that are now made by the Prime Minister, including land administration; investment; finance/budget; delegation of power to lower levels of administration; and salaries of officials, public employees and civil servants. 

  • Policy changes pose obstacles for foreign investors 14/12/2017 14:49

    Although foreign direct investment (FDI) has played an important role in boosting Việt Nam’s economic growth, recent changes in policies and regulations, which are not consistent with international best practices, have exposed many foreign investors to considerable risks and obstacles in executing their investments.

  • Should Foreign Pharma in Vietnam Start Incorporation? 14/12/2017 10:39

    Under previous laws, foreign pharma representative offices (“ROs”) in Vietnam were allowed to employ medical representatives. Presently, Article 76.6(b) of the Law Pharmacy No. 105/2016/QH13 (“2016 Pharma Law”) disallows ROs from employing medical representatives and unless the government reverses the situation, this rule will to stand. 

  • Enterprises have to create barriers protect IPRs by themselves 12/12/2017 14:37

    For the IP registration of businesses, Mr. Tran Manh Hung, IP expert, VIAC arbitrator, and lawyer of Baker & Mckenzie Company in Vietnam, said that registration of procedures to establish the trademark with simple procedures, low cost but have not yet been paid attention by enterprises, especially for start-up businesses. This was the difference between domestic enterprises and foreign enterprises to start investing in Vietnam.

  • APEC Vietnam 2017 30/11/2017 16:58

    “Asia – Pacific economic cooperation (APEC) plays a meaningful role in the Pacific’s joint economic development. APEC, currently having 24 members, represents nearly 40% of the world’s population, 57% of the world’s gross domestic product (GDP) amd 50% of world trade. APEC Vietnam 2017 positively influences Vietnam’s production efficiency, business activities and investors with the level of influences defending on the host Vietnam’s ability. At least up to now, that ability is highly apreciated by APEC and it, when realized, will make the influence more clear.”