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Ministry sets up team to study virtual assets, money

The Finance Ministry on March 30 announced that it has set up a team to study virtual assets and money to design management policies and mechanisms according to its tasks and functions in the field.
Ministry sets up team to study virtual assets, money ảnh 1A bitcoin (Photo: AFP/VNA)

Hanoi (VNA) – The Finance Ministry onMarch 30 announced that it has set up a team to study virtual assets and moneyto design management policies and mechanisms according to its tasks andfunctions in the field.

The ministry said Vietnam has yet any legalregulations on the issuance, trade and exchange of virtual money and assets.Therefore, the trade of cryptocurrencies by several individuals in Vietnam oninternational trade floors such as Binance and Coinbase or via directtransactions poses many risks.

At present, the ministry’s State Securities Commission (SSC) isembarking on the ministry-level study on building legal framework on themanagement of crypto assets on Vietnam’s securities market.

In the near future, the ministry will continueproposing mechanisms to the Government to oversee activities related to virtualassets and money to ensure the security and safety of the financial market aswell as protect legitimate rights and interests of investors and others in themarket.

Earlier, the SSC warned investors to stay cautiouswhen investing in virtual assets and money to minimise possible risks. It alsoasked listed, securities, fund management companies and securities investmentfunds to stay away from the issuance, trade and mortgage of virtual moneyagainst the law.

The establishment of the team is in line with thePrime Minister’s Decision No.1255/QD-TTg approving a project on perfectinglegal framework on the management of virtual and electronic money and theGovernment Office’s Dispatch No.11633/VPCP-KTTH on comprehensive review of legal regulations related to virtual assets and money./.

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