Ministry sets up team to study virtual assets, money

A bitcoin (Photo: AFP/VNA)

Hanoi (VNA) – 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.

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

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

In the near future, the ministry will continue proposing mechanisms to the Government to oversee activities related to virtual assets and money to ensure the security and safety of the financial market as well as protect legitimate rights and interests of investors and others in the market.

Earlier, the SSC warned investors to stay cautious when investing in virtual assets and money to minimise possible risks. It also asked listed, securities, fund management companies and securities investment funds to stay away from the issuance, trade and mortgage of virtual money against the law.

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