A research group under the Ministry of Finance will be set up to study and propose policies to manage virtual assets and crypto currencies. (File photo) Hanoi (VNS/VNA) - The Ministryof Finance has decided to set up a research group which would be in charge ofstudying and proposing policies to manage virtual assets and crypto currencies.
The group had nine members, lead by Vice Chairmanof the State Securities Commission Pham Hong Son. Other members are from theState Securities Commission, General Department of Taxation, State Bank of Vietnam'sDepartment of Banking and Financial Institutions and Legal Department, VietnamCustoms and National Institute for Vietnam Finance.
Policies to effectively manage virtual assetswere crucial in the context that virtual assets were developing rapidly butposing risks and might cause negative impacts on the market.
On August 21, 2017, the Prime Minister issuedDecision No 1255/QD-TTg to approve the project about completing the legalframework for managing virtual assets, crypto currencies and electroniccurrencies.
On April 11, 2018, Directive No 10/CT-TT wasissued with the aim to enhance management on transactions related to Bitcoinand other crypto currencies to put it under control and minimise their negativeimpacts.
Governor of the State Bank of Vietnam onApril 13, 2018 issued Directive No 02/CT-NHNN about measures to strengthencontrol over transactions related to crypto currencies in which creditinstitutions were asked not to supply some types of transactions related tovirtual currencies to ensure compliance with established regulations aboutanti-money laundering and forex management.
According to crypto currency market researchcompany CrytoCompare, at the end of November 2017, about 80 percent ofBitcoin transactions were found to originate from Asia, mainly from China,Japan, the Republic of Korea and Vietnam. Access from Vietnam to crypto currencywebsites and trading platforms were in the top five highest in the world, besidethe US, Russia and Japan./.
VNA
