Vietnamese Prime Minister Calls For Regulation On Crypto Assets

Vietnam currently has not officially recognized cryptocurrencies, but cryptocurrency trading is becoming more and more popular with people in the country, so Prime Minister Pham Minh Chinh believes that a legal adjustment is needed.

According to Vietnamese media vnexpress, giving opinions on the draft Law on Anti-Money Laundering (amended) at the discussion session on October 24, Prime Minister Pham Minh Chinh said, when discussing at the Governmen, there are two types of opinions regarding regulation of transactions in virtual currency and anti-money laundering through this currency.

The Vietnamese government largely does not recognize cryptocurrencies as a method of payment in the country, however some reports suggest that Vietnam ranks first among all countries in terms of cryptocurrency adoption in both 2022 and 2021. Cryptocurrency awareness and transactions in this country are consistently high.

Mr. Chinh hinted that an Anti-Money Laundering, or AML bill, should recognize an amendment to virtual currencies on the grounds that “in fact, people still trade” cryptocurrencies in Vietnam. The Prime Minister’s comments suggest that the government may consider cryptocurrency regulation to address its role in financial crime.

The National Assembly will discuss the anti-money laundering bill on November 1 and may decide whether to pass it at the end of its session on November 15.

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