Vietnam needs to complete the legal framework for virtual asset management

According to the Survey Report in 60 countries with 4 standards including: Taxation, anti-money laundering/anti-terrorist financing, user protection and virtual asset service provider standards of the Atlantic Council. As of December 2023, 32/60 countries have officially legalized crypto assets. In particular, 10 countries in the G20 group (including the world’s 19 largest economies and the European Union – EU) have officially issued regulations on virtual asset management and asset service providers. Currently about 20% of the Vietnamese population owns crypto assets. These are types of assets that are encrypted using blockchain technology, and can then be traded by virtual asset investors using cryptocurrencies, mainly Bitcoin.

At the forum, the Vietnam Blockchain Association wishes to collect comments from the community and businesses and have direct dialogue with state management agencies to contribute to building a complete legal framework for asset management. virtual assets and virtual asset service providers before May 2025.

Advise people not to freely buy and sell foreign currency

The State Bank (SBV) Ho Chi Minh City Branch recommends that people only buy and sell foreign currency at licensed credit institutions and organizations; Do not buy and sell foreign currency freely, contrary to legal regulations and potentially risky.

Recently, the need to exchange foreign currencies and buy and sell foreign currencies from international visitors, tourists and residents has increased. However, many places exchange foreign currency against the law and sell foreign currency in cash to individuals. The purchase, sale, and transfer of foreign currency in cash by individuals must comply with foreign exchange management regulations and the provisions of law. Violations will be handled according to the provisions of Decree No. 88/2019/ND-CP of the Government stipulating sanctions for administrative violations in the field of currency and banking.