News outlet VietnamPlus reported this week that the nation’s Prime Minister, Nguyen Xuan Phuc, has directed the Ministry of Justice to oversee an effort to create a regulatory framework for digital currencies. Justice has been tasked with leading a collaborative effort that will also include the Ministry of Finance, Ministry of Information and Communications, Ministry of Industry and Trade, and the Ministry of Public Security. The nation’s central bank will also participate in the project.
The plan approved by Vietnam’s PM calls on those ministries to examine the existing framework and provide an assessment by August 2018. The assessment will include the government’s proposed regulatory solutions, and could lead to eventual legal recognition of digital currencies like Bitcoin. Many in Vietnam’s crypto community expect legalization to provide new opportunities for Vietnamese innovation in fintech and electronic payments.
The PM’s directive also asks the government to create a workable system for handling taxation of digital currencies. That tax system is supposed to be ready for use by June 2019, though proposals that address penalties for tax violators are not scheduled to be completed until September 2019.