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Vietnam creates a research group for handling crypto policies

By:
on May 12, 2020
Updated: Jun 1, 2022
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  • Vietnam will form a research group to oversee cryptos and create policies for the sector.
  • The country is ready to give another chance to crypto, after banning them in 2018.
  • The group will have nine members from a number of entities from the regulatory and banking sectors.

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The crypto industry’s advancement continues to move throughout the world, with one of the latest developments coming from Vietnam. The new move definitely confirms the popularity of cryptos in Asian countries. Some, like Japan and South Korea, have been into crypto for years.

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However, even those who originally stood against digital coins, like India, China, and Vietnam itself, are starting to change their approach.

A new research group for crypto to form in Vietnam

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Vietnam’s Ministry of Finance recently agreed to establish a crypto-oriented research group. The group’s task will be to study digital currencies, and come up with proposals of adequate policies.

The group will have nine members, according to the Monday announcement. Meanwhile, its leader would be the State Securities Commission’s vice chairman, Pham Hong Son.

Other members will come from several different entities. That includes the General Department of Taxation, the Department of Banking and Financial institutions of the State Bank of Vietnam, the National Institute for Finance, and the General Department of Vietnam Customs. The group can help the country keep track of new developments within the blockchain sector.

Considering the speed at which the sector is evolving, Vietnam will require help to respond to regulatory challenges.

Vietnam returns to crypto after 2018 ban

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Of course, some may remember that this is not the first time that the country tried to tackle crypto regulations. Its prime minister gave approval to a plan to oversee the creation of a legal framework all the way back in August 2017. The framework was supposed to arrive one year later, in August 2018.

The move indicated that Vietnam wants to legalize crypto assets. However, in April 2018, only months before the deadline, Bitcoin got outlawed, at least as a means of payment. Anyone who wanted to invest in crypto still had the ability to legally do it. But cryptos lost their ability to secure goods or services.

Soon enough, credit institutions were restricted from providing services to crypto businesses. The directive that banned them from offering services claimed that the move was made to prevent money laundering. Vietnam remained quiet on the topic of crypto ever since, which is why the new move comes as a very encouraging development.

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