According to the recently issued National Action Plan on Anti-Money Laundering and Anti-Arms Financing, the Government requested the Ministry of Finance and relevant ministries and branches to complete the development of a legal framework to prohibit or regulate virtual assets and organizations providing virtual asset services by May 2025.
Requirements from practice
In 2017, the Prime Minister signed a decision approving the project to complete the legal framework for managing and handling virtual assets, cryptocurrencies, and virtual currencies and assigned the task to relevant ministries and branches such as the Ministry of Justice , the Ministry of Finance, and the State Bank of Vietnam (SBV). However, to date, there is still a legal gap for this rapidly developing field.
Since the beginning of 2024, the price of Bitcoin has increased by nearly 37%, reaching 64,000 USD/BTC (equivalent to 1.57 billion VND). Meanwhile, the latest statistics from Crypto Crunch App - an application in the US specializing in collecting information about cryptocurrencies - show that Vietnam has nearly 26 million people owning virtual currencies, ranking 3rd in the world , after India and the US.
Although there is no legal framework, virtual currency trading and buying and selling activities in Vietnam are quite active through international exchanges. Popular cryptocurrencies such as Bitcoin, Ethereum... are traded and invested by many individuals.
Virtual currency trading and investment are currently carried out through international exchanges. Photo: MINH PHONG
Mr. Nguyen Dung Minh (in Hanoi) said that trading digital currencies such as Bitcoin and Ethereum is currently quite simple through trading floors, with many different methods. In particular, many individuals investing in virtual currencies in Vietnam use the peer-to-peer (P2P) trading method - which is the activity of buying and selling cryptocurrencies directly between users without intermediaries.
Lawyer Bui Anh Tuan (Hanoi Bar Association) believes that virtual currency and virtual assets are difficult fields, related to technology, security, ownership, etc. Moreover, many countries have not yet expressed a clear stance on this type of asset, so it is necessary to be very cautious to shape a legal framework. However, lawyer Tuan affirmed the need for a legal framework for management, because trading, buying, selling, and investing in digital currency is taking place every day. When a legal framework for virtual currency and virtual assets is built, it will be the basis for managing related transactions, ensuring tax obligations, resolving disputes, and limiting fraud. This also helps prevent the risk of money laundering and terrorist financing through cryptocurrency transactions.
Careful research
A representative of the Ministry of Finance said that it has assigned units under the ministry, including the State Securities Commission, to coordinate with ministries and branches to research and develop a legal framework for virtual currency and virtual assets, meeting the set schedule. The Ministry of Finance also acknowledged that virtual currency and virtual assets are difficult and "relatively sensitive" fields in Vietnam.
According to the Ministry of Justice, in the world, there are countries that ban virtual currency and virtual assets, but there are countries that allow this field to operate freely. Meanwhile, some countries also set conditions to tighten management. This agency also recognizes that although the field of virtual currency and virtual assets has certain risks, it also has many potentials and opportunities. Therefore, the construction of a legal framework needs to ensure harmony between all aspects.
Economist - Dr. Le Dang Doanh said that in the digital economy era, if we are slow in policy research, we may be behind. "Being slow in building a legal framework for the field of virtual currency and virtual assets can lead to difficulties in management. Digital assets are considered to have great potential and are a trend. If we do not manage them in time, the opportunity may pass by" - Mr. Doanh emphasized.
According to Dr. Le Dang Doanh, it is necessary to conduct comprehensive research to identify the legal nature of virtual currency and virtual assets, thereby creating a concept of this type of asset. Mr. Doanh pointed out that currently, virtual currency investment activities are quite active, but due to the lack of a legal framework, it is not possible to manage taxes in this field. Therefore, these factors need to be taken into account by ministries and branches when building a legal framework to regulate virtual currency and virtual assets.
Virtual currency and virtual assets are complex issues, with many potential risks that have not been fully assessed. Therefore, lawyer Bui Anh Tuan believes that it is possible to consider building a trial legal framework for virtual assets, applying it to specific groups of subjects, instead of on a large scale. In particular, establishing ownership of virtual assets is one of the important issues that need to be considered.
Beware of risks when trading
According to the Vietnam Blockchain Association, in April 2023, the European Parliament passed the Markets in Cryptocurrencies Act (MiCA), requiring crypto asset service providers to implement measures to protect consumers and improve governance, while expanding the entities subject to anti-money laundering regulations. Meanwhile, in the UK, Regulation No. 5 (on Cryptocurrency Transfers) of the Money Laundering and Terrorist Financing Regulations came into effect on September 1, 2023.
The Vietnam Blockchain Association believes that the Government needs to promote the establishment of principles and regulations, while ensuring transparency and responsibility in the management of virtual assets and the provision of virtual asset services. For users, it is necessary to research information and carefully consider legal, market, and technological risks... before participating in investing or trading virtual assets at the present time.
Source: https://nld.com.vn/nam-2025-hoan-thien-khung-phap-ly-ve-tien-ao-196240303214920417.htm
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