The Prime Minister of Vietnam, Pham Minh Chinh, has suggested that the government should examine the potential of cryptocurrency regulations, as it has been noted that even without legal status, citizens of the country are still partaking in the trading of digital assets.

On Oct. 24, Vietnamese Prime Minister Nguyen Xuan Chinh hinted that an Anti-Money Laundering (AML) bill should include an amendment that recognizes virtual currencies, emphasizing that “in fact, people still trade” crypto in the country. His comments appear to suggest that the Vietnamese government may be open to regulating crypto in order to address its potential for financial crimes.

“It is necessary to study appropriate sanctions, and assign the government to make detailed regulations,” the prime minister reportedly said.

Despite not officially recognizing Bitcoin as a form of payment, the Vietnamese government permits tokens to exist in a legal gray area as investments. A report by Chainalysis in September revealed that Vietnam is the top country in terms of cryptocurrency adoption in both 2021 and 2022, as the nation has an "extremely high purchasing power and population-adjusted adoption of centralized, DeFi, and P2P cryptocurrency tools.”

In March, Deputy Prime Minister for General Economics Le Minh Khai asked the Ministry of Finance to investigate and alter laws to build a system for digital currencies, as some local officials had promoted their acceptance as the field and speed of adoption increased. In July 2021, the Prime Minister announced an initiative, prompting the State Bank of Vietnam to initiate a study and conduct a pilot for a digital currency. 

The National Assembly of Vietnam is expected to consider the AML bill during its fourth session from Nov. 1 to Nov. 15, at which point they will likely make a decision to either approve or reject it.



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