Regulation
Vietnam Crypto Regulatory Framework 2025: Latest Updates
Vietnam announces plans to develop a legal framework for regulating cryptocurrencies by May 2025 to address ownership risks and prevent illegal activities such as money laundering.
Key points
- Cryptocurrencies are not banned in Vietnam, but regulation is urgently needed.
- The Ministry of Finance has been tasked with developing a regulatory framework by May 2025.
- Measures against abuses, such as money laundering, are also being studied.
Urgent need for a legal framework
A Vietnamese government official explained this cryptocurrencies they are not banned in the country, but there is a critical need to establish a legal framework to regulate them.
Cao Dang Dinh, deputy head of the Civil Law Department of the Ministry of Justice, underlined the urgency of this task.
The Ministry of Finance is ready to draw up this framework, with the aim of completing it by May 2025.
Efforts against financial abuse
As reported by VN Express, in addition to developing a legal plan, Vietnam’s central bank is looking for ways to stop using cryptocurrencies for illegal activities such as money laundering.
This action highlights how the government is working to reduce the dangers associated with it digital currencies.
Historical context and future directions
Vietnam ranks high globally in terms of cryptocurrency ownership among its residents.
According to Dinh’s statement, this widespread use highlights the need for strong legal rules because without them great risks could arise.
As early as 2021, the Vietnamese Ministry of Finance has conducted several studies, indicating the need for new laws to manage growing areas of the financial sector, including promoting educational initiatives on cryptocurrencies.
They also look at ways to help regulators better monitor licensing and track suspicious financial activity.