{"id":23747979,"date":"2024-04-23T14:21:51","date_gmt":"2024-04-23T07:21:51","guid":{"rendered":"https:\/\/smvn-law.com\/ministry-of-justice-early-regulations-needed-for-managing-virtual-assets-and-cryptocurrencies\/"},"modified":"2024-07-04T16:47:32","modified_gmt":"2024-07-04T09:47:32","slug":"ministry-of-justice-early-regulations-needed-for-managing-virtual-assets-and-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/smvn-law.com\/en\/ministry-of-justice-early-regulations-needed-for-managing-virtual-assets-and-cryptocurrencies\/","title":{"rendered":"Ministry of Justice: Early regulations needed for managing virtual assets and cryptocurrencies"},"content":{"rendered":"\n

(D\u00e2n tr\u00ed) – The Ministry of Justice believes that a legal framework for managing virtual assets and cryptocurrencies should be established soon; regulations should be in place to prohibit risky behaviors and the exploitation of virtual assets and cryptocurrencies.<\/em><\/strong><\/p>\n\n

At a press conference on the afternoon of April 12, Mr. Cao Dang Vinh, Deputy Director of the Department of Civil and Economic Law (Ministry of Justice), stated that there are still many different concepts globally regarding virtual assets, digital currencies, and cryptocurrencies. Therefore, different countries have different approaches to this issue.<\/p>\n\n

Assessing that virtual assets and cryptocurrencies pose many risks and are easily exploited, Mr. Vinh acknowledged that Vietnam does not yet have specific regulations or recognize cryptocurrencies as a type of asset. Therefore, according to him, a legal framework for managing virtual assets and cryptocurrencies should be established soon.<\/p>\n\n

“Regulations prohibiting risky behaviors or the exploitation of virtual assets and cryptocurrencies are needed,” Mr. Vinh said.<\/p>\n\n

Currently, digital currencies like Bitcoin, Ethereum… are considered common virtual assets, but Vietnam has not yet defined virtual assets and cryptocurrencies specifically.<\/p>\n\n

Transactions involving the buying, selling, and exchanging of virtual assets in Vietnam are currently conducted through international exchanges or direct agreements, posing risks of money laundering.<\/p>\n\n

\"Ministry
The Ministry of Finance has been assigned to study and develop a legal framework to ban or regulate virtual assets and the organizations providing these asset services (illustrative image).<\/figcaption><\/figure>\n

The National Assembly has recommended that the Government soon establish a legal framework for these new types of assets.<\/p>\n\n

By February this year, the Government assigned the Ministry of Finance to study and develop a legal framework to ban or regulate virtual assets and the organizations providing these asset services.<\/p>\n\n

Mr. Cao Dang Vinh said that when the Ministry of Finance presents specific policy proposals, the Ministry of Justice will have a clearer stance.<\/p>\n\n

Draft decree on implementing salary policy not yet received<\/strong><\/p>\n\n

In response to the press regarding the appraisal of documents related to the implementation of salary reform policies, Mr. Cao Dang Vinh emphasized that the plan has assigned the Ministry of Home Affairs to draft two decrees, one of which needs to be issued soon to be implemented from July 1.<\/p>\n\n

Another decree replacing Government Decree 204 on the salary regime for officials, public employees, and armed forces will be issued after the Politburo makes a decision on the specific content of the salary reform policy.<\/p>\n\n

However, according to Mr. Vinh, the Ministry of Justice has not yet received any documents requesting the appraisal of any decrees.<\/p>\n\n

Additionally, Mr. Vinh stated that along with the issuance of the decree on salary policy for officials, public employees, and armed forces, there will be 12 guiding circulars. The Ministry of Justice is not responsible for appraising these draft circulars.<\/p>\n\n

(Dantri.vn)<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

(D\u00e2n tr\u00ed) – The Ministry of Justice believes that a legal framework for managing virtual assets and cryptocurrencies should be established soon; regulations should be in place to prohibit risky behaviors and the exploitation of virtual assets and cryptocurrencies. 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