Vietnam’s Ministry of Finance Planning To Establish Cryptocurrency Research Group To Assess Policy

Vietnam’s Ministry of Finance is pondering over setting up a research group for suggesting policies regarding digital currencies. On Monday, the ministry announced that the research group will consist of 9 members. It would be led by Pham Hong Son, the vice chairman of the State Securities Commission.

Other members of the research group include representatives of the General Department of Vietnam Customs, the General Department of Taxation, the National Institute for Finance, and the Department of Banking and Financial Institutions of the State Bank of Vietnam.

It is to be noted that the research group will aid the nation stay well-informed of new developments within the budding blockchain domain, letting Vietnam to respond to regulatory challenges in a better manner.

In August 2017, the prime minister of Vietnam permitted a plan to supervise the development of a legal outline for virtual assets by August 2018, signifying that cryptocurrencies would be rightfully recognized within the nation.

Notably, cryptocurrency exchanges are not regulated in Vietnam. Regardless of the nonexistence of legislative framework, local companies have made efforts to launch crypto exchanges in Vietnam over the years.