According to Vietnam News Agency, a representative of the Ministry of Justice of Vietnam said that cryptocurrencies are not banned in Vietnam, but it is necessary to develop a legal framework to ensure their normal development and prevent risks.
Cao Dang Vinh, Deputy Minister of the Ministry of Economy and Civil Legislation of Vietnam, said that Vietnam has no regulations to manage the development of cryptocurrencies, and cryptocurrencies are not considered legal assets. He stressed that it is necessary for Vietnam to develop a legal framework for cryptocurrencies to prevent risks and illegal misappropriation.
Statistics from the Vietnam Blockchain Association show that as of September 2023, the total value of cryptocurrencies in Vietnam is nearly US$91 billion, of which illegal transactions are worth about US$956 million. (Jinshi)