Vietnam’s Ministry of Finance Sets Up Research Team On Cryptocurrencies

The Vietnamese Ministry of Finance keeps an eye on the crypto. It has announced the set up of a special group of researchers to study and propose different policies to manage the ongoing development of virtual assets.

Nine Finance Specialists To Make And Execute Decisions

According to a recent report, regular conclusions and steps should be made, and that’s the reason for the teaming up of 9 finance specialists who will take control of crypto processes in the country’s market.

The group will be led by Vice Chairman of the State Securities Commission Pham Hong Son. The other selected members will be from the State Securities Commission, General Department of Taxation, State Bank of Vietnam’s Department of Banking and Financial Institutions and Legal Department, Vietnam Customs and National Institute for Vietnam Finance.

All this was preceded by an authorization from August 21, 2017, when the Prime Minister of Vietnam issued a decision, approving a project, which should’ve put the legal principles in the management of crypto and electronic currencies in the country in general.

Later on April 11, 2018, a new directive was created, steering the enhancing of the transaction management concerning Bitcoin and other types of cryptocurrencies. The main reason is better to control the virtual asset and monitor possible risks and impact on the market.

Against Money Laundering

The same year, a new directive was issued by the Governor of the State Bank of Vietnam. It pointed out some extra measures and strengthening the control on a variety of transactions, where credit institutions have been asked not to supply particular types of transactions related to virtual currencies. The reason was the assurance of compliance with regulations about anti-money laundering and Forex management.

Catching Up With The Rest Of The Asian Crypto Market

According to recent researches, at the end of November 2017, a big part of cryptocurrency transactions originated from Asia, and Vietnam was among the top 5 with a high number of accesses to cryptocurrency websites and trading platforms.

Actually, cryptocurrencies have had something solid to step on at the Vietnamese market. In 2018 the country announced its first cryptocurrency exchange was about to be carried out. Behind that move was a Switzerland company Kronn Ventures AG, which signed a memorandum of understanding with the Vietnamese distribution company Linh Thanh Group for the establishment of an exchange in Vietnam.