Le Minh Khai, the Vietnamese deputy prime minister, has reportedly sent out a notification to the Finance Ministry, carrying details of a request for deep-diving and adjusting laws to create a digital asset-focused legal framework. 

Specifically, the deputy prime minister reportedly issued instructions to the Ministry of Finance, to take the primary charge of building the legal framework, dedicating it to the local crypto sphere. 

The reported list of instructions includes identifying specific legal documents that need to be amended or supplemented.

Following this update, the Finance Ministry would reportedly collaborate with the Ministry of Justice, Information and Communications, and the State Bank of Vietnam to build a regulatory framework for the digital asset market. 

The three ministries as well as the central bank will reportedly invest their resources in a wide variety of legal aspects associated with digital assets, together with their potential impacts on the economy.

The new legal framework catering to the digital asset market will reportedly be built in accordance with Decision 1255, which was issued by the prime minister in August five years ago, and received the passing of the authority in the same year, for the plan to build a legal framework for “virtual assets, digital currencies, and virtual currencies.”

Vietnam and crypto have reportedly been a complicated affair throughout the last years, with the Southeast Asian country deciding to put a barring on Bitcoin transactions in 2014, but had pulled a reverse on that initiative when then PM Nguyen Xuan Phuc granted approval for BTC as a form of payment. 

Nonetheless, in 2018, BTC was again prohibited to be utilized as a medium of payment.

Vietnam’s authority then came up with a crypto research group two years ago, with the primary objective to conduct researching on various developments in the virtual asset market and suggest legal policy proposals.