The Vietnamese cryptocurrency investment community has lately been concerned by the news that CryptoBike is showing signs of defrauding investors with the amount reaching up to US$1.4 million.

Multiple gambling rings dealing in trillions of dong have recently been discovered by police.

According to a survey by Chainalysis, Vietnam's cryptocurrency market has grown by 881 percent year-on-year, ranking first out of 154 countries in the "Global Cryptocurrency Adoption Index 2021" ranking.

The Ministry of Finance is studying the legal framework for managing cryptocurrencies on stock exchanges which would pave the way for legal cryptocurrency transactions in Vietnam.

The State Bank of Vietnam (SBV) has not accepted cryptocurrencies as a currency and a legal means of payment, said Nghiem Thanh Son, Deputy Director of the SBV's Payment Department.

The Vietnam Competition and Consumer Protection Authority (VCCA) has issued a warning over cashback apps which lack transparency and showed signs of illegal multi-level marketing.

The Ministry of Finance has decided to set up a research group which would be in charge of studying and proposing policies to manage virtual assets and cryptocurrencies.

A draft regulation put forward by the State Bank of Vietnam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 percent was discussed at a workshop in Hanoi on December 12.