The Vietnam Blockchain Association (VBA) today hosted a workshop to gather feedback and build a legal framework for managing virtual assets (VAs) and virtual asset service providers (VASPs).

Vietnam is among the top countries in the world in terms of virtual asset (VA) ownership, according to Nguyen The Vinh, the founder of Ninety Eight.

The total value of cryptocurrencies entering Vietnam in 2023 reached $120 billion. Vietnam could collect big money from taxing cryptocurrency transactions and having a legal framework to control virtual assets.

Cryptocurrency is not banned in Vietnam but it is necessary to develop a legal framework to ensure its on-track development and prevent risks, a representative from the Ministry of Justice has said.

Vietnam, added to the Enhanced Monitoring List (Gray List) in June 2023, faces potential reductions in GDP, foreign direct investment (FDI), and other capital flows, according to the IMF.

Vietnam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights.

The NFT (Non-Fungible Token) craze has spread to Vietnam, but the legal framework for this virtual asset is still undecided.

Deputy PM Le Minh Khai has released an instruction for the Ministries of Finance, Justice, Information & Communications and the State Bank of Vietnam on the building of a legal framework on virtual assets and virtual currency.

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.