Vietnam’s Ministry of Finance has announced the launch of a group of researchers who will be in charge of evaluating policies on digital currency. Keeping in mind the rapid evolution and growth of the blockchain sector, the Ministry of Finance felt an urgent need to appoint a group of experts who can take care of the policies and new proposals made in order to ensure the smooth growth of the sector.
The rapid growth of the blockchain sector has engendered enough challenges and controversies over the years. It is reasoned that the presence of an expert group of researchers will keep problems and unrest at bay.
Constitution of the Research Group
The body of the research group will comprise nine members which will be led by the vice-chairman of the State Securities Commission, Pham Hong Son. There will also be additional members which would include representatives of the General Department of Taxation, the country’s Securities regulator, the National Institute for Finance, the General Department of Vietnam Customs, and the Department of Banking and Financial Institutions of the State Bank of Vietnam.
Retrieval of Cryptocurrency After the Ban in 2018
Three years ago i.e. in 2017, Vietnam had approved of a plan to oversee the development of the legal framework of cryptocurrency and by 2018, crypto exchanges, all over Vietnam were banned due to escalating money laundering cases. A directive that mandated all the credit institutions to stop providing services to the digital currencies was also issued with an intention to prevent cases of fraud in crypto exchanges.
No updates on the regulation of crypto exchanges have been made yet. Law firms have tried to establish exchanges despite a lack of legislative framework. Efforts are now being made to study the policies related to virtual assets because Binance is already in operation in the Vietnamese market.