Cryptocurrency Legal Status In Vietnam Infinity Blockchain Labs

Cryptocurrency Legal Status In Vietnam

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November 29, 2017

Infinity Blockchain Labs (IBL) places the utmost importance on compliance and adherence to all regulations. It is important to share information and raise awareness of developments in legal frameworks governing blockchain technologies, including cryptocurrencies. It is therefore necessary to clarify the legal status of cryptocurrencies in Vietnam, so the general public has a complete understanding of the situation.

Cryptocurrency Legal Status In Vietnam

 

Vietanam’s Blockchain Regulations

According to current Vietnamese regulations, issuance and use of cryptocurrencies as payment method are illegal. The State Bank of Vietnam (SBV) also reaffirmed this point in a recent press conference dated 30 October 2017 and announced the same on its website. The use of cryptocurrencies for purposes other than as a payment method is not expressly prohibited by the laws. In addition, the Government is currently considering issuing legal documents which could categorise cryptocurrencies as virtual assets and regulate related transactions. Cryptocurrencies could be affected by these upcoming regulations.

Infinity Blockchain Lab’s Commitment to Compliance

In August 2017, Vietnam’s Prime Minister issued Decision 1255/QĐ-TTg instructing the Ministries of Justice, of Finance and of Public Security and the SBV to cooperate with each other to examine best international practice and existing legal framework in the United States, the European Union, Japan and other jurisdictions. The objective is to draft new regulations for the management of cryptocurrencies while adhering to Anti-Money Laundering / Countering Financing of Terrorism (AML/CFT) standards.
As a leader of the blockchain ecosystem in Vietnam, IBL is committed to supporting the Government’s efforts. This mission is reinforced through a formal relationship with an international law firm, which advises IBL on Vietnamese law matters relevant to blockchain technologies and cryptocurrencies. The firm also assists with advocacy activities in connection with related applications. IBL and the law firm further collaborate on monitoring changes in legal frameworks and tax regulations around the world with particular attention paid to AML and Know Your Customer (KYC) standards, so as to establish successful norms and infrastructures in the field. Through this cooperation, IBL is regularly updated on all developments in the relevant legal framework in Vietnam. In turn, IBL will help with disseminating the information. This will allow IBL to contribute to enhancing the broader public’s understanding of blockchain technologies and cryptocurrencies and to correcting existing misconceptions.  This will also enable IBL to offer advice to relevant entities including regulators who are exploring blockchain risks and potentials.
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