Prime Minister Nguyen Xuan Phuc has given the greenlight for the official regulation of bitcoin in Vietnam . The plan will allow the currency to be officially and legally recognized by the state. Enlisting the experience of the Ministry of Justice, Ministry of information and communications among a number of other departments, the effort is set to intergrade bitcoin into current legal frameworks as well as planning tax tariffs which will be enforced on Bitcoin use.
This marks another significant step towards bitcoin regulation in South East Asia with South Korea also considering implementing bitcoin regulation. The legal recognition which will be provided to bitcoin next year in Vietnam will aim to resolve many of the practical limitations of bitcoin use. Recognizing it as a currency and asset will prevent fraud from going unpunished as bitcoin theft can be dealt with legally. Furthermore, punishments for those using bitcoin for money laundering or using bitcoin outside of legal restrictions will also be drafted up by mid 2018, with tax commitments to be finalized later on in 2019.
To conclude, we may be seen bitcoin being implemented into Vietnams economy. With a coordinated effort being initialized by the prime minister, the country aims to approach bitcoin regulation with a holistic approach. With a number of different industries and ministries being roped in to analyze the state of bitcoin and the current framework, implementing it into the legal infrastructure of the country is hoped to provide the confidence to allow companies to thrive legally. The project is aimed to be completed by early 2018 with the ultimate goal of providing legal safety nets to bitcoin users by officially recognizing the currency.