WHERE HAS VIETNAM BEEN ON THE LEGAL MAP FOR CURRENCY?
🚩 Japan has legally recognized crypto for long and has been preparing governing laws for stablecoins
🚩 Singapore has licensed many crypto companies,
🚩 Korea has licensed crypto exchanges
🚩The US and EU are increasingly introducing crypto-related bills, including regulations about Anti Money Laundering Through Crypto
SO WHERE HAS VIETNAM BEEN ON THE LEGAL MAP FOR CURRENCY?
- Bitcoin is not a currency: According to Clause 6, Article 1 of Decree №80/2016/ND-CP, Bitcoin or more broadly, other cryptocurrencies are not considered a currency, so they cannot be used as a means of payment. .
- Banks cannot process crypto transactions: You cannot buy or sell crypto with banks, nor can banks provide crypto-related services.
- Vietnam does not have a law against cryptocurrency investment: So it’s not illegal for you to trade BTC, buy and sell cryptocurrencies or invest in BTC, ETH, etc.
CONCLUSION: Vietnam is currently still in the gray zone, “Vietnamese law does not prohibit” any crypto-related activities, but this also means that there is no legal regulation to protect investors. Hope investors have sanity when investing in reputable crypto projects.
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