Vietnam planning to build a legal framework for crypto

Isn’t it ironic that the nation with the world’s highest crypto adoption rate per capita is also the nation that has crypto formally banned?

In 2017 the Vietnamese Central Bank prohibited the issuance, supply, and use of crypto as a means of payment. Curiously enough, without giving any justification.

Since then, many Vietnamese understood the value of an independent and borderless money (as opposed to the national currency dong, which cannot be converted to a foreign currency), and have developed some very important crypto companies, like the Axie Infinity P2E game. Triple A estimates that almost 6M Vietnamese currently own some crypto, and Chainalysis ranks Vietnam as the country with the highest crypto adoption rate per capita.

It may be time for change now in Vietnam. Its Deputy Prime Minister Le Minh Khai has recently instructed the Ministers of Finance, Justice, and Information & Communications to work with the Central Bank to build a legal framework for crypto.

It is not yet clear which direction such regulation could take, but it would be reasonable to assume that after years of useless ban the country would like to profit from all the jobs and taxes a regulated crypto industry could bring.