For some time now, Indochine Counsel has been part of the Law Firm Network (LFN) and participated in their sometimes publications. Just recently we provided a chapter on Vietnam’s treatment of cryptocurrency. As this blog regularly focuses on issues related to e-commerce and technology we wanted to make our readers aware of the publication of this chapter.
The full publication can be accessed on the LFN blog here (https://www.lfnglobal.com/knowledge-center/#guides) or you can download the pdf document directly here (https://www.lfnglobal.com/wp-content/uploads/2021/09/The-Comparative-Guide-on-Cryptocurrency-Legislations-Guidelines-2021-The-Law-Firm-Network.pdf).
As the entries are alphabetical, Vietnam is last and our entry starts on page 45. The guide covers relevant regulatory issues covering cryptocurrency in each jurisdiction included. As I’ve pointed out in the past on this blog Vietnam does not yet allow cryptocurrency as a legal means of payment. We also discuss how the State Bank of Vietnam defines cryptocurrency and other issues that might be leading towards the eventual adoption of cryptocurrency in the future.
Of note, I found out this week that neighboring Laos has just issued legislation on cryptocurrency use and regulation. While that means that another government in the ASEAN region is allowing for the use of blockchain currencies, it has little bearing on Vietnam, merely an interesting point. Vietnam remains steadfast in its opposition to cryptocurrency with the State Bank tasked merely with investigating the technology under the direction of the prime minister.
Despite this, Vietnam remains the largest adopter of cryptocurrency in the world and as such it is important to understand the legal restrictions lest one runs afoul of the authorities and has their crypto assets seized for some violation, a risk that exists, though we have not seen any evidence that the government is actively pursuing crypto asset holders.
In the meantime, check out our chapter in the LFN guide and see also what other countries are doing about legislating and regulating cryptocurrency.