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Tuesday, November 29, 2022

PM wants cryptocurrency use regulated

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has urged ministries and agencies to regulate cryptocurrency-based transactions due to potential legal risks.

According to the prime minister, although the country has no specific requirements on the use of cryptocurrencies, many transactions have been carried out using digital money in the market.

PM Chinh underlined the importance of issuing regulations on the use of crypto in Vietnam as part of efforts to develop the anti-money laundering law.

He said the National Assembly (NA) should assign the task to the Government.

Previously, NA deputies proposed adding cryptocurrency and virtual assets to the draft of the anti-money laundering law. They raised concerns about risks regarding illegal activity through crypto transactions.

Trinh Lam Sinh, a member of the NA deputies delegation of An Giang Province, said cryptocurrency could be used to launder money for crimes, including terrorism and acquiring weapons of mass destruction.

If the draft of the anti-money laundering law does not include restrictions for crypto activities, there would be a legal gap for crimes, according to Dao Hong Van from the Hung Yen Province’s NA deputies delegation.

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