Building a legal framework for virtual currency: Need to establish an interdisciplinary working group

ANTD.VN - The Ministry of Finance believes that virtual currency and virtual assets are new and sensitive fields, so it is necessary to establish an interdisciplinary working group to build a legal framework for this field.

Sharing about the development of a legal framework for virtual currency and virtual assets, Mr. Hoang Van Thu, Vice Chairman of the State Securities Commission (SSC), said that this agency is planning to report to the Prime Minister to propose the establishment of an interdisciplinary working group to develop this project.

According to Mr. Hoang Van Thu, the Ministry of Finance was assigned by the Government to research the field of virtual currency and the State Securities Commission is the unit assigned to preside over and coordinate with ministries and branches to research and develop regulations on virtual currency and virtual assets.

To carry out its assigned tasks, the State Securities Commission has sought opinions from ministries and branches, especially the opinion of the Ministry of Justice.

“Up to this point, the Ministry of Finance has received comments from ministries and branches, but basically the comments have not clarified the research method and approach mechanism to build a legal framework on virtual currency,” Mr. Thu informed.

Việt Nam chưa có khung pháp lý cho tiền ảo ảnh 1

Vietnam has no legal framework for virtual currency.

The reason, according to the representative of the State Securities Commission, is that this is a new field in Vietnam, and is also a relatively sensitive field compared to other socio-economic management activities, especially crime prevention activities, requiring extremely careful research methods.

Therefore, after consulting with ministries and branches, the Ministry of Finance believes that it is necessary to report to the Prime Minister on the results of consulting with ministries and branches and the next steps.

“Within the scope of the Ministry of Finance's research, it is very difficult for us to build a legal framework that ensures all aspects of the problem are covered, so we are planning to report to the Prime Minister to propose establishing an interdisciplinary working group to develop this project,” said Mr. Hoang Van Thu.

According to Mr. Thu, currently, even determining the scope and content of virtual currency and virtual assets does not have an official concept, so it is necessary to have an interdisciplinary working group to study and approach international practices and experiences of countries around the world to apply appropriately to Vietnam's reality.

Currently, the unit is contacting and exchanging with a large virtual currency exchange in the world that currently has more than 200 virtual currency and virtual asset categories...

At the same time, he said that in order to orient the construction of this trading floor for the Vietnamese market, not only a stock exchange is enough, but it requires synthesizing the opinions of ministries and branches to have a method suitable to the economic characteristics of each type of virtual asset... To do so, it is necessary to have the research results of the Interdisciplinary Working Group.

Also related to this issue, Deputy Minister of Finance Nguyen Duc Chi said that virtual currency and virtual assets are not new issues but are difficult issues with many risks that require us to have a comprehensive assessment.

Many countries in the world have recognized virtual currency and virtual assets and have allowed transactions, but this is a difficult and complicated issue, because our current legal system does not recognize them as assets.

“To be traded, it must be an asset, from which we can establish a trading floor, organize transactions, and issue legal regulations… Therefore, we still have many steps to carefully research this type of asset,” said Deputy Minister Nguyen Duc Chi.

According to the Deputy Minister of Finance, in reality, many cases of participation in this activity have led to risks. State management agencies, including the Ministry of Finance and the State Securities Commission, have warned many times, as well as discussed specifically with law enforcement agencies.

“Along with the proposal to establish an interdisciplinary working group, the Ministry of Finance will be more active and proactive in assessing this type of asset to advise competent authorities to have a strict and complete legal framework, and organize strict management to effectively manage it safely and sustainably,” Deputy Minister Nguyen Duc Chi emphasized.

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