Vietnam Sets Up Crypto Regulation Research Group

The Vietnam's Ministry of Finance is going to create a research group to study and propose rules and guidelines to regulate cryptocurrencies and digital assets in the country. The group will consist of nine people. It will be led by PHAM HONG SONG, Vice Chairman of the State Securities Commission.

The research group will help Vietnam keep abreast of the latest developments in the fast-growing industry of cryptocurrencies and digital assets. The ministry also hopes that the commission will contribute to the adoption of reliable and productive measures to create a favorable regulatory environment for the development of the local crypto industry.

A large number of Southeast Asian countries have already taken measures to not only attract crypto business from abroad, but also stimulate local entrepreneurs to create blockchain companies. The Securities and Exchange Commission of Thailand (SEC) has announced that it is considering amendments of the regulation of digital assets of May 2018. Last February, Indonesia legalized cryptocurrency as a traded asset, which at that time was a huge incentive for the local digital currency ecosystem. Malaysia and Singapore are also actively engaged in the issue of comfortable regulation of the crypto industry. At the beginning of this year, tax changes were introduced in relation to digital assets.

Image courtesy of Global Coin Search