Recent events have revealed that the Vietnamese authorities are still confused about which approach they will be taking as regards the regulation of the cryptocurrency industry.
Vietnamese Authorities Seem Confused
A recent report made it known that the Vietnamese Ministry of Justice has proposed varying solutions on how the crypto industry should be regulated. Some of this proposal has been strongly opposed by other authorities in the country, while some has received wide acceptance.
A good example of the ministry-wide confusion on which direction the country should go as regards crypto regulation can be deduced from the recent ban on the importation of mining equipment. It was reported that the Finance Ministry proposed a suspension of mining equipment importation. The proposal was strongly supported by the State Bank of Vietnam and the Ministry of Public Security. However, the Ministry of Industry and Trade strongly opposed the proposal to suspend the importation of mining equipment. The ministry warned that the measure would affect all businesses using such hardware.
The ministry has also submitted a counter-proposal to the Prime Minister’s office. In the proposal, the ministry made it known that there is a need for the mining devices to be studied and classified before imposing any restrictions on their import. As a result of this, the Ministry of Information and Communications has already divided them into two categories, ASICs and GPUs, noting that video cards have other applications besides mining.
Vietnam’s Ministry of Justice Case Study
A recent report has also made it known that Vietnam’s Ministry of Justice has submitted а proposal of its own to the government in Hanoi. The content of the proposal has been revealed as a review of the current legislation and an assessment of cryptocurrency-related business activities in the country. The proposal also suggests changes which can be considered by the government.
The report made it known that the ministry has taken three alternative policies applied in different parts of the world as a case study.
The first policy which is referred to as “floating,” involves the implementation of a relatively lax regulatory regime.
The second referred to as “prohibiting” is all about putting bans in place. The option is to legalize digital asset transactions under certain conditions.
The Director of the Department of Civil and Economic Laws, Nguyen Thanh Tu, as also pointed out that:
“The conducted analysis will form the basis for further considerations by the Vietnamese authorities”
He also stated that:
“Relevant ministries and departments will build an appropriate legal framework to govern digital assets and currencies after the executive power chooses the trend it wants to follow, the official added.”