Vietnamese Authorities Are Still Showing Signs Of New Cryptocurrency Regulation Confusion
Recently, it has been increasingly clear that Vietnamese authorities are still not too sure about their approach regarding the regulation of the crypto sphere.
Notably, the Vietnamese Ministry of Justice has suggested varying explications on how the crypto industry should be organized. Some of this scheme has been actively opposed by other authorities in the country, while some has received wide acceptance.
They examine three different policies which are prevalent in various parts of the globe.
- Floating: Implementation of a comparatively lax regulatory administration
- Prohibition: An outright ban
- Legalization of crypto transactions under certain conditions
The authorities have looked into the benefits and drawbacks of global trends. The director of the Department of Civil and Economic Laws, Nguyen Thanh Tu, says that this analysis will form the basis for further considerations by the government. The required departments will be making the legal framework to regulate crypto assets.
An example of the confusion is the recent ban on crypto mining equipment which the Finance Ministry. This proposal was overwhelmingly supported by the State Bank of Vietnam and the Ministry of Public Security. Although the Ministry of Industry and Trade opposes it stating the loss of businesses as the factor that the government to consider.
The Ministry of Industry and Trade also offered a counter-proposal to the PM’s office. In it, the ministry made it clear that there is a demand for mining devices to be classified. The Ministry of Information and Communications has divided them into two categories, ASICs and GPUs, noting that video cards have other applications besides mining.
Statistical data produced by the General Department of Vietnam Customs shows that upwards of 27,000 mining parts have been imported into the country in 2017 and more than 15,000 in just the first five months of this year.
An apprehension for locals is that these cryptocurrency channels do not have any Vietnamese language support. Most of the interfaces are in English, which makes it harder for some Vietnamese with limited English to use the currency. Although, this has not stopped Vietnam from consistently ranking among the top three countries in the world in the number of logins to global BitCoin exchanges such as Poloniex and Bittrex.