Crypto trading is a favourable option for many investors at present. This unregulated market offers many advantages to the users. You can transfer these digital currencies to any part of the globe within no time. If you are looking to invest or trade cryptos check out btcrevolution.io.
Apart from these benefits, this market promotes illicit transfers as well. As there are no regulations in this industry, it often becomes easy for criminals to carry on their illegal transactions. To put a stop to such activities, many nations are imposing certain rules on this market’s operation. The Prime Minister of Vietnam is looking forward to some similar regulations for the market in the nation.
Vietnamese PM, Pham Minh Chinh is calling for some fresh regulations on the Cryptocurrency market. This was announced by the PM in October during a discussion. A report on this matter was published by VnExpress, which is a local newspaper.
This report presents the discussions of PM Chinh. He says that these digital assets do not have any recognition yet, but people are continuing to trade these assets. Also, he has discussed making certain necessary amendments to their law of anti-money laundering.
By noticing the risky condition in this market and the chances of promoting illegal activities, the authorities are discussing this aspect. They are discussing another amendment in this particular law. This will help them to maintain the safety of their citizens.
Also, lawmakers in Vietnam are pressuring the government and other higher authorities in this matter. They are asking the governor of the nation’s central bank to take a firm stand in the case of Blockchain and digital assets. Because without any strong stand on this matter, they are unable to design proper laws for the Cryptocurrency sector.
Proceedings On This Issue
Though the number of regulations is yet to be updated, there are a certain number of proceedings happening in this aspect. A delegate of Vietnam’s National Assembly, will D.V. Phuoc, asked for including all these digital assets in a draft regulation.
Also, he points out the fact of money laundering and gambling activities taking place through this market. He raised this demand in September.
Many such policy proposals are under operation at present in Vietnam. Also, the digital assets sector is operating under a regulative gray zone! This was told by Huy Nguyen, during an interview with CoinDesk. Huy is the VC of the VBA.
Also, the VBA is working towards proposing a tax for digital assets. This will be the prominent step in establishing digital assets as a form of property. Huy states that once the taxes are set, there will be a flow of institutional money into the economy.
In 2021, the government of this nation instructed the central bank to begin a Cryptocurrency pilot program. Also, in its national strategy for the 4th Industrial Revolution, it kept the aspect of Blockchain at the top list. So, Blockchain technology is at the top list of the nation’s R&D activities.
An Example of Crypto Adoption
Vietnam is setting an example in terms of Crypto adoption at the grassroots level. We can observe this from the Global Crypto Adoption Index by Chainalysis 2022.
Around 69% of Vietnamese people do not have any bank accounts. But, among adults, around 73.5% of them own a smartphone.
With the establishment of a particular regulation in the Cryptocurrency sector, there will be a correct pattern in its usage. But, the government and other authorities are yet to take a proper stand on creating regulations on this market.
Conclusion
Crypto trading is a great way of earning higher returns by investing in digital currencies. Being an unregulated market, it offers many benefits. You can transfer any amount to any part of the world.
But due to this exact feature, criminals take the chance of carrying out their illicit transactions. Also, gambling rings are performing their transactions in this sector. To curb these factors, the Vietnamese Prime Minister is making remarks on Cryptocurrency regulations.
