Vietnam’s Ministry of Finance reminded the public that cryptocurrencies have no legal framework in the country.
Vietnamese financial authorities have warned the public about the risks of cryptocurrency investment as the industry is not regulated in Vietnam, local news agency Thanh Niên reports Wednesday.
The Ministry of Finance of Vietnam stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.”
The ministry stated that virtual currencies are not part of Vietnamese securities laws, and there are only two exchanges — Ho Chi Minh Stock Exchange and Hanoi Stock Exchange — that are allowed to trade securities in Vietnam.
To address this gap, the ministry has established a dedicated research group to investigate the crypto industry and develop crypto regulation policies in the country.