An amendment for cryptos – The Vietnamese executive would like to put in place regulations to sanction the use of cryptocurrencies for money laundering.
Cryptocurrencies in Vietnam: Anti-Money Laundering and Growing Adoption of Digital Assets
According to an October 24 article by the VnExpress media, the Vietnamese Prime Minister, Pham Minh Chinh, allegedly hinted that the government would plan to put in place regulations, which aim to repress the use of cryptocurrencies to combat the laundering of illicit funds.
He is said to have declared that a draft law on the fight against money laundering, should contain an amendment on virtual currencies. The Prime Minister is said to have mentioned the need “to study the appropriate sanctions”, while instructing his government “to draw up detailed regulations”.
The National Assembly of Vietnam will consider this bill on 1er November, and is expected to approve or reject it at the end of the fourth session on November 15.
While Pham Minh Chinh would thus have declared war on the use of cryptocurrencies to launder the income generated by illegal activities, he would also have acknowledged that “ people keep chatting » cryptocurrencies. However, as early as 2017, the country’s central bank had submitted a bill to the government to ban Bitcoin (BTC) and its cadets.
Although cryptocurrencies are not recognized as a legal means of payment in the country, the government seems to tolerate crypto investments. Vietnam even leads all countries in cryptocurrency adoption, according to the recent Chainalysis report published last September.
Failing to have been able to prevent the adoption of cryptocurrencies, Vietnam must now find a way to regulate them adequately, to control this Bitcoin and crypto wave that is overwhelming Asia.
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