No ban on cryptos but legal framework needed: Ministry of Justice

Cryptos and virtual assets are defined and dealt with differently around the world, and Vietnam has yet to have regulations to manage them, Cao Dang Dinh, deputy head of the ministry’s department of civil law, said Friday.

The regulations need to be created soon since virtual assets face "high risks that can be easily taken advantage of," he added.

The government has instructed the State Bank of Vietnam to study cryptos and virtual assets to prevent their use in money laundering.

It has tasked the Ministry of Finance with creating a legal framework for them by May 2025.

While cryptos are not legal tender in Vietnam, people trade them through foreign platforms or directly with each other.

Vietnam ranks third globally (behind the U.S. and the U.K.) in cryptocurrency gains last year with US$1.18 billion in profits, according to a report by U.S. crypto data provider Chainalysis.