Vietnam’s Ministry of Finance has warned the public about the risks of investing in cryptocurrency as the industry is not regulated in the country and is not subject to securities laws.
According to a publication by local news agency Thanh Nien, the ministry stated that “Vietnam has not passed any laws related to the issuance, trade and exchange of virtual currencies and digital assets.” In this regard, the regulator warns citizens against investing in cryptocurrencies.
Vietnam’s Ministry of Finance said that digital currencies are not subject to securities laws and that there are only two exchanges that are allowed to trade securities in Vietnam – the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange.
To fill this gap, the ministry has created a dedicated research group to study the cryptocurrency industry and develop cryptocurrency regulation in the country. The regulator also stressed the need to raise awareness of the industry to avoid potential risks in trading and investing, as well as risks associated with fraudulent cryptocurrency schemes.
Recall that last summer, the head of the criminal department of the Vietnamese police Vu Hoang Kien also warned the country’s citizens against participating in ICOs and transactions with cryptocurrencies. Despite being wary of cryptocurrencies, the Vietnamese government is actively exploring the blockchain.
Last August, Vietnam’s Ministry of Information and Communications announced the launch of a project based on the akaChain blockchain to help accelerate the country’s digital transformation. In November, Vietnam’s Ministry of Education and Training announced that it plans to use the blockchain-based TomoChain platform to issue education credentials.
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