The Ministry of Finance has proposed a pilot programme for issuing and trading cryptocurrencies and digital assets, with oversight from three key agencies: the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.
The development of legal frameworks for virtual and digital assets has become a pressing topic in the legislative work of various ministries and agencies.
Hundreds of billions of dollars in cryptocurrencies are estimated to have flowed into Vietnam over the past year; however, the lack of a legal framework monitoring this capital flow might lead to tax losses and risks such as money laundering.
The rapid development of digital assets, especially blockchain–based ones, and the emergence of new business models have posed unprecedented issues to policymakers around the world on how to ensure their proper development.
Indonesia’s tax compliance special staffer Yon Arsal has said the country has collected nearly 6.8 million USD each month since the imposition of crypto and fintech transaction taxes in May.
Transactions involving cryptocurrencies and digital assets in general are subject to a 15 percent tax under a cryptocurrency law which took effect in Thailand on May 14.
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
ASEAN citizens, especially youth with digital and technological savvy, need to build and improve their skills to develop further in the future, according to an article on Indonesia’s Jakarta Globe.
