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Not Banned but Not Legal Yet: As Crypto Market Hits $91 Billion, Vietnam Plans for Legal Framework by 2025 (1 minute read)

Vietnam's Ministry of Justice clarified that while cryptocurrencies are not banned, they are not currently considered a legal asset, emphasizing the need for a comprehensive legal framework to regulate virtual assets. According to the Vietnam Blockchain Association, cryptocurrency transactions in Vietnam had reached nearly $91 billion USD by September 2023, with illegal activities accounting for about $956 million USD of this volume. In February, the Vietnamese government tasked the Ministry of Finance with developing a comprehensive legal framework by May 2025 to regulate cryptocurrency.

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Written by Jon Lira. Connect with him on LinkedIn.

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