Parliament passes revised anti-money laundering law, calls for cryptocurrency regulations
Legislators approved the country’s amended Law on Anti-Money Laundering Tuesday and asked the government to promptly study regulations for cryptocurrencies and virtual assets that were being traded in the country.
The National Assembly passed the amended law with a majority of almost 97% of the vote the last working day of its year-end session. The revised law will take effect March 1, 2023.
Illustration of cryptocurrency. Photo courtesy of CNBC.
Vu Hong Thanh, chief of the NA Economic Committee, said the legislative body wanted the law to include soon regulations for cryptocurrencies and virtual assets as part of efforts to minimize risks against regular currencies and enable the fight against cryptocurrencies being used to finance terrorism.
In 2017, the government assigned the Ministry of Justice to take the lead in studying the cryptocurrency situation in the country. Inter-ministerial studies of the topic are ongoing.
The government does not recognize cryptocurrencies like Bitcoin as a method of payment in the country, but tokens exist in a seemingly legal grey area as investments.
In March, Deputy Prime Minister Le Minh Khai requested the Ministry of Finance to draft amendments to laws targeting a legal framework for cryptocurrencies.
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