Vietnam's Justice Minister "not banning crypto...regulatory framework is needed"

Vietnam's Minister of Justice Cao Dang Vinh has said that the country has not banned cryptocurrencies, according to foreign media. However, it is necessary to establish a minimum legal framework for their legitimate development and risk prevention." "Cryptocurrencies are currently not considered legal assets. A regulatory framework should be put in place to prevent them from being used for illegal activities in Vietnam." According to the Vietnam Blockchain Association, as of September 2023, cryptocurrencies held by Vietnamese investors were valued at $91 billion, with an estimated $956 million in illegal transactions.