The government of Vietnam has undertaken steps to accelerate the adoption of cryptocurrency regulation. Deputy Prime Minister Vuong Dinh Hue has asked the Ministry of Justice and the State Bank to complete the legal framework and report to the government. Amendments to the tax code are expected to be presented to the Council of ministers by the end of the month.
The central bank of Vietnam will assume responsibility for proposing amendments to the taxation laws. Respective supplements related to cryptocurrencies should be promulgated soon after the introduction of the regulatory regime. The exact tax rates and their scope in regards to income and profit from trading and mining are still to be defined.
In addition to the legal framework for managing Bitcoin, the finance ministry has been urged to complete a project on expanding the tax base of the non-state sector. And the Ministry of Planning and Investment was asked to provide a statistical overview of the whole Vietnamese economy.