Vietnam Advances Cryptocurrency Legal Framework

Amendments to the tax code are expected to be presented to the Council of ministers by the end of the month
08 January 2018   615

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. 

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   67

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.