Vietnam to create legal framework for digital assets

The Vietnamese Prime Minister has approved a plan to formally recognize Bitcoin as a form of payment 
28 August 2017   1440

Prime Minister Nguyen Xuan Phuc this week approved the plan to scrutinise and streamline the legal framework for the management of cryptocurrencies such as Bitcoin in Vietnam by 2018.

The PM has asked the Ministry of Justice to preside and co-ordinate with other relevant ministries and institutions, including the State Bank of Việt Nam, Ministry of Information and Communications, Ministry of Public Security, Ministry of Industry and Trade and Ministry of Finance, to scrutinise the current legal framework, provide a comprehensive assessment and propose suitable solutions and revisions in the framework to the Government.
 

vietnamnews.vn

Thus, the Vietnamese government hoped to protect consumers by strengthening laws and regulations, furthering prohibition, and actively cautioning the public about the risks involved in dealing with digital money. However, digital currencies have been thriving in Vietnam: there has been a significant increase in investment and business transactions in the northern border provinces, central provinces, and the central highlands.

Now, according to vietnamnews.vn, by June 2019, the ministries must “finalize an application asking for the compilation of a legal framework on taxes for cryptocurrencies.” On top of that, the ministries must submit proposals for the prevention and resolution of related violations by September 2019.

If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   119

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.
 

Elliott Suthers

Coinbase

Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.