Vietnam established a research team, tightening virtual assets and cryptocurrencies

As the cryptocurrency market grows, more regulations will be added. In particular, in Vietnam, the Ministry of Finance said that it will establish a research team on virtual assets and cryptocurrencies to detect and handle high-tech criminals.

Vietnam established a research team, tightening virtual assets and cryptocurrencies

The Ministry of Finance said that it has established a “Research Group on virtual assets and virtual money”. The team is responsible for researching and proposing policies and management mechanisms related to virtual assets and cryptocurrencies.

According to the Ministry of Finance, the establishment of this research team stems from the fact that high-tech crime through cryptocurrency investment has many complicated developments, objects using many sophisticated forms.

According to the Ministry of Finance, the establishment of a research group on virtual assets and cryptocurrencies to detect and handle high-tech criminals. Especially recently, criminals have many new fraudulent techniques such as instructing users to access the App Store and Play Store to download software of stock exchanges on phones owned by securities companies. issued for investment.

These exchanges often have some similar characteristics, mainly calling for illegal investment by many domestic and foreign individuals and organizations (whose legal status cannot be determined). pulling investors to invest in many forms (international securities trading, cryptocurrency, Binary Options trading in the form of predicting the value of an asset up or down.

Also related to trading floors, the Ministry of Finance also said that only the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange are allowed to organize a stock exchange in Vietnam. According to the law of securities, cryptocurrency is not a kind of security, the Ministry of Finance affirmed.

The ministry also said that Vietnam has not had any legal regulations governing the issuance, trading, and exchange of cryptocurrencies, virtual assets, and has not yet regulated the official unit to manage the issuance and transaction of cryptocurrencies, virtual assets.

Right from the beginning of 2018, the SSC advised investors to be cautious when investing in cryptocurrencies and virtual assets to limit possible losses. This agency also has official dispatch No. 4486 / UBCK-GSĐC dated 20/7/2018 requesting that public companies, securities companies, fund management companies, securities investment funds are not allowed to carry out activities. illegally issuing, trading, and brokering virtual money.

In the coming time, the Ministry of Finance will continue to implement propaganda and raising awareness of people about cryptocurrencies and virtual assets. At the same time, increasing warnings about risks, risks, and consequences of illegal trading, trading, investment, cryptocurrency trading, and virtual assets.

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