Vietnam’s Deputy Prime Minister Le Minh Khai has instructed agencies in the country to build a legal framework for the digital asset market.

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The deputy prime minister has instructed the Ministry of Finance to assume the prime responsibility for developing a legal framework for the crypto market. The ministry will identify specific legal documents that need to be amended or supplemented to regulate the crypto market.

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According to a recent report from local news outlet Vietnamnet, the project will research and identify “the nature of virtual assets, electronic money and virtual money according to foreign experience and Vietnamese practice; the relationship with real assets, real money; and the role of virtual assets, electronic money, virtual money and the impact of virtual assets, electronic money, virtual money on the law.”

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This comes after Vietnam's central bank banned the use of Bitcoin and other cryptocurrencies as means of payment in 2017. The framework will be created in accordance with Decision 1255, issued by the Vietnamese prime minister in August 2017, approving plans to develop a legal framework for “virtual assets, digital currencies, and virtual currencies.”

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