As per the latest reports, the government of Vietnam has started issuing intimations and warnings for the citizens of the country. The government is now intimating all its citizens to ensure that they are vigilant when making investments in the cryptocurrency sector.
The ministry that has become extremely cautious about the cryptocurrency investment in Vietnam is the country’s finance ministry. According to the finance ministry, the cryptocurrency industry has grown huge in the past couple of years.
Although the industry has gained a lot of mainstream adoption, yet it is showing signs of unnatural growth. On one side, the industry has fast-tracking towards new rallies and market capitalization, yet there are possibilities that this growth is a bubble.
The ministry has stated that just like a bubble, there are possibilities that the cryptocurrency growth may burst at any time. When that happens, investors from all over the world will find themselves having the worst experience of their lives.
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Looking at the promising growth of the industry, investments from Vietnam have invested huge sums of money from their personal and company portfolios.
This is the reason why the cryptocurrency industry has crossed the $1 trillion benchmark right at the beginning of the year. However, the industry is still far from being regulated and the majority of the firms in the industry are making all the efforts to keep it that way.
That is the reason why there are always possibilities that the cryptocurrency industry may become preyed on its own traditions. Keeping all these factors in mind, the Vietnamese finance ministry has issued notifications to all cryptocurrency investors.
In the notifications, they have asked all the crypto-investors to be very vigilant with respect to their investments. They have asked them to not take any risks when it comes to investing money in cryptocurrencies.
The finance ministry of Vietnam has clearly stated that at present, the country has not come up with any legislation around the use of cryptocurrencies. Therefore, there is currently no clarity surrounding the exchange, trading, and issuance of virtual assets and virtual currencies.
The Vietnamese government has also reminded all the cryptocurrency investors in the country about the regulated cryptocurrency exchanges. The ministry has stated that at present, only two cryptocurrency exchanges in Vietnam as regulated.
The exchanges that are allowed to issue securities and provide cryptocurrency trading services to the locals are Hanoi Stock Exchange and Ho Chi Minh Stock Exchange.
The ministry has announced that in order to tackle the regulatory gap between the country’s legislation and crypto-compliance, they have dedicated a research group.
The responsibility of the group would be to keep a close check on the regulatory infrastructure surrounding the crypto-industry. Furthermore, the group would also ensure that the crypto-industry remains regulated until firm legislation is introduced by the country.