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Vietnam issued regulations for e-wallets, cryptocurrency

Non-cash payments in Vietnam, for example cryptocurrency, will now be regulated by the State Bank of Vietnam through Decree 52. Specifically, the decree regulates e-wallets which are used to store digital currencies. It officially permits financial institutions to offer these services but also requires e-wallet service providers to maintain funds sufficient to cover the total value of the assets stored in e-wallets. 

Authorities in Vietnam have been talking about regulating cryptocurrency for some time. Definitive regulations, however, have been somewhat elusive with parties engaged in the cryptocurrency trade relying on a patchwork of other regulations–digital payments guidelines, for example, to guide the industries development.

That said, this new Decree seems to mostly open up the market to local firms rather than address the exiting cryptocurrency ecosystem that exists mostly as cross border trade.

Update May 27: The State Bank has since clarified that Decree 52 will not apply to cryptocurrencies.

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