Le Minh Khai, Vietnamese Deputy Prime Minister, instructed three ministries (the Ministries of Finance, Justice, and Information & Communications) last week to work with the State Bank of Vietnam and other relevant bodies in order to create a legal framework for cryptocurrencies. The framework will be built according to the prime minister’s Decision 1255, issued on Aug. 21, 2017, which approves a development plan for a legal framework for virtual assets, digital currencies, and virtual currencies.

There has been significant growth in crypto ownership in Vietnam in the past several years. Currently, over 5.9 million people (6.1% of the population) own cryptocurrency, according to research by Triple A.