The war against cryptocurrency use is continuing its campaign in Vietnam, as financial regulators have swung into action in a determined move to stop crypto- related activities in all essence. Those directly involved in this round of regulatory crackdown at this time, are companies and institutions who have the intention of participating in cryptocurrency assets trading on the digital currency markets.
Consequently, a reasonable number of firms have been barred from getting themselves involved in activities that have anything to do with cryptocurrencies; and for as long as they intend to continue their company operations in the country. The announcement has since been issued out in a special press release published by the Vietnamese state news agency, and every method has now been put in place to ensure that the instructions are obeyed. This development further heightens the amounts of threats and pressure that have been dished out, and which directly affects the survival of the Asian cryptocurrency market.
To see to the effective execution of this regulatory order is the States Securities Commision (SSC). The Commission has overall responsibility of monitoring and ensuring the well-being of the Vietnamese financial and equity market entities in the country. In this its recent activities, the SSC acts on the Directive No 10/CT-TTg which was issued in an official statement by the country’s Prime Minister.
According to the gathered information, the directive is aimed at managing and controlling to a reasonable extent, activities revolving around the use of Bitcoin and the other altcoins.
What The Future Holds For Cryptocurrency Use In Asia As A Whole
Based on observable trends, the new regulatory move as implemented by the Vietnamese government follows earlier decisions as implemented by other countries such as Korea, and China. While some of these countries only implemented cryptocurrency use restrictions, others have come out bold to put an absolute ban order on the use of digital currencies.
The Vietnamese regulatory methods are unique, in the sense that the countries restrictions are targeted at companies and industries, hence preventing them from accessing possible profits that accrue to crypto use and investments.
All of these events come at a time when the acceptance and adoption of cryptocurrencies in the U.S. and some part of Europe, are beginning to come on the rise massively. This leaves questions as what advantage this would have on the restriction enacting countries, especially shortly.