Establishing legal frameworks on cryptocurrency of the United States and El Salvador

Abstract

Cryptocurrency is becoming an indispensable part of the global financial system, bringing with it unique benefits while also presenting distinct challenges. Vietnam is not an exception. However, Vietnam’s current lack of a clear regulatory framework for cryptocurrencies leads to difficulties in managing and developing cryptocurrencies. The experiences of the United States and El Salvador, two countries with different legal systems and approaches in establishing legal frameworks for cryptocurrencies but both being successful, can assist Vietnam in building a safe legal environment and promoting sustainable development for cryptocurrency. This article clarifies Vietnam’s needs to establish a regulatory framework for cryptocurrencies, outlines the legal provisions of the United States and El Salvador on cryptocurrencies, and presents arguments for why Vietnam should recognise cryptocurrencies as assets.