On 15 May 2024, the Government of Vietnam issued Decree No.
52/2024/ND-CP ("Decree 52"), which
replaces Decree No. 101/2012/ND-CP ("Decree
101"). Decree 52 has officially taken effect from 01
July 2024.
Decree 52 introduces several amendments to Decree 101 that are
aimed at improving legal regulations on electronic money (e-money)
to prevent and combat illegal activities in related fields.
Additionally, Decree 52 seeks to promote efficiency, transparency,
and updateability in non-cash payment services.
This legal update will highlight the notable provisions of
Decree 52 compared to Decree 101.
1. Introductions of new concepts
1.1 Definition of electronic money
Decree 52 introduces a precise definition of e-money and
provides its comprehensive framework, differentiating it clearly
from virtual currencies. Under Decree 52, e-money is defined as the
monetary value in Vietnamese Dong stored on electronic means (i.e.,
electronic wallets and prepaid cards)
