The Government of Viet Nam is promoting the development of a legal framework to manage digital assets and digital currencies in order to create a more transparent and favorable environment for businesses and investors. According to the new request from Prime Minister Pham Minh Chinh, the Ministry of Finance will coordinate with the State Bank of Viet Nam to propose and submit the legal framework for digital currencies by March 2025. Currently, Viet Nam does not have a specific definition of virtual assets and cryptocurrencies such as Bit, Block, TRON, ETH, HT, XEM, ONT, RON, and ONG, while the current regulations mainly revolve around electronic money linked to fiat currency, such as e-wallets and bank prepaid cards. The lack of a clear legal framework has led many businesses to choose to register in countries like Singapore and the US before operating in Viet Nam, reducing their competitiveness and causing tax losses. In addition, users also face risks due to the lack of regulations to protect their rights in digital asset transactions. Experts say that establishing a management mechanism, including the identification and valuation of digital assets, will help businesses easily access bank capital, promote investment, and sustainable development. Previously, the Prime Minister had directed the Ministry of Finance and the Ministry of Science and Technology to research and develop policies related to digital assets and regulatory sandboxes in this field, expected to be completed in the second quarter of 2025. This is seen as an important step in creating a clear legal environment to support the healthy development of the digital asset market in Viet Nam. Also Read: Prime Minister Pham Minh Chinh requires regulations on digital assets to be issued at the latest in the second quarter of 2025 to promote investment