Vietnam is drafting regulations for digital assets and currency. Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to develop regulations on digital assets, with a proposal expected to be completed by March. This move is in line with Directive No. 05, aimed at driving economic growth of at least 8% by 2025.
🚨 Vietnam Moves Toward #Crypto Regulations! 🇻🇳💰#Vietnam's Prime Minister has ordered the Ministry of Finance & Central Bank to draft a digital asset framework, with a proposal expected by March. 📜 🔹 Goal: Boost economic growth to 8% by 2025 🚀 🔹 Vietnam ranks among the… pic.twitter.com/liLUhaZAbL
According to the new resolution, the Ministry of Finance is tasked with finalizing legal proposals on digital assets in coordination with other agencies. Meanwhile, the Ministry of Planning and Investment is gathering public feedback on a draft resolution for a regional and international financial center in Vietnam. This resolution includes a "sandbox" policy allowing fintech companies, including Bit trading platforms, to operate under regulatory supervision. Transactions at this financial center will commence on July 1, 2026.
The draft Digital Technology Industry Law, currently seeking public input, officially introduces digital assets as a digital technology product. The Ministry of Finance will oversee regulations and licensing for digital asset service providers, ensuring compliance and security.
Vietnam's Thriving Crypto Market
Despite the lack of regulations, Vietnam has emerged as a global leader in Bit adoption. The 2024 Chainalysis report ranks Vietnam 5th in global Bit interest, 3rd in the use of international trading platforms, and 6th in decentralized trading volume. The country has 17 million digital asset owners, and the Bit market is worth over $100 Billion. However, the absence of regulations has led to a large underground Bit economy.
According to Tran Huyen Dinh, Chairman of the Digital Asset - Fintech Committee, Vietnam could generate over $800 million annually by applying a 0.1% tax on digital asset transactions, similar to securities trading. Bit exchanges currently charge transaction fees ranging from 0.01-0.8%, which could contribute to the economy while improving market oversight and investor protection.
Addressing Legal Gaps and Risks
However, Nguyen Duy Hung, Chairman of Saigon Securities Holding, warns that without regulations, businesses and investors still risk fraud and cybercrime. A transparent legal framework is necessary to build trust and protect market participants.
Lawyer Pham Ba Do from SJKLAW Office cautions that without clear regulations, fraud cases in the digital asset space will continue to rise. He argues that Vietnam needs to clearly define what Bits are and how they can be used. While they may be used for some transactions, they should not replace traditional currency.
He also emphasizes the need to properly manage Bit exchanges. Currently, many types of digital currencies are created without any real underlying, making them risky for investors. Stricter regulations would help prevent fraud, ensure the true value of digital assets, and protect people from financial losses.
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Vietnam is drafting regulations for digital assets and currency. Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to develop regulations on digital assets, with a proposal expected to be completed by March. This move is in line with Directive No. 05, aimed at driving economic growth of at least 8% by 2025.
