Vietnam Plans Legal Framework for Crypto Market Rules

The Ministry of Finance, together with the State Bank of Vietna,m conducts active evaluation of digital asset management processes.

Vietnam is making progress in regulating digital assets and cryptocurrencies.

The Ministry of Finance, together with the State Bank of Vietnam, has been actively evaluating the procedures for managing digital assets. Prime Minister Pham Minh Chinh instructed these ministries to propose official guidelines by the end of this month.

Governments around the world are realizing that cryptocurrencies can be key to economic growth. The Southeast Asian nation is moving in this direction with the development of legal procedures for the emerging sector.

"The matter of digital assets is complicated, new, and needs to be paid more attention to," Deputy Minister of Finance Nguyen Duc Chi said during a press conference on March 5.

"Many countries are investing in finding the best way to make cryptocurrency regulations transparent. The Vietnamese government aims to build a perfect system for managing digital assets that will serve to stimulate the national economic expansion."

This week, the Government Standing Committee met to discuss the pressing need for a legal framework. The Prime Minister urged government officials to finalize the procedures without further delay.

"The Ministry of Finance plans to report governmental regulations on digital currency to the government by March," Mr. Chi stated.

"If the authorities approve a resolution, then the pilot operation of digital currency exchanges can begin."

These exchanging platforms will be established and maintained by authorized units. Investors entering this new market will be protected by the State and enjoy legal benefits.

Vietnam Focused on Blockchain Tech

The Southeast Asian nation has highlighted blockchain technology as one of its priorities. On October 22, the government unveiled its National Blockchain Strategy.

The national blockchain strategy envisions positioning Vietnam as the leading blockchain technology nation in Asia by 2030. This strategic goal involves constructing blockchain platforms and aiming to establish 20 major blockchain companies by 2025.

Currently, the Ministry of Finance is developing regulations to enable Vietnamese businesses to issue virtual assets. This initiative is intended to assist businesses in raising financial resources, keep pace with global trends, and contribute to economic growth.