Vietnam Plans to Pilot a Digital Asset Exchange in March

Deputy Finance Minister Nguyen Duc Chi announced that the country will pilot a digital asset exchange in March.

Vietnam is making notable progress in establishing a regulatory framework for digital assets, with plans to pilot a digital asset exchange in March, announced Nguyen Duc Chi, the country’s Deputy Finance Minister.

The ‘trading floor’ of the proposed exchange will be organized and operated by units licensed by the state to ensure the protection of participants’ rights, according to a report by Vietnamnet.

Both the Vietnamese Ministry of Finance and the State Bank have been examining a framework for regulating and managing digital currencies, said Chi, adding that Prime Minister Pham Minh Chinh has mandated the unveiling of this framework in March.

“The Ministry of Finance has been assigned to report to the government in March to issue a resolution allowing the pilot operation of digital currency and virtual currency exchanges,” the Deputy Finance Minister said.

Chinh’s directive, part of Directive No. 05, aims to drive economic growth to at least 8% by 2025. As previously reported by Bitcoin.com News, Vietnam was initially planning to unveil the framework in May, but Chi stated that this timeline was moved up to align with other countries.

Meanwhile, the Deputy Finance Minister disclosed that his ministry has been tasked with developing regulations that would permit Vietnamese enterprises to issue virtual assets with the aim of mobilizing financial resources.

This initiative, said Chi, would help businesses keep pace with the emerging trend of virtual assets, allowing them to contribute to economic development and support the government’s growth goals.

Despite the absence of a regulatory framework for cryptocurrencies, Vietnam has emerged as one of the leading countries in Southeast Asia in terms of crypto adoption.

However, a recent report by Vietnamnet highlighted a surge in cases of local residents falling victim to crypto fraud schemes in 2023, further emphasizing the urgent need for a regulatory framework.

The early implementation of a legal framework will enable businesses to access capital from banks, providing them with the necessary funds for investment, the report noted.