越南終於建立了一個監管沙箱，以吸引加密貨幣業務

儘管活動激增，但缺乏結構化的監管框架使該行業留在了合法的灰色區域

According to a recent report by the Ministry of Finance (MoF), Vietnam is set to become the second-largest cryptocurrency market in the world by user base, with approximately 21.2 per cent of the population engaging in digital assets.

根據財政部（MOF）的最新報告，越南將通過用戶群成為世界上第二大加密貨幣市場，約有21.2％的人口參與數字資產。

Despite this surge in activity, the absence of a structured regulatory framework has left the industry in a legal grey area, affecting the national treasury and investors.

儘管活動激增，但缺乏結構化的監管框架使該行業置於合法的灰色地區，影響了國家財政部和投資者。

The implications of this regulatory void are substantial. Without clear regulations, Vietnam has failed to collect taxes on crypto-related transactions, resulting in significant revenue losses.

這種法規空隙的含義是很大的。沒有明確的法規，越南未能就加密相關的交易收取稅收，從而造成了巨大的收入損失。

According to the National Cybersecurity Association, citizens lost an estimated $756 million to online scams in 2024 alone.

根據國家網絡安全協會的數據，僅2024年，公民就損失了7.56億美元的在線騙局。

Furthermore, the lack of investor protection has led to widespread fraud, with a recent case involving a large-scale Ponzi scheme defrauding over 18,000 investors out of $140 million over five years.

此外，缺乏投資者的保護導致了廣泛的欺詐行為，最近的案件涉及大規模的龐氏騙局計劃在五年內欺騙了1.4億美元的18,000多名投資者。

As a result of the regulatory uncertainty, many high-potential crypto startups have chosen to register in jurisdictions with more progressive policies, such as Singapore.

由於監管不確定性，許多高潛力的加密初創公司選擇在司法管轄區註冊，例如新加坡等進步政策。

Recognising the growing importance of cryptoassets in Vietnam’s economic future, the country’s top policymakers have called for urgent regulatory action.

該國最高的決策者呼籲採取緊迫的監管行動，認識到加密競技在越南經濟未來的重要性日益嚴重。

In February, Party General Secretary To Lam highlighted the need to regulate cryptocurrencies as virtual assets to mitigate economic and social risks while contributing to economic growth. He expressed support for establishing a regulatory sandbox to pilot controlled crypto trading platforms.

2月，LAM黨總書記強調了將加密貨幣作為虛擬資產進行調節的必要性，以減輕經濟和社會風險，同時促進經濟增長。他表示支持建立一個監管沙箱，以控制加密貨幣平台。

Following this, Prime Minister Pham Minh Chinh directed the MoF and the Ministry of Science and Technology to finalise policies on digital assets and a regulatory sandbox as soon as possible.

此後，總理Pham Minh Chinh指示MOF和科學技術部盡快確定數字資產和監管沙盒的政策。

Reinforcing this momentum, the PM issued a directive on March 1 prioritising the development of a legal framework for digital assets and cryptocurrencies, assigning the MoF and the State Bank of Vietnam to present a comprehensive framework by the end of this month.

加強了這一勢頭，總理於3月1日發布了一項指令，優先考慮開髮用於數字資產和加密貨幣的法律框架，並分配了MOF和國家銀行在本月底之前提出一個全面的框架。

Deputy Minister of Finance Nguyen Duc Chi has also announced that the MoF would soon propose a resolution for a regulated crypto trading platform, aiming to protect investors and enable businesses to legally issue digital assets for fundraising.

財政部長Nguyen Duc Chi還宣布，MOF很快將為受監管的加密貨幣交易平台提出決議，旨在保護投資者並使企業能夠合法地向數字資產頒發籌款資產。

A regulatory sandbox is a framework designed to facilitate controlled experimentation for innovative financial services. It allows businesses to test new models, such as blockchain-based payment systems or tokenised assets, under regulatory supervision.

監管沙箱是一個框架，旨在促進創新金融服務的受控實驗。它允許企業在監管監督下測試新模型，例如基於區塊鏈的支付系統或令牌資產。

The sandbox is structured to ensure that emerging technologies can be assessed and gradually integrated into the legal system without disrupting market stability or compromising consumer protection.

沙箱的結構是確保可以評估新興技術並逐漸整合到法律體系中，而不會破壞市場穩定性或損害消費者的保護。

For businesses, a sandbox provides legal boundaries and a structured environment for innovation. Without clear regulations, crypto and fintech companies face uncertainty, limiting their ability to develop and scale.

對於企業，沙箱提供了法律界限和創新的結構化環境。如果沒有明確的法規，加密和金融科技公司將面臨不確定性，從而限制了其發展和擴展的能力。

A sandbox addresses this challenge by establishing a temporary framework, allowing businesses to trial new financial services while regulators assess their market impact. This encourages responsible innovation while safeguarding consumer protection and financial security.

沙箱通過建立臨時框架來應對這一挑戰，使企業能夠在監管機構評估其市場影響的同時試用新金融服務。這鼓勵負責任的創新，同時維護消費者保護和財務安全。

Vietnam has previously attempted to introduce sandbox regulations over the past five years, but none were officially adopted. The 2024 draft notably excluded blockchain-related businesses, reflecting a more cautious stance.

越南此前曾試圖在過去五年中引入沙盒法規，但沒有正式採用。 2024年草案特別排除了與區塊鏈有關的企業，這反映了更加謹慎的立場。

However, in early 2025, a National Assembly draft resolution on establishing financial centres in Vietnam proposed a sandbox framework for fintech business models, explicitly including crypto trading platforms and tokenised assets. This marks a significant policy shift, laying the groundwork for Vietnam to develop a progressive digital asset economy under regulatory oversight.

但是，在2025年初，國民議會關於在越南建立金融中心的決議草案提出了針對金融科技商業模式的沙盒框架，明確包括包括加密貨幣交易平台和標記資產。這標誌著一個重大的政策轉變，為越南在監管監督下發展漸進的數字資產經濟奠定了基礎。

Vietnam’s regulatory sandbox must strike a balance between national growth and risk management. The regulations are expected to create a structured yet flexible environment for the digital asset economy, ensuring market stability while fostering growth, investment, and compliance as cryptoassets continue to evolve.

越南的監管沙箱必須在國家增長與風險管理之間取得平衡。預計該法規將為數字資產經濟創造一個結構化但靈活的環境，確保市場穩定性，同時隨著加密貨幣的不斷發展，促進增長，投資和合規性。

Establishing a legal framework for innovation in a rapidly changing technological landscape is crucial. Clear and adaptive regulations are essential to fostering technological advancement. The sandbox should enable crypto trading platforms, blockchain-based financial services, and tokenised assets to operate transparently under regulatory supervision, strengthening market integrity and investor confidence.

在快速變化的技術環境中建立創新的法律框架至關重要。明確而適應性的法規對於促進技術進步至關重要。沙箱應啟用加密交易平台，基於區塊鏈的金融服務和令牌資產，以在監管監督下透明地運營，增強市場完整性和投資者的信心。

In addition, cryptoassets offer new channels for fundraising and investment. The sandbox should facilitate initial coin offerings and tokenised securities, allowing Vietnamese businesses to access global funding streams and supporting the expansion of fintech enterprises and startups.

此外，CryptoAssets為籌款和投資提供了新的渠道。沙箱應促進初始的硬幣產品和令牌證券，使越南企業能夠訪問全球資金流並支持金融科技企業和初創公司的擴展。

With millions of Vietnamese already engaging in crypto trading, robust investor protection is crucial. The sandbox should incorporate strict anti-fraud measures, cybersecurity standards, and investor education initiatives to safeguard participants and promote informed decision-making.

由於數百萬越南人已經從事加密貨幣交易，因此強大的投資者保護至關重要。沙箱應納入嚴格的反欺詐措施，網絡安全標準以及投資者教育計劃，以保護參與者並促進明智的決策。

Moreover, to encourage greater participation, the regulatory sandbox should offer temporary exemptions, such as relaxed requirements, market access flexibility, and reduced compliance burdens, allowing firms to test innovative financial services with lower entry barriers.

此外，為了鼓勵更多的參與，監管沙箱應提供臨時豁免，例如放鬆的要求，市場訪問靈活性和降低合規負擔，使公司能夠以較低的入境障礙測試創新的金融服務。

Tax incentives and government-backed funding can further attract fintech firms, fostering a thriving and competitive digital asset ecosystem.

稅收優惠和政府支持的資金可以進一步吸引金融科技公司，從而促進蓬勃發展且競爭激烈的數字資產生態系統。

Vietnam stands at a crucial turning point. The digital asset market has outpaced the country’s existing regulatory framework, resulting in missed economic opportunities, heightened financial risks, and capital flight to more crypto-friendly jurisdictions.

越南站在一個關鍵的轉折點。數字資產市場已經超過了該國現有的監管框架，從而導致經濟機會錯過，增加了財務風險和資本飛行，以實現更友好的加密友好司法管轄區。

However, recent directives from Vietnam’s leadership demonstrate a strong commitment to establishing a comprehensive legal structure for digital assets.

但是，越南領導層的最新指示表明，致力於建立數字資產的全面法律結構。

By drawing inspiration from market leaders that have successfully implemented regulatory

通過從成功實施監管的市場領導者那裡汲取靈感