越南终于建立了一个监管沙箱，以吸引加密货币业务

尽管活动激增，但缺乏结构化的监管框架使该行业留在了合法的灰色区域

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.

根据财政部（MOF）的最新报告，越南将通过用户群成为世界上第二大加密货币市场，约有21.2％的人口参与数字资产。

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.

尽管活动激增，但缺乏结构化的监管框架使该行业置于合法的灰色地区，影响了国家财政部和投资者。

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.

这种法规空隙的含义是很大的。没有明确的法规，越南未能就加密相关的交易收取税收，从而造成了巨大的收入损失。

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

根据国家网络安全协会的数据，仅2024年，公民就损失了7.56亿美元的在线骗局。

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，缺乏投资者的保护导致了广泛的欺诈行为，最近的案件涉及大规模的庞氏骗局计划在五年内欺骗了1.4亿美元的18,000多名投资者。

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.

由于监管不确定性，许多高潜力的加密初创公司选择在司法管辖区注册，例如新加坡等进步政策。

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

该国最高的决策者呼吁采取紧迫的监管行动，认识到加密竞技在越南经济未来的重要性日益严重。

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党总书记强调了将加密货币作为虚拟资产进行调节的必要性，以减轻经济和社会风险，同时促进经济增长。他表示支持建立一个监管沙箱，以控制加密货币平台。

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.

此后，总理Pham Minh Chinh指示MOF和科学技术部尽快确定数字资产和监管沙盒的政策。

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.

加强了这一势头，总理于3月1日发布了一项指令，优先考虑开发用于数字资产和加密货币的法律框架，并分配了MOF和国家银行在本月底之前提出一个全面的框架。

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.

财政部长Nguyen Duc Chi还宣布，MOF很快将为受监管的加密货币交易平台提出决议，旨在保护投资者并使企业能够合法地向数字资产颁发筹款资产。

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.

监管沙箱是一个框架，旨在促进创新金融服务的受控实验。它允许企业在监管监督下测试新模型，例如基于区块链的支付系统或令牌资产。

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.

沙箱的结构是确保可以评估新兴技术并逐渐整合到法律体系中，而不会破坏市场稳定性或损害消费者的保护。

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.

对于企业，沙箱提供了法律界限和创新的结构化环境。如果没有明确的法规，加密和金融科技公司将面临不确定性，从而限制了其发展和扩展的能力。

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.

沙箱通过建立临时框架来应对这一挑战，使企业能够在监管机构评估其市场影响的同时试用新金融服务。这鼓励负责任的创新，同时维护消费者保护和财务安全。

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.

越南此前曾试图在过去五年中引入沙盒法规，但没有正式采用。 2024年草案特别排除了与区块链有关的企业，这反映了更加谨慎的立场。

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，国民议会关于在越南建立金融中心的决议草案提出了针对金融科技商业模式的沙盒框架，明确包括包括加密货币交易平台和标记资产。这标志着一个重大的政策转变，为越南在监管监督下发展渐进的数字资产经济奠定了基础。

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.

越南的监管沙箱必须在国家增长与风险管理之间取得平衡。预计该法规将为数字资产经济创造一个结构化但灵活的环境，确保市场稳定性，同时随着加密货币的不断发展，促进增长，投资和合规性。

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.

在快速变化的技术环境中建立创新的法律框架至关重要。明确而适应性的法规对于促进技术进步至关重要。沙箱应启用加密交易平台，基于区块链的金融服务和令牌资产，以在监管监督下透明地运营，增强市场完整性和投资者的信心。

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为筹款和投资提供了新的渠道。沙箱应促进初始的硬币产品和令牌证券，使越南企业能够访问全球资金流并支持金融科技企业和初创公司的扩展。

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.

由于数百万越南人已经从事加密货币交易，因此强大的投资者保护至关重要。沙箱应纳入严格的反欺诈措施，网络安全标准以及投资者教育计划，以保护参与者并促进明智的决策。

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，为了鼓励更多的参与，监管沙箱应提供临时豁免，例如放松的要求，市场访问灵活性和降低合规负担，使公司能够以较低的入境障碍测试创新的金融服务。

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

税收优惠和政府支持的资金可以进一步吸引金融科技公司，从而促进蓬勃发展且竞争激烈的数字资产生态系统。

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.

越南站在一个关键的转折点。数字资产市场已经超过了该国现有的监管框架，从而导致经济机会错过，增加了财务风险和资本飞行，以实现更友好的加密友好司法管辖区。

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

但是，越南领导层的最新指示表明，致力于建立数字资产的全面法律结构。

By drawing inspiration from market leaders that have successfully implemented regulatory

通过从成功实施监管的市场领导者那里汲取灵感