Vietnam’s Ministry of Finance is scheduled to propose a legal framework for digital assets and cryptocurrency this month.
According to local media, part of the framework includes a pilot programme for the digital currency exchange of national licenses, Deputy Minister Nguyen Duc Chi announced at a government press conference.
The move comes as Prime Minister Pham Minh Chinh has urged regulators to establish clear guidelines for managing digital assets.
The Ministry of Finance and the Vietnam State Bank are working on a framework aimed at balancing innovation and investor protection.
You might like it too: Why is XRP pumping in 2025?
Chi said the proposed exchange would allow individuals and businesses to trade digital assets under state supervision, ensuring legal protection and reducing risk. Additionally, the government is seeking regulations to allow Vietnamese companies to issue virtual assets as a means of financial mobilization.
Vietnam currently has no formal legal definitions of digital assets and cryptocurrencies, so many blockchain businesses are now enrolled overseas.
There is no clear regulation, which limits tax revenue losses and monitoring of the domestic market.
According to chain analysis, Vietnam ranks among the top three countries in digital assets in 2023, with 21% of its population holding crypto, seeing an influx of $120 billion in digital assets. The proposed regulatory framework aims to leverage this growing sector while reducing risk.
You might like it too: Bitcoin’s open interest shows a 4-month low mark due to persistent volatility
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
