Key Notes
- Vietnam plans a pilot project for a cryptocurrency exchange.
- The government is working on legal frameworks for digital assets.
- 17 million people in Vietnam own digital assets, with a market value exceeding $100 billion.
During a press briefing on March 5 in Hanoi, Deputy Minister of Finance Nguyen Duc Chi revealed that the Ministry of Finance (MoF) will propose a resolution this month to roll out a pilot project for establishing and operating a digital asset and cryptocurrency exchange.
The planned exchange will serve as a platform for individuals, organizations, and investors to trade and manage virtual assets.
Addressing the Challenges of Digital Assets and Cryptocurrencies
The Deputy Minister of Finance pointed out that handling digital assets and cryptocurrencies is a new and complicated issue, not just in Vietnam but globally. This comes as countries like the U.S. are taking steps toward clearer regulation, with President Trump hosting the first crypto summit at the White House on March 7th.
Vietnam, along with other nations, is in the process of researching how to create legal structures and operational models that will guarantee transparency while promoting economic growth.
Earlier this month, the Prime Minister and the Government Standing Committee led discussions to assess reports from the MoF and other ministries on digital assets, cryptocurrencies, and the progress in developing related legal frameworks.
The state will ensure the protection of the rights and interests of individuals and organizations engaged in the digital asset market, according to Chi.
Vietnam’s Growing Interest in Digital Assets
The Prime Minister has assigned the Ministry of Finance (MoF) to take charge of working alongside relevant ministries, agencies, and organizations to establish legal frameworks. These frameworks will allow Vietnamese businesses to issue virtual assets for raising capital to support their production and business ventures.
This move is designed to boost economic development and help Vietnam stay aligned with global and regional advancements in the management of digital assets.
He noted that these are key areas where Vietnam can make strides and avoid falling behind in the digital asset sector.
According to data from Chainalysis , a blockchain research firm based in the US, Vietnam ranked fifth globally for its interest in digital assets last year. It also placed third in the use of international trading platforms and sixth in terms of trading volume on decentralized exchanges.
Currently, 17 million people in Vietnam own digital assets, with the overall market value exceeding $100 billion. The rise of informal trading in digital assets has led to a significant underground economy.
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