HCMC – The Ministry of Finance is set to issue a resolution this month concerning digital assets and cryptocurrencies, which includes plans to pilot a digital currency exchange, according to Deputy Minister Nguyen Duc Chi.
At a press conference held by the Government Office today, March 5, Deputy Minister Chi discussed the development of a legal framework for managing digital assets and cryptocurrencies.
He noted that this is a complex issue faced by many countries, and Vietnam is working to set out regulations to enhance transparency and bolster socio-economic growth.
“Recognizing the practical significance of this matter, the Prime Minister has directed the development of a legal framework for activities related to digital assets in Vietnam,” Chi said.
The upcoming resolution will include plans for piloting a digital currency exchange, aiming to provide investors, businesses, and individuals in Vietnam with access to a state-licensed trading platform while ensuring legal protection for all participants.
The Government has tasked the Ministry of Finance with leading and collaborating with relevant ministries and agencies to draft regulations that enable enterprises and organizations in Vietnam to issue digital assets as a means of raising capital.
The new legal framework is anticipated to align Vietnam with global and regional trends in virtual and digital assets, preventing the country from falling behind in this emerging sector.
Currently, widely recognized digital assets such as Bitcoin and Ethereum have yet to be officially defined under Vietnamese law. Existing regulations only acknowledge electronic money linked to fiat currencies, such as prepaid bank cards and e-wallets.
The absence of a clear legal framework has led many Vietnamese businesses to register in countries like Singapore and the U.S. while operating in Vietnam, resulting in lost competitive advantages, tax revenue, and transaction transparency.
