HCMC – The State Securities Commission of Vietnam (SSC) has signed a letter of intent (LOI) with the Monetary Authority of Singapore (MAS) to strengthen regulatory capacity in digital asset management in Vietnam.
The signing ceremony took place in the presence of Vietnam’s Party General Secretary To Lam and Singaporean Prime Minister Lawrence Wong during the former’s visit to Singapore from March 11 to 13.
The LOI aims to facilitate the exchange of information on regulatory frameworks for capital markets and digital assets, promote best practices in anti-money laundering and counter-terrorism financing, and enhance supervision and regulatory capacity in digital asset management.
Lim Tuang Lee, MAS assistant managing director (Capital Markets Group), said that the agreement reflects MAS’s commitment to supporting Vietnam in maintaining the integrity and stability of capital markets while fostering cross-border financial connectivity.
Earlier, the Vietnamese Prime Minister directed the Ministry of Finance to collaborate with the State Bank of Vietnam in finalizing a draft resolution on the pilot management of digital currency.
Beyond establishing a legal framework, the Ministry of Finance is also preparing a pilot program for a digital currency exchange managed by a state-licensed enterprise, ensuring regulatory oversight and protecting participants’ rights.
Currently, Vietnam lacks a clear legal definition of digital money or digital assets, with existing regulations covering only electronic money linked to fiat currency, such as prepaid cards and e-wallets.
Despite the regulatory gap, Vietnam ranks second among the top 10 countries with the highest percentage of the population owning digital currency, according to data from electronic payment platform Triple-A.
