Last month, the prime minister requested the Ministry of Finance to submit a draft resolution on piloting the cryptocurrency market. At the government's press conference on 7/8, Deputy Minister of Finance Nguyen Duc Chi stated that this is a new and globally uncommon field, requiring careful development and safe, sustainable implementation in Vietnam.
The Ministry of Finance has nearly finalized the proposal and will submit it to the government. The government has reported to higher authorities, seeking approval for the pilot. It is expected that the government will issue regulations for piloting the cryptocurrency market in Vietnam this month, after receiving approval from the relevant authorities.
Regarding the number of participating exchanges, Deputy Minister Nguyen Duc Chi said, "There will definitely be more than one exchange" to ensure competition. However, the regulator will not grant many licenses due to concerns about evaluation difficulties after the pilot period.
Mr. Chi added that the Ministry of Finance will establish criteria, conditions, and standards for information technology, financial capacity, and expertise for organizations wishing to provide these services. The ministry also plans to encourage private sector participation, in line with Resolution 68 on private sector development.
Meanwhile, experts recommend that digital assets traded on this pilot exchange should have large capitalization, good liquidity, and a large investor community.
According to the Law on Digital Technology Industry, cryptocurrencies are digital assets using encryption or other digital technologies for verification during creation, issuance, storage, and transfer.
However, legal frameworks for managing these assets during transactions and ownership transfers, as well as tax obligations related to digital assets, are currently lacking. Therefore, at the question-and-answer session in June, the National Assembly requested a complete legal framework for piloting the cryptocurrency market soon.
The Vietnam Blockchain Association (VBA), citing data from Chainalysis, reports that blockchain market capital inflows to Vietnam from 2023-2024 reached over 105 billion USD, generating nearly 1.2 billion USD in profit (2023). According to a 2024 Triple-A report, over 20% of the Vietnamese population owns cryptocurrency. Vietnam is also among the top three countries in the crypto adoption index according to Chainalysis, with a prevalence 3-4 times higher than the global average.
Phuong Dung
