Dunamu, the operator of South Korea's Upbit exchange, will assist Military Bank (MB) in establishing a cryptocurrency exchange in Vietnam. They will also collaborate on developing regulations, systems, and investor protection mechanisms related to digital assets.

More than one cryptocurrency exchange will be piloted to foster competition, but the number will be limited due to the novelty of the field, according to the deputy minister of finance.

The draft resolution on piloting the digital asset market is being finalized and is expected to be submitted to the government in August, according to To Tran Hoa, deputy head of the Securities Market Development Department.

The Ministry of Finance proposes a 0.1% tax on the transfer value of each digital and crypto asset transaction, similar to securities.

Reduced miner activity, long-term holding, and rising prices contribute to a shrinking bitcoin supply.

Dragon Capital Vietnam's CEO emphasizes the need for a legal framework that instills confidence in digital token investment, similar to buying gold.

Vietnam will establish an international financial center in Ho Chi Minh City and Da Nang, featuring regulated testing of digital assets and a fintech sandbox, according to a National Assembly resolution.