Vietnam to Test State-Supervised Digital Asset Trading Platform

This month, Vietnam’s Ministry of Finance plans to unveil a regulatory framework for cryptocurrencies and digital assets. According to local media, Deputy Minister Nguyen Duc Chi acknowledged at a recent government news conference that the proposal includes a pilot program for a state-licensed digital currency exchange.

This move comes after Prime Minister Pham Minh Chinh called for more precise rules to properly manage digital assets. The State Bank of Vietnam and the Ministry of Finance are developing a framework that protects investors while encouraging innovation.

State-Supervised Exchange and Legal Clarity

Under the proposed plan, individuals and businesses would be able to trade digital assets through a government-regulated exchange. Chi emphasized that this oversight would provide legal protection and minimize risks associated with crypto transactions. Additionally, authorities are considering allowing Vietnamese enterprises to issue virtual assets as a tool for financial mobilization.

Currently, Vietnam lacks clear legal definitions for digital assets and cryptocurrencies. This regulatory gap has forced many blockchain companies to register abroad, limiting market oversight and resulting in lost tax revenue.

Despite the absence of regulations, Vietnam remains a global leader in cryptocurrency adoption. A report from Chainalysis revealed that the country recorded $120 billion in digital asset inflows in 2023. With 21% of its population holding crypto, Vietnam ranks among the top three nations for digital asset ownership.

The proposed framework aims to harness the country’s growing crypto sector while addressing regulatory uncertainties. By introducing clear guidelines and a state-licensed exchange, Vietnam seeks to foster innovation while ensuring financial stability and investor protection.