Vietnam is taking a significant step toward regulating digital assets, with the Ministry of Finance tasked with drafting a resolution for a pilot virtual asset exchange.
The move, directed by Prime Minister Pham Minh Chinh, aims to create a legal and secure trading environment for both institutional and individual investors while ensuring state oversight and investor protection.
A Legal Framework for the Future of Digital Assets
In Official Dispatch 22, the Prime Minister outlined key priorities for improving Vietnam’s business environment, which include reducing administrative procedures and fostering digital economic growth. As part of these efforts, the Ministry of Finance will present its proposal in March, setting the foundation for a regulated virtual asset trading platform.
Under this pilot framework, the exchange will be operated by licensed enterprises, ensuring compliance with government regulations. The initiative marks Vietnam’s first step toward integrating digital assets into the national financial system, bringing the country in line with global trends in cryptocurrency regulation.
Industry Experts Welcome the Move
Speaking with Vietnam Insider, Ms. Lynn Hoang, Country Director of Binance Vietnam, described this development as a positive signal, demonstrating that Vietnamese authorities recognize the potential of digital assets and are committed to fostering innovation while mitigating risks.
“Digital assets are still a new and evolving sector worldwide. Establishing a clear legal framework will give Vietnam a competitive edge in the digital asset market while ensuring proper risk management. A well-defined regulatory environment will boost investor confidence and attract traditional financial players into the space, accelerating market maturity,” she stated.
Similarly, Mr. Duong Ngoc Dung, a veteran investor, emphasized that Vietnam’s approach aligns with global regulatory trends, particularly in developed markets where legal frameworks for crypto assets are already taking shape.
“The primary goal of regulation is to protect investors. Vietnam has witnessed numerous cryptocurrency scams due to the lack of legal recognition. Establishing a legal framework will provide much-needed protection and help authorities manage risks effectively,” he explained.
Beyond investor protection, Mr. Dung highlighted the growing influence of blockchain technology in Vietnam, stating that finding a balance between centralization and decentralization will be a key challenge for regulators.
A Shift Toward Transparent and Secure Digital Asset Management
At a recent government press conference, Deputy Minister of Finance Nguyen Duc Chi acknowledged that digital assets and cryptocurrencies present complex regulatory challenges, not just for Vietnam but for governments worldwide.
The upcoming resolution is expected to establish a transparent legal foundation, allowing Vietnam to regulate and harness the benefits of digital assets while ensuring their contribution to economic and social development.
With growing global interest in blockchain and digital finance, Vietnam’s pilot exchange could position the country as a leader in Southeast Asia’s digital asset ecosystem, fostering both investor confidence and innovation.
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Source: Vietnam Insider