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Vietnam is taking significant steps to regulate its cryptocurrency market, recognizing the growing influence of digital assets in the country. With one of the highest crypto adoption rates in the world, the government is now working towards establishing a clear legal framework for the sector. Prime Minister Phạm Minh Chính has instructed key financial institutions to draft regulations, signaling Vietnam’s commitment to overseeing and integrating digital assets into its financial system.
Government’s Directive for Crypto Regulations
- The Ministry of Finance and the State Bank of Vietnam have been tasked with developing a draft legal framework for cryptocurrencies within this month.
- The directive is part of Resolution No. 27/NQ-CP, which focuses on creating formal regulations for digital assets.
- Collaboration with relevant agencies and local authorities is underway to ensure a structured approach to crypto oversight.
Fintech Sandbox and Financial Center Plans
- The Ministry of Planning and Investment is collecting public feedback on a proposal to establish a regional and international financial center in Vietnam.
- A key feature of this proposal is a regulatory sandbox, designed to support fintech innovations, including cryptocurrency exchanges and digital assets.
- If approved, crypto-related transactions within the sandbox could begin as early as July 1, 2026.
Recognition of Digital Assets in Vietnamese Law
- The Ministry of Information and Communications has introduced the concept of “digital assets” in its draft Law on Digital Technology Industry.
- This marks the first time digital assets are formally recognized in Vietnamese legislation.
- The Ministry of Finance will take the lead in setting up regulations to oversee digital assets and related service providers.
Vietnam’s Strong Crypto Adoption
- Vietnam has been a global leader in crypto adoption, ranking among the top three countries in 2021 and 2022 for cryptocurrency ownership.
- According to Chainalysis, Vietnam ranks:
- 5th globally in interest in digital assets
- 3rd in usage of international trading platforms
- 6th in decentralized exchange trading volume
- An estimated 17 million Vietnamese citizens hold cryptocurrencies, with a total market value exceeding $100 billion.
Potential Economic Impact and Taxation
- Experts highlight the significant tax revenue potential of digital asset regulation.
- A 0.1% tax on crypto transactions (similar to securities tax) could generate over $800 million annually for the state.
- Proper regulation would also ensure better investor protection, transaction monitoring, and economic benefits from trading fees.
Conclusion
Vietnam is rapidly moving towards regulating its cryptocurrency market, ensuring that digital assets are integrated into its financial system with proper oversight. With clear government directives, industry backing, and a strong user base, the country is set to become a major player in the regulated crypto economy. If executed well, these regulations could strengthen investor confidence and establish Vietnam as a leader in the digital asset space.
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
