Vietnam is taking significant steps to establish a regulatory framework for digital assets. Deputy Finance Minister Nguyen Duc Chi announced that the country will pilot a digital asset exchange in March.
Vietnam to Pilot Digital Asset Exchange in March, Says Deputy Finance Minister
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Vietnam Seeks to Align With Countries Embracing Crypto
Vietnam’s Deputy Finance Minister Nguyen Duc Chi has announced that the country plans to pilot a digital asset exchange in March. He stated that the “trading floor” of the proposed exchange will be organized and operated by units licensed by the state to ensure the protection of participants’ rights.
According to a local report, both the Vietnamese Ministry of Finance and the State Bank have been examining a framework for regulating and managing digital currencies. Chi mentioned that Prime Minister Pham Minh Chinh has mandated the unveiling of this framework this month.
“The Ministry of Finance has been assigned to report to the government in March to issue a resolution allowing the pilot operation of digital currency and virtual currency exchanges,” the Deputy Finance Minister said.
Chinh’s directive, part of Directive No. 05, aims to drive economic growth to at least 8% by 2025. As reported by Bitcoin.com News, Vietnam initially planned to unveil the framework in May, but Chi indicated that this timeline was moved up to align with other countries seeking to embrace cryptocurrencies.
Meanwhile, the Deputy Finance Minister disclosed that his ministry has been tasked with developing regulations that would allow Vietnamese enterprises to issue virtual assets to mobilize financial resources. He stated that this initiative would help businesses keep pace with the growing trend of virtual assets, contribute to economic development, and support growth goals.
Despite lacking a regulatory framework for cryptocurrencies, Vietnam has remained one of the top countries embracing crypto. However, increasing reports of local residents falling victim to crypto fraud schemes have prompted calls for the establishment of a regulatory framework.
According to the local report, the early implementation of a legal framework will help businesses access capital from banks, providing them with the funds needed for investment.
