Vietnam to Unveil Crypto Rules in March

Story Highlights

• Vietnam to introduce a legal framework for cryptocurrency regulation in March.

• The government plans to establish pilot digital currency trading exchanges.

• New regulations to help businesses issue virtual assets for financial growth.

Vietnam is taking steps to regulate digital assets and cryptocurrencies. Deputy Finance Minister Nguyen Duc Chi stated that March marks the start date for the Ministry of Finance to report governmental regulations governing digital currency to the government. Such a framework provides the potential for establishing a digital currency trading exchange during pilot testing.

Vietnam Plans Legal Framework for Crypto Market Rules

The Ministry of Finance, together with the State Bank of Vietna,m conducts active evaluation of digital asset management processes. Prime Minister Pham Minh Chinh ordered these agencies to put up official guidelines before the conclusion of this month. Governments across the world understand that cryptocurrencies represent vital components for economic progress. The country progresses along this trend through its development of legal regulations for the expanding sector.

During a press conference on March 5, Deputy Minister Nguyen Duc Chi described digital assets as complex and novel matter requiring further attention. Several nations invest resources to find proper approaches for making cryptocurrency regulations transparent. The Vietnamese government aims to establish proper digital asset management systems that will stimulate national economic expansion.

This week, the Government Standing Committee gathered to examine the necessary legal framework. The Prime Minister demanded government officials to finalize the regulations without delay. Mr. Chi stated that the Ministry of Finance plans to deliver a report to the Government by March. The pilot operation of digital currency exchanges can start if authorities approve a resolution.

Vietnam Eyes Crypto as Key to Economic Growth

Under authorization licensed units will set up and maintain these exchanging platforms. Investors using this new market will receive protection from the State and will benefit from legal safeguards.

Vietnam places blockchain technology as one of its priorities. The government released its National Blockchain Strategy on October 22. The national blockchain strategy seeks to establish Vietnam as the top blockchain technology nation in Asia by 2030. The strategic goal involves building blockchain platforms alongside developing 20 major blockchain companies before 2025.

The Ministry of Finance currently works on regulations to enable Vietnamese businesses to release virtual assets. This initiative aims to help businesses raise financial resources, align with global trends, and contribute to economic growth.