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- The Ministry of Finance (MoF) and the State Bank of Vietnam have been instructed to produce a regulation framework to guide the operation of digital assets.
- The country’s proposal to allow crypto transactions in financial centers from July 2026 has been requested to be held till a comprehensive regulatory framework is drafted.
The Prime Minister of Vietnam, Pham Minh Chinh, is reported to have ordered the Ministry of Finance (MoF) and the State Bank of Vietnam to draft a comprehensive regulatory framework for digital assets within this month. According to the information shared on X, this decision is meant to position the country at the forefront of financial innovation while gaining a competitive advantage and securing billions of dollars in tax revenue.
Vietnam has established itself over the years as an important component of the crypto industry, with $120 billion in digital assets flowing into the country in 2023, per Chainalysis data. In 2021 and 2022, 21% of its population owned digital assets, making it the third highest globally, right behind the United Arab Emirates and the U.S.
As indicated in our earlier discussion, the country’s interest in cryptos is evident in the recent launch of a Blockchain Academy by Tether and Medoo partnership. Unfortunately, the lack of regulatory framework has led many businesses operating in Vietnam to register in Singapore and the US.
To correct this, Party General Secretary To La recently explained the need to consider the study and the application of a controlled testing mechanism (Sandbox) to foster fintech development and a financial centre. Meanwhile, this followed the launch of an independent committee to determine the best way of regulating crypto trading, as featured in our earlier coverage.
Recent Crypto Regulatory Proposal in Vietnam
The Ministry of Planning and Investment (MPI) recently proposed an initiative to commence the establishment of a regulatory sandbox for digital assets and crypto exchanges. This implied that crypto and digital asset transactions would be allowed in financial centers, with July 2026 marked as the pre-set launch date. However, the Ministry of Finance (MoF) expressed concerns about the lack of a legal framework for digital assets and cryptos.
According to the Ministry, financial stability would be at a huge risk if these crypto assets were used in payment transactions without extensive regulation that takes care of licensing, issuance, ownership, trading, and security.
Managing digital assets requires a comprehensive process covering issuance, ownership, transactions, service licensing, and information security to safeguard national financial stability. Given the complexity of these issues and the involvement of multiple ministries and agencies, we recommend removing the proposed start date for cryptocurrency and digital currency transactions from July 1, 2026.
Meanwhile, the proposal, including the framework for a regulatory framework, was released for public consultation on January 7. According to the details, the Management and Operation Committee for financial centres were proposed to be responsible for licensing, overseeing, as well as the management of risks associated with fintech activities.
However, the Ministry of Finance has urged the MPI to consult the State Bank of Vietnam for feedback. According to the MoF, initiatives of this nature require broader regulatory clarity.
Vietnam’s decision to fully capitalize on the emerging technology goes back to 2020 when its MoF assigned a group to critically study virtual assets and cryptos to suggest policies and management mechanisms.
As previously mentioned in our report, the Prime Minister also instructed the State Bank of Vietnam in 2021 to explore the possible implementation of a national digital currency to improve cashless payment and create a digital government.
