Vietnam moves to regulate crypto with new legal framework
The government hopes to ensure investor safety, foster innovation, and address the lack of formal legal definitions that currently lead blockchain firms to register abroad.
Vietnam’s Ministry of Finance is set to introduce a legal framework for digital assets and cryptocurrencies, with plans to launch a state-licensed digital currency exchange.
Deputy Minister Nguyen Duc Chi confirmed the initiative, highlighting the government’s goal to bring oversight and legal protections to the growing sector.
The move follows Prime Minister Pham Minh Chinh’s call for clear regulations to manage digital assets. The Ministry of Finance and the State Bank of Vietnam are working on rules to ensure investor safety whilst fostering innovation.
The proposed exchange would allow individuals and businesses to trade digital assets under state supervision, whilst companies may soon be permitted to issue virtual assets for financial mobilisation.
Vietnam lacks formal legal definitions for digital assets, pushing many blockchain firms to register abroad. The absence of clear rules has led to lost tax revenue and limited domestic oversight.
However, with Vietnam ranking among the world’s top three countries for digital asset ownership, seeing $120 billion in inflows in 2023, the government aims to regulate and harness the sector’s potential.
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