Vietnam is proposing a pilot program for the issuance and trading of cryptocurrencies and digital assets, as well as a system for coordinated oversight involving three important agencies.
According to local media reports, the Ministry of Finance in Vietnam has introduced a pilot program that will be overseen by three key agencies: the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.
Vietnam To Regulate Cryptocurrencies
Local media reports have quoted the Ministry of Finance’s Bui Hoang Hai, Vice Chairman of the State Securities Commission, who announced on March 20 about the regulation of crypto in the nation.
He stated that the coordinated framework’s goals are to monitor cryptocurrency exchange activities closely, reduce risks, and guarantee financial security.
Hai claims that digital assets and cryptocurrencies are quickly growing industries with substantial hazards for investors and the market at large.
As a result, the pilot will be carried out on a small scale and under close regulatory oversight. This strategy is similar to those used globally to combat money laundering, terrorism financing, and other illicit activities.
Also Read: Vietnam To Launch State-Licensed Digital Asset Exchange In March Amid Growing Crypto Regulations
Vietnam’s Current Crypto Laws Lack Proper Framework
There are currently no precise definitions of cryptocurrencies or digital assets in Vietnam, and there is no legislative framework in place to control the associated trading or commercial activity.
Only electronic money linked to fiat currency—a form of government-issued money that isn’t backed by a precious metal like gold or silver—such prepaid cards or e-wallets is covered by current legislation.
At the moment, trading cryptocurrencies is prohibited in Vietnam, which does not accept them as legal cash. The government is looking toward a regulated setting, though, where digital assets can be examined within legal parameters.
How Will The New Regulation Help The Nation?
Vietnam’s proposed pilot program to issue and trade digital assets marks a big step toward cryptocurrency regulation.
The goal of this partnership is to provide appropriate regulation, security, and supervision in the developing cryptocurrency sector.
The pilot initiative aims to promote innovation and expansion in the digital asset industry while reducing risks like fraud and money laundering.
With its regulated structure, this plan represents a substantial change in Vietnam’s position on cryptocurrencies and may open the door for wider acceptance and incorporation into the nation’s financial system.
Also Read: Vietnam’s PM Orders Urgent Proposal For Cryptocurrency Legal Framework By March 2025