Vietnam plans to test a digital currency exchange platform. Deputy Minister of Finance Nguyen Duc Chi announced this plan at a government press conference on Wednesday.
The news was first reported by VnExpress. The government is now set to introduce new rules for digital assets and cryptocurrencies.
New Regulatory Framework
Prime Minister Pham Minh Chinh ordered the Ministry of Finance and the State Bank to create legal guidelines. This order came on Monday. The new rules will help manage digital assets and crypto.
The guidelines must be ready by the end of this month. Nguyen Duc Chi said the government will receive a report on the legal framework in March. The report will detail how digital currency exchanges will work. The move is expected to offer a safe place for investors to trade digital assets.
The Ministry of Finance and the State Bank are working together. They study new laws for managing digital assets. The changes will bring transparency to this fast-growing market. The new rules will help protect investors.
They will also help prevent fraud and other risks. The plan shows the government’s commitment to clear rules.
Pilot Operation and Investor Protection
Nguyen Duc Chi said a pilot operation for digital currency exchange will begin soon. The government will set up a trading floor. Only units with a state license will operate on this floor. This move aims to secure investors’ rights.
The pilot project will allow easier access to digital trading. It will also encourage safe and legal trading. The government expects this move to boost investor confidence.
The digital currency exchange is part of a broader effort. Prime Minister Chinh asked the Ministry to use a “doing it, learning from experience” approach.
This flexible method will help adjust rules as needed. The government wants to support growth in digital assets while managing risks.
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Boosting Economic Growth and Legal Clarity
Nguyen Duc Chi said new rules will let Vietnamese firms issue virtual assets. This move will help businesses raise funds. Companies can tap into new financial resources. It will also give banks more confidence in offering loans.
The government sees digital assets as a way to drive economic growth. The early launch of a legal framework can reduce risks in transactions. It can also help stop the loss of tax revenue. Businesses that register abroad may soon move back to Vietnam.
Vietnam has yet to define virtual currencies and assets clearly. Current laws mention electronic money only. New rules will address digital currencies such as Bitcoin and Ethereum.
The new framework will include methods for identifying and valuing digital assets. Clear laws will help build trust in the digital market.
A Vision for Blockchain Innovation
Vietnam aims to lead in blockchain innovation by 2030. The country is part of a global tech revolution. Vietnam already ranks high in digital asset ownership. Data shows that 21% of the population holds digital assets.
The country is third in the world after the UAE and the US. In 2023, digital asset flow into Vietnam may reach $120 billion, according to Chainalysis.
The government is taking a bold step toward a digital future. A controlled testing mechanism, or sandbox, may soon set up a trading floor. This move shows Vietnam’s ambition in blockchain technology.