worldcoinindex.com
Vietnam is gearing up to implement a long-awaited legal framework for digital assets, with government officials aiming for completion by the end of March. The move aligns with the country's broader strategy to accelerate economic development, following Prime Minister Phạm Minh Chính’s push for an 8% national growth target by 2025.
Regulatory Clarity on the Horizon
The Ministry of Finance (MOF) and the State Bank of Vietnam (SBV) are working to finalize a comprehensive regulatory proposal for cryptocurrency. This initiative, backed by Chính and endorsed by Party General Secretary To Lam, aims to provide businesses with legal certainty, enabling them to secure funding and integrate into the country’s financial system.
Currently, Vietnam lacks clear regulations for digital assets, forcing many crypto firms to incorporate overseas in jurisdictions like Singapore and the U.S. This has resulted in missed tax revenues and uneven competition for domestic businesses. However, with blockchain investments exceeding $105 billion in Vietnam during 2023–24, authorities are prioritizing the need for a structured approach.
“Policies must be established so that Vietnam does not lag behind in new financial models and digital trading,” Lam emphasized.
Following Regional Trends
Vietnam’s efforts to regulate crypto mirror developments in regional financial hubs like Singapore and Hong Kong. Singapore’s Payment Services Act (PSA) of 2019 has positioned the city-state as a leader in digital asset oversight, while Hong Kong continues refining its framework to attract global blockchain investment.
With Vietnam now on track to introduce formal regulations, the country is setting the stage for a more secure and transparent crypto market—one that could fuel both local innovation and international competitiveness.