It’s official, Vietnam Will Trial the Country’s First Cryptocurrency Exchange!

Jakarta, Pintu News – Vietnam is preparing to take a big step into the world of digital currencies with plans to launch a state-licensed digital currency exchange.

This initiative is part of the proposed new legal framework for digital assets and cryptocurrencies announced by Deputy Minister of Finance, Nguyen Duc Chi, in a government press conference.

Check out the full news below!

New Legal Framework for Digital Assets

According to Crypto.news, the Vietnamese government plans to propose a legal framework for digital assets and cryptocurrencies through the Ministry of Finance. This framework includes a pilot program for state-licensed digital currency exchanges.

The move comes after Prime Minister Pham Minh Chinh urged regulators to set clear guidelines for managing digital assets. The proposed legal framework aims to balance innovation and investor protection.

With a state-supervised exchange, individuals and businesses can trade digital assets with adequate legal protection, while reducing the associated risks.

Read also: CFTC and SEC Collaboration on Digital Asset Regulation, What will be the Impact?

Launch of Digital Currency Exchange

Deputy Minister Nguyen Duc Chi stated that the proposed exchange will allow individuals and businesses to trade digital assets under state supervision. This is expected to ensure legal protection and reduce risks.

In addition, the government is also exploring regulations that will allow Vietnamese companies to issue virtual assets as a means of financial mobilization. Vietnam does not have a formal legal definition for digital assets and cryptocurrencies.

This has led many blockchain businesses to register their companies overseas. The absence of clear regulations has led to lost tax revenue and limited domestic market oversight.

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Potential and Challenges of the Digital Asset Market in Vietnam

According to data from Chainalysis, Vietnam recorded digital asset flows of $120 billion by 2023 and ranked in the top three countries with the most digital asset holdings in the world.

As much as 21% of Vietnam’s population owns cryptocurrencies. The proposed regulatory framework aims to capitalize on this growing sector while mitigating existing risks. The government hopes that clear regulations will create an environment conducive to the growth of the digital economy.

It is also expected to attract more blockchain businesses to register in Vietnam, which in turn will increase tax revenue and provide better market supervision.

Conclusion

With this move, Vietnam is on track to become a leader in the digital economy in Southeast Asia. A comprehensive legal framework and a state-supervised digital currency exchange are expected to bring stability and sustainable growth to the country’s digital asset industry.

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Reference

• Crypto News. Vietnam to Pilot Digital Currency Exchange – Report. Accessed on March 7, 2025
• Featured Image: Generated by AI