ANTD.VN - Because the implementation of policies on crypto assets and cryptocurrencies in the Financial Center has many contents that need to be studied, the Ministry of Finance proposed to remove the regulations on the time for conducting transactions using crypto assets and cryptocurrencies from July 1, 2026.
In the Draft Resolution of the National Assembly on building a regional and international financial center in Vietnam, the Ministry of Planning and Investment proposed a controlled testing policy (sandbox) for business models applying technology in the financial sector (fintech).
Accordingly, the Financial Center Management and Operation Committee has the authority to license, manage, assess the impact and manage risks for sandboxes in fintech activities, including exchanges for crypto assets.
The maximum period for conducting controlled testing is 3 years and can be extended once for no more than 3 years. The People's Councils of Ho Chi Minh City and Da Nang City shall specify in detail the criteria, conditions for selection and the order and procedures for registration, appraisal and licensing of sandbox implementation. Transactions using crypto assets and cryptocurrencies in the financial center are expected to be implemented from July 1, 2026.
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The Ministry of Planning and Investment proposes to allow transactions using crypto assets and cryptocurrencies in the Financial Center from July 1, 2026. |
The Ministry of Planning and Investment assessed that the implementation of the sandbox policy will create a safe development environment for fintech in Vietnam, balancing innovation and risk control, helping to build a modern, competitive and sustainable financial center.
This model will help fintech startups test their ideas at lower costs and with less legal risk. It also gives investors confidence in seeing business models tested in a controlled environment.
Sandbox helps fintech businesses test new models such as blockchain, crypto assets, digital banking without having to comply with traditional regulations immediately; creating opportunities to develop the digital financial market, Vietnam can become a destination for fintech startups in the region.
According to the Ministry of Planning and Investment, major financial centers such as Singapore, Hong Kong, the UK, and Australia all have sandbox models to promote fintech. If Vietnam effectively implements the sandbox, it will attract more international investment capital and increase competitiveness in the regional fintech market. However, the limitation of this experiment is the need to build a strict monitoring mechanism, which may lead to financial fraud.
However, in commenting on the proposal to draft a resolution, the Ministry of Finance said that there are still many contents that need further research before issuing the policy.
The reason, according to the Ministry of Finance, is that Vietnam currently has no regulations on digital assets and digital currencies. Meanwhile, the management of these assets will have to follow the process of issuance, ownership, transaction, licensing of service provision, information security... to ensure national financial security. Therefore, there are still many contents that need to be studied before issuing policies.
The Ministry of Finance requests the Ministry of Planning and Investment to preside over and coordinate with the People's Committee of Ho Chi Minh City and the People's Committee of Da Nang City to clarify the policy content, objectives and policy orientations in the Government Submission so that the Ministry of Finance and other ministries and branches have a basis to propose solutions and regulate the content of the draft Resolution appropriately.
The Ministry of Finance also proposed amending the regulations in the direction of assigning the Government to regulate the pilot implementation related to crypto assets and cryptocurrencies without mentioning specific policies.
Regarding the draft proposal "Transactions using crypto assets and cryptocurrencies in the Financial Center will be implemented from July 1, 2026", the Ministry of Finance requested the Ministry of Planning and Investment to synthesize the opinions of the State Bank, because according to this policy, crypto assets and cryptocurrencies are used as means of payment in financial transactions.
“Because the implementation of policies on crypto assets and cryptocurrencies in the Financial Center has many contents that need to be studied, related to many ministries and branches, and has an impact on ensuring financial security, therefore, to ensure feasibility, it is proposed to remove the regulation on the time for conducting transactions using crypto assets and cryptocurrencies from July 1, 2026” – The Ministry of Finance commented.
Source: https://www.anninhthudo.vn/bo-tai-chinh-khong-dong-tinh-thi-diem-giao-dich-tien-so-tai-trung-tam-tai-chinh-tu-172026-post604051.antd
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