Ministry of Finance proposes to recognize digital assets

On the afternoon of April 6, at a regular Government press conference, Deputy Minister of Finance Do Thanh Trung provided official information related to the roadmap for piloting virtual currency exchanges in Vietnam.

He said that regarding the issue of digital currency, the Ministry of Finance was assigned by the Government to complete the legal framework to handle crypto assets, cryptocurrencies, etc. The Ministry is coordinating with relevant ministries and branches to study the current situation and refer to international experience in digital asset management.

"We have recommended to the Government to acknowledge the existence and potential of digital assets. This is a very important viewpoint," Deputy Minister Do Thanh Trung emphasized and informed that in March 2025, the Government directed the Ministry of Finance to develop a legal framework to manage crypto assets.

Deputy Minister of Finance Do Thanh Trung answers questions at a press conference. Photo: VGP/Nhat Bac

The Ministry of Finance has closely coordinated with relevant agencies to implement the policy with the consistent principle of being cautious, having a roadmap, being practical, ensuring safety, transparency and efficiency. At the same time, protecting the legitimate rights and interests of organizations and individuals participating in the crypto-asset market.

The first step will be to pilot the issuance and trading of crypto assets in the market, thereby assessing the impact and perfecting the policy.

This is expected to open a new capital mobilization channel for businesses, supplementing the traditional financial system, while enhancing the competitiveness of Vietnam's financial market in the digital economy.

"The pilot implementation must strictly comply with Vietnamese law as well as regulations of the country of which the foreign investor is a citizen when participating in the market in Vietnam," Deputy Minister Do Thanh Trung emphasized.

Based on the Government's direction, the Ministry of Finance has drafted a resolution and sent it to relevant ministries and branches for comments in two documents issued on March 27 and 29.

"Currently, we are in the process of synthesizing, receiving and explaining opinions, and will seek appraisal opinions from the Ministry of Justice before finalizing the resolution to report to the Government," said Deputy Minister Do Thanh Trung.

Regarding the time and implementation roadmap, the Deputy Minister of Finance has not given specific details at this press conference.

Cryptocurrencies such as Bitcoin, Ethereum... are considered popular digital assets. However, Vietnam does not have a specific definition of digital money, digital assets or crypto-currency, crypto-asset. Current regulations only mention the concept of cryptocurrency anchored to fiat money, existing in the form of bank prepaid cards and e-wallets.

According to the Vietnam Blockchain Association (VBA), Vietnam will have up to 17 million people owning crypto assets in 2024, ranking 7th globally. Last year, Vietnam received more than 105 billion USD in crypto, down from 120 billion USD in 2023.

Nguyen Thao

Source: https://congthuong.vn/bo-tai-chinh-kien-nghi-thua-nhan-tai-san-so-381815.html