Ministry of Finance submits draft Resolution on pilot implementation of issuance and trading of crypto assets

NDO - The pilot implementation of a limited-scale crypto-asset market under the control and supervision of state management agencies will quickly meet market demand. At the same time, management agencies will have more time to develop policy mechanisms suitable to the practical situation, following the common approach of many countries.

On March 3, 2025, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee on completing the legal framework for managing and handling crypto assets.

At the conclusion of the meeting, the Government Standing Committee assigned the Ministry of Finance to preside over and coordinate with relevant ministries and agencies to develop a dossier to submit to the Government for issuance of a pilot Resolution for nationwide application, promoting research and development of new technologies, encouraging innovation in Vietnam, thereby promoting economic growth, in line with the general trend of the world and practical conditions of Vietnam.

Based on Official Dispatch No. 22/CD-TTg dated March 9, 2025 of the Prime Minister and Notice No. 81/TB-VPCP dated March 6, 2025 of the Government Office, the Ministry of Finance has submitted Submission No. 64/TTr-BTC dated March 11, 2025 to the Government a draft Resolution on pilot implementation of issuance and trading of crypto assets.

This pilot model will help control risks and create a legal corridor for organizations, businesses and investors to participate in the market in a transparent and safe manner.

According to the Ministry of Finance, the crypto-asset market is growing rapidly, bringing opportunities but also many potential risks. The implementation of a sandbox mechanism will help management agencies monitor and evaluate the market's practical operations before officially applying it. This is also the approach that many countries are applying to create a balance between risk control and promoting innovation.

The sandbox mechanism will help Vietnam take advantage of the potential of crypto assets to mobilize capital for production, business, and digital economic development, while minimizing risks such as money laundering, terrorist financing, and illegal financial activities.

The Ministry of Finance emphasized that, with strict supervision, crypto assets can become an effective investment and capital mobilization channel, instead of being a risky market as it is today.

In addition, the draft Resolution also proposes a coordination mechanism between management agencies such as the Ministry of Finance, the State Bank, and the Ministry of Public Security to monitor market activities. This coordination is aimed at ensuring that new policies not only protect investors’ interests but also promote innovation in the digital finance sector.

One of the important issues raised is the tax policy for digital assets. According to the Ministry of Finance, the current legal system has a basis for tax collection on goods and services, including digital asset trading activities. However, due to the lack of specific regulations on classifying and determining the nature of crypto assets, the application of tax policies still has many problems.

The Ministry of Finance said that if specialized laws clearly define crypto assets as a type of legal goods or assets, related transactions will be subject to tax obligations according to current regulations. This will not only help the State collect revenue from the crypto asset market but also contribute to bringing this activity into a transparent framework, avoiding tax losses and limiting speculation and price manipulation.

The pilot of a crypto-asset exchange is opening up many opportunities for Vietnam’s digital economy, helping the country not to fall behind the world’s development trends. However, this is also a big challenge for management agencies when they have to balance between risk control and creating conditions for market development.

The draft pilot resolution is currently being reviewed and finalized by the Government. If approved, this will be an important turning point, marking a strong shift in Vietnam's approach to the digital asset market.

Source: https://nhandan.vn/bo-tai-chinh-trinh-du-thao-nghi-quyet-ve-viec-trien-khai-thi-diem-phat-hanh-va-giao-dich-tai-san-ma-hoa-post866435.html