Legal frameworks for crypto assets need to balance multiple goals

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission

Reporter: Sir, it is known that the Ministry of Finance has submitted to the Government a draft Resolution on piloting the issuance and trading of crypto assets. Could you provide some information on this issue?

Mr. Bui Hoang Hai: 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 virtual assets, virtual currencies, crypto assets, and crypto currencies. 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 the 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.

Reporter: Sir, the name of the draft resolution clearly states that it is a “pilot implementation” of issuing and trading crypto assets. In your opinion, what benefits will the implementation of a sandbox mechanism bring to the development of a legal framework for managing digital assets?

The Government aims to build a crypto-asset management framework that strikes the right balance between promoting research and development of new technologies, encouraging innovation, while ensuring the principles of efficiency, transparency, fairness, and suitability to Vietnam's reality.

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission

Mr. Bui Hoang Hai: Reality has shown us that the issuance and trading of crypto assets are growing rapidly in terms of issuance volume, transaction value and complexity. The widespread popularity of crypto assets globally poses opportunities, challenges and risks to the stability of the financial system and the development of economies. Regulatory agencies in many countries are working to build a legal framework to regulate and manage this market.

On that basis, the pilot implementation of the crypto-asset market is suitable for practical conditions in Vietnam, aiming to create a flexible legal environment, quickly adapting to innovation within the framework of State management and supervision; thereby supporting capital mobilization for production and business development, developing the digital economy and promoting economic growth.

After consulting many experts and scientists, they all agreed that the pilot implementation of a limited-scale crypto-asset market with the control and supervision of state management agencies will quickly meet market needs; at the same time, it will help management agencies have time to build policy mechanisms suitable to the practical situation and this is also the common approach of many countries.

The crypto asset market is constantly developing, increasingly diverse and complex, posing many risks to investors and the financial market. Therefore, the pilot implementation allows management agencies to thoroughly research and evaluate the feasibility and conditions for practical implementation, minimizing illegal acts such as money laundering and terrorist financing, protecting investors, creating the premise for the development of a transparent, safe and sustainable financial market.

PV: So, in your opinion, how should regulators coordinate to ensure that new policies on crypto assets not only protect consumers but also promote innovation?

Mr. Bui Hoang Hai: Activities related to crypto assets are taking place vigorously and diversely, attracting a large number of participants, posing many risks, affecting the monetary, trade and security policies of a number of countries, including Vietnam. In that context, the Government has set the task of building a crypto asset management framework that achieves an appropriate balance between promoting research and development of new technologies, encouraging innovation, while ensuring the principles of efficiency, transparency, fairness, and suitability to Vietnam's reality.

Currently, the Government is assigning the Ministry of Finance to develop a Resolution on piloting the crypto-asset market in Vietnam, aiming to build a legal environment to support innovation activities related to crypto-assets, while limiting negative impacts on the socio-economy.

On that basis, the Ministry of Finance has submitted to the Government a draft resolution allowing the pilot implementation of issuance and trading of crypto assets, in which it proposes a coordination mechanism between management agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank, to promote market activities while minimizing risks to financial security, ensuring stability for the financial and monetary market.

PV: Thank you!

Source: https://thoibaonganhang.vn/khung-phap-ly-cho-tai-san-ma-hoa-can-can-bang-nhieu-muc-tieu-162057.html