Vice Chairman of the State Securities Commission: Will pilot the issuance and trading of crypto assets

In the Official Dispatch on a number of key tasks and solutions to reduce administrative procedures, improve the business environment, and promote socio-economic development, the Prime Minister requested the Ministry of Finance to promptly complete the dossier of the Pilot Resolution to manage activities related to virtual assets and crypto assets. Regarding this issue, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission (SSC), had an interview with the press about the development of a Pilot Resolution to manage activities related to virtual assets and crypto assets.

PV: Could you please give us some information about the development of the Resolution on piloting virtual currency exchanges? What is the goal?

Mr. Bui Hoang Hai: On March 3, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee on the completion of the legal framework for the management and handling of 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.

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

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.

PV: In your opinion, what benefits will the sandbox mechanism bring to building a legal framework for digital asset management?

Mr. Bui Hoang Hai: Crypto-asset issuance and trading activities 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 to create a flexible legal environment, quickly adapting to innovation within the framework of State management and supervision, thereby supporting capital mobilization to serve production and business development, develop the digital economy and promote economic growth.

Piloting a limited-scale crypto-asset market under the control and supervision of state management agencies will quickly meet market needs while giving management agencies time to develop policy mechanisms suitable to the practical situation, and this is also a 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 regulatory agencies coordinate to ensure that new policies on digital 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 to build a legal environment to support innovative 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!

Regarding tax policies for digital asset transactions, a representative of the Department of Tax, Fee and Charge Policy Management and Supervision said that the current tax law system has comprehensive regulations, ensuring a legal basis for tax collection on goods and services purchased, sold and consumed within Vietnam as well as businesses and individuals (both domestic and foreign) that trade in goods and services in Vietnam. In particular, focusing on value added tax, corporate income tax, and personal income tax.

However, the specialized legal system related to digital assets has not yet clearly defined the identification and classification of digital assets as well as the business, purchase, sale and exchange of these types of assets, thereby serving as a basis for the application of corresponding tax policies. Accordingly, in cases where specialized laws on digital assets clearly define the nature and at the same time allow digital assets to be traded and traded as a type of asset, tax obligations will be performed in accordance with the provisions of tax law.