In the proposal to build a National Assembly Resolution on a regional and international financial center in Vietnam, which is being consulted by the Ministry of Planning and Investment, the Ministry of Planning and Investment has made many proposals related to the controlled testing policy (sandbox) for business models applying technology in the financial sector (fintech).
The Ministry of Planning and Investment proposed that transactions using crypto assets and cryptocurrencies in financial centers will be implemented from July 1, 2026.
PHOTO: DAO NGOC THACH
Specifically, the ministry proposed that the financial center management and administration committee have the authority to license, manage, assess the impact and manage risks for sandboxes in fintech activities, including exchanges for crypto assets and cryptocurrencies.
The Government details measures to prevent and combat money laundering related to crypto assets and cryptocurrencies; inspection and certification of the level of security, safety and network safety for organizations providing crypto asset services...
Methods of management and handling of issuance, ownership and trading of utility tokens; management measures for "mining" of crypto assets to limit risks to energy security and the environment... Other contents related to management and operation of transactions related to or not yet implemented using crypto assets and crypto currencies.
Transactions in crypto assets and cryptocurrencies in the financial center will be carried out from 1.7.2026.
Commenting on the proposal to build a National Assembly Resolution on a regional and international financial center in Vietnam recently, the Vietnam Federation of Commerce and Industry (VCCI) said that section 2.2.3 of the draft on the sandbox for fintech is being designed in the direction of assigning the Government to specify in detail measures to manage crypto assets, cryptocurrencies, utility tokens, etc.
Such a regulation would put the Government at risk of having difficulty issuing guidance documents because it would be impossible to standardize issues that are too new and changing very quickly. VCCI suggested that the drafting agency change its approach, allowing businesses to propose solutions to meet the State's management goals.
The State needs to set goals such as protecting property rights, preventing fraud, ensuring safety, cyber security, anti-money laundering, energy and environmental security, etc. When applying for a license, fintech businesses will present their business model and explain solutions to achieve the above goals.
State agencies review, evaluate, and appraise solutions and license fintech activities. Enterprises must properly implement the solutions they have committed to and must report and be subject to regular inspection and supervision by state agencies. After a period of time, when the enterprise's solutions are proven to be effective, the State will proceed to develop management regulations.
Need specific framework policy, clearly identify strengths
At the workshop to collect opinions from ministries, sectors, localities, domestic and international financial experts and investors on the draft resolution, held on February 18 in Hanoi, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that there are currently 121 financial centers in the world and there is strong competition to become leading financial centers.
Vietnam is currently a bright spot in development and is aiming to form a financial center.
PHOTO: DAO NGOC THACH
The need for a new financial center, different from existing financial centers to receive financial resources shifting from large international financial centers, provide new financial services, access new markets, new development trends... is urgent. Vietnam is currently a bright spot in development and is aiming to form a financial center.
Some opinions say that the draft Resolution of the National Assembly on regional and international financial centers in Vietnam needs to have a specific framework policy, clearly identifying Vietnam's strengths to attract all financial resources and form a healthy, safe, integrated and sustainable financial market.
Thanhnien.vn
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