Deputy Minister of Finance Nguyen Duc Chi said the State will protect the legal and legitimate rights of organizations and individuals when participating in the virtual currency exchange platform being piloted by the State. (Photo: VNA)
The Prime Minister has just assigned the Ministry of Finance to preside over and, together with the State Bank, propose and submit to the Government a legal framework for managing and promoting the development of digital assets and digital currencies in March 2025. This is one of the key tasks and breakthrough solutions to promote economic growth.
At a press conference held by the Government Office on the afternoon of March 5 in Hanoi, Deputy Minister of Finance Nguyen Duc Chi informed about the process of building a legal corridor to manage digital assets and digital currencies.
Deputy Minister Nguyen Duc Chi Tai shared: “Managing digital assets and digital currencies or virtual currencies, as we often call them, is a new and very complicated issue, not only for Vietnam but also for many other countries. Countries in the region and around the world are still thoroughly researching this field.”
According to Deputy Minister Nguyen Duc Chi, countries are introducing different legal frameworks to make all activities related to virtual assets and digital assets transparent as well as to serve the socio-economic development of each country and each economy.
"Realizing that this is a practical issue, the Prime Minister has directed research to develop a legal framework for activities related to virtual assets in Vietnam," said Deputy Minister Nguyen Duc Chi.
Earlier this week, the Government Standing Committee and the Prime Minister chaired a meeting to listen to the Ministry of Finance and relevant ministries and branches report on the situation in Vietnam and the direction of building legal frameworks related to activities related to digital assets and digital currencies in Vietnam.
"The Ministry of Finance has been assigned this month to report to the Government to issue a resolution on digital assets and digital currencies, which allows for the pilot operation of virtual currency exchanges," said Deputy Minister Nguyen Duc Chi.
According to the Deputy Minister of Finance, investors, organizations and individuals in Vietnam will have a place to trade, invest or buy and sell digital currencies organized by units and businesses licensed by the State. The State will protect the legal and legitimate rights of organizations and individuals when participating in this trading floor.
The Government also assigned the Ministry of Finance to preside over and coordinate with relevant ministries, branches, agencies and organizations to soon develop legal regulations allowing Vietnamese enterprises and organizations to issue their own virtual assets to mobilize financial resources for production and business activities. Mobilizing these resources will not only help develop the activities of that organization but will also create general development for the economy, serving the growth target.
The Deputy Minister of Finance emphasized that the newly built legal framework will help Vietnam catch up with the development trends of the world as well as the region in virtual assets and digital assets, not allowing Vietnam to fall behind in the fields of virtual assets and digital assets.
Currently, cryptocurrencies such as Bitcoin, Ethereum... are considered popular virtual assets. However, Vietnam does not have a specific definition of virtual currency and virtual assets. Current regulations only mention the concept of electronic money anchored to legal currency, existing in the form of prepaid bank cards and electronic wallets.
The lack of a legal framework for digital assets has led many businesses to register in Singapore or the US and then operate in Vietnam, causing a loss of competitive advantage and tax revenue. In addition, the lack of transparency leads to risks in transactions, according to experts. Therefore, the early promulgation of a legal framework to regulate the identification and valuation methods of digital assets will help businesses access capital from banks, thereby having money to invest./.
(Vietnam+)
Source: https://www.vietnamplus.vn/thu-truong-bo-tai-chinh-viet-nam-se-trien-khai-thi-diem-san-giao-dich-tien-ao-post1016855.vnp
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