The Prime Minister requested the Ministry of Finance to preside over and the State Bank, according to its assigned functions and tasks, to propose and submit to the Government in March 2025 a legal framework for managing and promoting the healthy and effective development of digital assets and digital currencies.
Prime Minister has just signed Directive No. 05 (dated March 1, 2025) on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target in 2025 reaches 8% or more.
In which, the Prime Minister requested Ministry of Finance host, Bank The Vietnamese State, according to its assigned functions and tasks, will propose and submit to the Government this March a legal framework for managing and promoting the development of digital assets. digital currency healthy and effective
The Ministry of Justice effectively implemented the Project "Application of digital technology in receiving and handling feedback and recommendations on legal documents" according to Decision No. 244 (dated February 5, 2025) of the Prime Minister; in which, focusing on building and coordinating with ministries, branches and localities to operate the "Information system for receiving and handling feedback and recommendations on legal documents" to promptly detect, research, propose amendments and improvements to policies and legal regulations, remove institutional barriers and obstacles to ensure the goal of creating and promoting development.
Previously, in the draft Resolution of the National Assembly Regarding the construction of a regional and international financial center in Vietnam, the Ministry of Planning and Investment has proposed a controlled testing policy (sandbox) for business models applying technology in the financial sector (fintech).
Commenting on the proposal to draft the above resolution, the Ministry of Finance said that Vietnam currently has no regulations on digital assets, digital currency. Meanwhile, the management of these assets will have to follow the process of issuance, ownership, transaction, service provision licensing, information security... to ensure national financial security.
Concerned about the impact on financial security, the Ministry of Finance requested that management agencies seek further opinions. State Bank - monetary authority, by digital assets, digital money can be used as a means of payment in financial transactions.
The Ministry of Finance also proposed to amend the regulations in the direction of assigning the Government to regulate the pilot implementation related to crypto assets and cryptocurrencies. At the same time, the Ministry of Planning and Investment must synthesize the opinions of the State Bank, because according to this policy, crypto assets and cryptocurrencies are used as means of payment in financial transactions.
Emphasizing that the implementation of policies on crypto assets and cryptocurrencies in financial centers has many contents that need to be studied, related to many ministries and branches, and has an impact on ensuring financial security, to ensure feasibility, the Ministry of Finance proposed to remove the regulations on the time for conducting transactions using crypto assets and cryptocurrencies from July 1, 2026.
According to data from the Vietnam Blockchain Association, in the period of 2021-2022, Vietnam is in the top 3 in the world in terms of the percentage of people owning digital assets (equivalent to 21% of Vietnam's population owning), only after the UAE and the US.
The lack of a frame legal for digital assets, many businesses choose to register in Singapore or the US and then operate in Vietnam, causing a loss of competitive advantage and tax loss. From the user's perspective, the lack of transparency leads to risks in transactions. This requires urgent completion of regulations to ensure incentives for technology businesses to develop as well as fully fulfill tax responsibilities.
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