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| The rapid rise of cryptocurrencies and digital assets presents significant risks to investors and the broader market (Photo: baodautu.vn) |
Vietnam’s Ministry of Finance has proposed a pilot program for the issuance and trading of cryptocurrencies and digital assets, with a draft resolution submitted to the Government. The proposal includes a coordinated oversight mechanism involving key agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.
Bui Hoang Hai, Vice Chairman of the State Securities Commission under the Ministry of Finance, revealed the information on March 20. He emphasized that the coordinated framework aims to closely monitor cryptocurrency exchange activities, mitigate risks, and ensure financial security.
According to Hai, the rapid development of cryptocurrencies and digital assets poses substantial risks to investors and the wider market. As a result, the pilot will be conducted on a limited scale and under stringent regulatory supervision. This approach aligns with international practices aimed at combating money laundering, terrorist financing, and other illicit activities.
Currently, Vietnam lacks clear definitions and a legal framework for cryptocurrencies and digital assets. The existing regulations only cover electronic money tied to fiat currency, such as prepaid cards or e-wallets. This gap in the legal framework presents challenges in implementing appropriate tax policies.
However, if cryptocurrencies are recognized as legal assets, they could become subject to existing tax regimes, including value-added tax and corporate and personal income tax. This would address the issue of tax revenue losses currently experienced due to the lack of regulatory clarity.
Many Vietnamese startups have chosen to register in other jurisdictions, such as Singapore and the United States, only to return and operate domestically. Establishing a comprehensive legal framework for digital assets would enhance transparency, enable enterprises to access bank credit and secure investments more easily, and strengthen Vietnam’s position in the digital asset landscape.
According to the Vietnam Blockchain Association (VBA), approximately 17 million Vietnamese held digital assets in 2024, placing the country seventh globally. However, the total volume of cryptocurrency flowing into Vietnam decreased from 120 billion USD in 2023 to 105 billion USD last year.
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