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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Vietnam is moving forward with plans to pilot a cryptocurrency trading platform, with a legal framework expected to be submitted for government review this month.
The initiative marks a significant step toward integrating digital assets into the country’s financial system, according to a report by VnExpress.
Deputy Minister of Finance Nguyen Duc Chi confirmed that the government acknowledges the growing global trend of crypto regulation and aims to leverage it for economic development.
Vietnam’s Finance Ministry and Central Bank Draft Crypto Regulations
Earlier this week, the Ministry of Finance, in collaboration with the State Bank of Vietnam, was tasked with drafting new regulations under the directive of Prime Minister Pham Minh Chinh.
According to Chi, the upcoming crypto and digital asset trading platform will be state-regulated, ensuring that investor rights are protected.
Additionally, the government is exploring new regulations to allow Vietnamese companies to issue virtual assets as a means of raising capital. The initiative aims to align local businesses with global trends in digital asset ownership.
Despite the increasing popularity of cryptocurrencies such as Bitcoin and Ethereum, Vietnam has yet to establish a clear legal definition for virtual currencies and digital assets.
Existing regulations only cover electronic money tied to fiat currency, such as prepaid bank cards and e-wallets.
The absence of a structured legal framework has driven many Vietnamese crypto businesses to register in Singapore or the U.S., leading to competitive disadvantages and lost tax revenues for Vietnam.
To address this, Party General Secretary To Lam recently called for the development of a sandbox to facilitate digital asset trading.
Vietnam ranks among the top countries globally in crypto adoption.
In 2021 and 2022, the country had a 21% digital asset ownership rate, trailing only the United Arab Emirates and the U.S., according to the Vietnam Blockchain Association.
Furthermore, according to a 2024 blockchain report by data platform Chainalysis, Vietnam ranked fifth in the world in crypto adoption.
Additionally, it ranked third by crypto value received in the Asia Pacific, seeing an inflow of $120 billion in digital assets.
Vietnam’s Ongoing Battle Against Crypto Fraud
Vietnamese authorities have faced challenges in addressing the rising tide of crypto-related fraud.
In December, the Hanoi City Police Department prevented 300 potential victims from falling prey to an elaborate crypto scam that had already defrauded 30 billion Vietnamese dong ($1.17 million) from approximately 100 businesses and 400 individuals.
The case followed a series of high-profile arrests, including the October 2024 discovery of an elaborate crypto fraud and cybercrime network in Southeast Asia.
Thousands of Indian citizens are being lured by fake job offers that trap them in Southeast Asia’s cybercrime networks, forcing them to participate in crypto fraud, phishing, and online scams.
Many victims are detained in guarded compounds, stripped of their passports, and coerced into targeting fellow Indians through investment scams and social media fraud.
Reports estimate that nearly 30,000 Indians remain unaccounted for between January 2022 and May 2024, with scams resulting in significant financial losses.
