Vietnam Will Introduce a Crypto Legal Framework In March
Vietnamese Prime Minister Pham Minh Chinh recently requested a proposal on the legal framework for cryptocurrencies this month.
Therefore, the Ministry of Finance (MOF) must chair with the National Bank of Vietnam (SBV), propose and submit a legal framework for the management of digital assets and digital currencies. The process must be completed in March.
Vietnam is strengthening cryptocurrency supervision
according to Your threePrime Minister Chinh has just signed Directive 05 in 2025 to promote national growth solutions to reach 8% or more. The requirement to submit a proposal on the legal framework for digital currencies is an important part of the Directive.
“The party directs, the government agrees, the National Assembly agrees, the people support, the motherland has expected. So please discuss the action, not the retreat,” explain Government head.
so far, Encryption is not considered Vietnam’s digital currency. Many businesses are registered in Singapore or the United States and then operate in Vietnam. This leads to adverse competition and tax losses.
That’s why government leaders directed MOF and SBV to propose a legal framework for digital currencies this month.
The legal framework will help businesses obtain capital from banks. This will also make investments and funds easier to obtain.
From a user’s perspective, transparency will help minimize the risks that may arise in transactions. This may help Vietnam’s plan Tax crypto transactions and digital assets.
An overview of the legal framework of Vietnam’s digital currency
The following data Vietnam is recorded by Triple-A’s Beincrypto and is currently ranked seventh in the world, in terms of crypto ownership. The hype about new launches is getting bigger and bigger PI network (pi) Vietnamese authorities issued a warning.
However, the government has not yet provided a specific definition of virtual currencies and virtual assets.
Previously, the government believed that Incorporate regulations and regulations on digital assets into legal documents According to the laws of the digital technology industry. The concept of digital assets is first defined as intangible assets.
More specifically, the regulation classifies cryptocurrencies as digital data. Digital technologies create, issue, store, transfer and authenticate this data in electronic environments.
In early 2025, the Standing Committee of the National Assembly aimed to define and classify digital assets. They will classify based on purpose, technology and other standards.
Earlier, at the meeting of the Economic Growth Target Policy and Strategic Committee with the Central Committee, Secretary-General Lin expressed the need to study and apply the Controlled Testing Mechanism (Sandbox) to establish Exchange digital assets.
The Vietnamese government will open and operate financial hubs in Ho Chi Minh City and Tang Nan in 2025.
Last week, the Prime Minister ordered MOF and most people to develop policies on digital assets and sandboxes. They must be completed in Q2 2025.
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