Vietnam to pilot digital currency exchange: report

The Vietnam Ministry of Finance should offer a legal framework for digital assets and cryptocurrencies this month.

Part of this framework includes a pilot program for an exchange of digital currencies under state license, announced the vice-minister Nguyen Duke Chi at a government press conference, according to to local media.

This decision comes as Prime Minister Pham Minh Chinh urged regulators to establish clear guidelines for the management of digital assets.

The Ministry of Finance and the State Bank of Vietnam are Work on the framewhich aims to balance innovation with the protection of investors.

Chi said that the proposed exchange would allow individuals and businesses to exchange digital assets under state supervision, ensure legal protections and reduce risks. In addition, the government is Exploration of regulations Allow Vietnamese companies to issue virtual assets as a means of financial mobilization.

Vietnam currently lacks formal legal definitions of digital assets and cryptocurrencies, leading many blockchain companies to register abroad.

The absence of clear regulations resulted In lost tax revenue and limited interior surveillance of the internal market.

According to the analysis channel, Vietnam saw 120 billion dollars in digital asset entries in 2023 and ranked among the first three countries around the world for the ownership of digital assets, 21% of its population holding a crypto. The proposed regulatory framework aims to exploit this growing sector while attenuating risks.