#OnChainLendingSurge Proposal for testing a digital currency exchange at the financial center

The Ministry of Planning & Investment proposes to conduct controlled testing of fintech operations, including exchanges for digital assets and currencies at financial centers.

According to the government's plan, financial centers in Ho Chi Minh City and Da Nang will be established and operational by 2025. The establishment of these centers aims to develop Vietnam into an important financial destination in the region and the world.

In the draft proposal for building a resolution of the National Assembly on establishing financial centers, the Ministry of Planning & Investment suggests a controlled testing policy (sandbox) with a business model applying technology in the financial sector (fintech).

According to this proposal, the Management Committee of the financial center will have the authority to grant licenses, manage, assess impacts, and govern risks with the sandbox in fintech operations. The testing includes exchanges with assets and cryptocurrencies (digital assets, digital currencies).

The government specifies detailed measures for anti-money laundering; auditing and certifying security and cybersecurity related to digital assets and the organizations providing these services. The methods of management, issuance, ownership, and trading of utility tokens, and “mining” digital currencies also fall under the authority of the government. This aims to mitigate risks related to energy security and the environment. It is expected that the government will submit this draft resolution to the National Assembly for consideration and approval at the 9th session in mid this year.