At the meeting with the Central Policy and Strategy Board regarding economic growth targets, General Secretary To Lam proposed studying the establishment of a digital asset exchange in Vietnam. This could be an important step to bring digital assets into the legal framework, promoting economic development and avoiding missed opportunities in modern finance.
A Legal Framework is Needed for Digital Assets
Currently, Vietnam still does not have a specific definition of virtual currency and virtual assets. The regulations mainly refer to cryptocurrencies pegged to fiat currency, such as bank prepaid cards or e-wallets. Meanwhile, types of digital currencies like $BTC , $ETH have become popular digital assets worldwide.
The General Secretary agrees with the proposal of the Central Policy and Strategy Board regarding the management of digital currency as a type of virtual asset to limit risks, protect investors, and leverage the value of this market. He emphasized that delays in building a legal framework could cause Vietnam to lose its competitive advantage and development opportunities in the digital economy.
Proposal for a Sandbox Mechanism for the Digital Asset Exchange
According to the General Secretary, Vietnam needs to apply a controlled experimental mechanism (#Sandbox ) to establish a digital asset exchange. This helps:
✅ Strict management of digital assets but still creating development space
✅ Testing before official implementation to avoid legal risks
✅ Leveraging modern financial technology, not to be left behind
He also emphasized that without timely action, Vietnam could 'lag behind and miss opportunities' in the digital finance sector.
Vietnamese Enterprises are Losing Competitive Advantage
Currently, many Vietnamese enterprises are forced to register in Singapore, the US, and then return to operate domestically due to the lack of a clear legal framework. This not only causes a loss of competitive advantage but also leads to tax revenue losses for the state.
In addition, digital currency users in Vietnam are also at risk due to a lack of transparency and protective mechanisms. If there is a legal exchange, digital asset transactions will be more transparent, reducing the risk of fraud and market manipulation.
The Prime Minister Assigns Tasks, Vietnam Could Complete the Legal Framework by 2025
Not only General Secretary To Lam, but at the business conference on February 27, Prime Minister Pham Minh Chinh also tasked the Ministry of Finance and the Ministry of Science & Technology to study and build policies for managing digital assets under a sandbox experimental mechanism. The deadline is the second quarter of 2025.
Meanwhile, the Standing Committee of the National Assembly is also completing the Law on Digital Technology Industry, clearly classifying 'virtual assets' and 'crypto assets', creating a foundation for a complete legal framework by May 2025.
Vietnam Ranks Top 5 in the World in Digital Asset Ownership
According to the report from Triple-A in June 2023, Vietnam is in the top 5 in the world in terms of the percentage of the population owning digital assets, with about 21% of the population currently using them. This indicates a large demand for trading and investing in cryptocurrencies in Vietnam, but there is still no complete legal framework to protect investors' rights.
Moreover, Vietnam also ranks 5th in the list of countries with the global cryptocurrency adoption index in 2023 and 2024.
Testing in Ho Chi Minh City and Da Nang?
In the process of drafting the resolution on the financial center in #TPHCM and Da Nang, the Ministry of Planning & Investment proposed applying a sandbox for the digital asset exchange. According to the plan, transactions using digital currency at the financial center could begin on July 1, 2026.
However, the Ministry of Finance has not yet agreed with this plan, stating that more time is needed to finalize management regulations. Minister Nguyen Van Thang also confirmed that after merging with the Ministry of Planning & Investment, the Ministry of Finance will lead the development of regulations for managing digital assets, including the possibility of allowing the establishment of a legal exchange.
Not Banning Digital Currency, But Controlling and Testing
The Vietnamese government is expressing a clear stance: 'Do not ban digital currency, virtual assets,' but will manage strictly and have a testing roadmap.
If the legal framework is completed, the identification and valuation of digital assets could help:
🔹 Enterprises access bank funding more easily
🔹 Investors feel secure trading in a transparent environment
🔹 Limit tax revenue losses and prevent illegal activities
Conclusion: Is a Digital Asset Exchange in Vietnam Feasible?
With strong steps taken by the leadership, the possibility of Vietnam having a legal digital asset exchange in the near future is entirely possible. This will open a new era for digital finance, while helping Vietnam not to be left behind in the global blockchain and crypto race.
🔥 What do you think? If there is a legal digital asset exchange in Vietnam, will the domestic crypto market explode? 🚀