On March 1, 2025, Prime Minister Pham Minh Chinh signed Directive 05 on solutions to promote economic growth, which includes a noteworthy point: requiring the Ministry of Finance and the State Bank to propose a legal framework for managing digital assets within March.

This is seen as a groundbreaking step, helping Vietnam keep pace with the development trends of the digital currency market, while creating clearer mechanisms to protect investors, attract businesses, and leverage the potential from the blockchain sector.

Although Vietnam is one of the countries with the highest rate of digital asset adoption in the world, there is currently no clear legal framework for cryptocurrencies like Bitcoin ($BTC ) or Ethereum ($ETH ).

📌 Current situation:

  • Digital currencies have not yet been specifically defined in Vietnam's legal system.

  • Current regulations only mention cryptocurrencies associated with fiat currency (bank cards, e-wallets).

  • Vietnamese businesses must register to operate in Singapore, the US, etc., and then return to Vietnam, leading to tax revenue loss and loss of competitive advantage.

  • Individual investors face risks due to a lack of protective mechanisms and transparency in transactions.

📌 The goal of the legal framework:

  • Identify and value digital assets, helping businesses access banking capital.

  • Limit the outflow of capital abroad due to the lack of a specific legal framework.

  • Ensure safety for investors and promote the development of the blockchain industry in Vietnam.

Government Accelerates - Legal Roadmap is Being Fast-tracked

Initially, the government's plan was for the Ministry of Finance to present the crypto legal framework in May 2025. However, given the current situation, the Prime Minister has requested to shorten the timeline to March.

Moreover, last week, the Prime Minister also tasked the Ministry of Finance and the Ministry of Science & Technology to quickly develop policies regarding digital assets, including a testing area (#Sandbox ) in the second quarter of 2025.

Since the beginning of this year, high-level agencies in Vietnam have shown strong interest in this field:
📌 January 2025: The Standing Committee of the National Assembly met to discuss the draft Law on Digital Technology Industry, in which they discussed how to classify digital assets, virtual assets, and blockchain-based cryptocurrencies.
📌 At the end of February 2025: General Secretary To Lam proposed researching a controlled experimental mechanism (sandbox) to establish a digital asset exchange in Vietnam.

Vietnam is Gradually Losing Its Position on the Crypto Map - Immediate Action Needed!

According to reports from #Chainalysis , Vietnam has been in the top 5 countries with the highest rate of crypto adoption in the world for four consecutive years, with crypto profits in 2023 reaching up to 1.2 billion USD.

However, in recent years, Vietnam's ranking has been declining, due to the lack of clear policies to support and promote the blockchain industry.

⏳ If a suitable legal framework is not quickly established, Vietnam may lose the opportunity to become a leading blockchain hub in the region, while many countries like Singapore, UAE, or the US have already implemented strict yet open regulations for cryptocurrencies.

Conclusion - Is Crypto in Vietnam About to Enter a New Phase?

The Prime Minister's request to present the legal framework for digital assets within March is an extremely positive signal for the crypto industry in Vietnam. This could be a groundbreaking step towards the official acceptance of cryptocurrencies, helping the blockchain industry to develop more robustly, while increasing transparency and protecting investors.

What do you think about this move? Can Vietnam seize the opportunity to break through in the digital asset field? 🚀 #anhbacong