Vietnam is Ramping Up Crypto Regulation Efforts
Accordingly, the Ministry of Finance (MOF) is required to preside over, together with the State Bank of Vietnam (SBV), the proposal and submission of a legal framework for managing digital assets and digital currencies. The process must be completed in March.According to Tuoi Tre, Prime Minister Chinh has just signed Directive No. 05 on solutions to promote national growth to reach 8% or more in 2025. The request to submit a proposal for a legal framework on digital currency is an important part of this Directive.As of now, crypto is not considered a digital currency in Vietnam. Many businesses register in Singapore or the US and then operate in Vietnam. This leads to a competitive disadvantage and tax revenue loss.
This is why the Head of the Government has directed the MOF and SBV to propose a legal framework for digital currency within this month.
A legal framework will help businesses access capital from banks. It will also make investment and funding more accessible.
From a user perspective, transparency will help minimize risks that may arise in transactions. This could contribute to Vietnam’s plan to tax crypto transactions and digital assets.