In early 2023, the Vietnamese government accelerated the implementation of its encryption policy, clearly incorporating digital assets into the regulatory framework. Prime Minister Pham Minh Chinh issued a directive in March, requiring the Ministry of Finance and the State Bank of Vietnam to formulate detailed regulations by the end of March, including KYC/AML mechanisms, sandbox pilot programs, trading licenses, and tax arrangements.

Currently, while using cryptocurrency as a means of payment remains illegal, 'holding and trading' is not prohibited by law. The introduction of this policy aims to encourage the development of local crypto enterprises, attract blockchain investments, and fill the tax gap.

As one of the leading countries in global crypto adoption (with approximately 21% of users and transaction volumes exceeding $120 billion), Vietnam hopes to become a highlight market for digital assets in Southeast Asia through clear regulations. However, the regulatory pathway still needs to strike a balance between promoting innovation and preventing risks, with future sandbox policies and exchange licenses being key points.