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Viet Nam to pilot digital assets and cryptos at financial centers
A pilot program for fintech activities, including digital asset and cryptocurrency trading at financial centers will be submitted to the Prime Minister this March, said Deputy Minister of Finance Nguyen Duc Chi.
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| Deputy Minister of Finance Nguyen Duc Chi |
Nguyen made the announcement at a Government's press briefing which was held in Ha Noi on March.
He said the ministry was tasked to report the Government about a draft resolution on pilot digital asset and cryptocurrency trading this month.
Viet Nam currently lacks a clear definition of virtual currencies and digital assets. Existing regulations only address the concept of electronic money tied to fiat currencies, such as prepaid bank cards and e-wallets.
Data from CoinGecko indicates that the global cryptocurrency market value peaked at nearly US$3.3 trillion on November 14, 2024.
The flows of digital assets into Viet Nam in 2023 reached US$120 billion, as reported by market analysis organization Chainalysis.
Viet Nam ranks among the top three countries globally in cryptocurrency ownership with 21 percent of Vietnamese population only after the United Arab Emirates and the U.S.
Cryptocurrencies are not banned in Viet Nam, but are not yet recognized as assets. The lack of a legal framework for these assets has led many businesses to register in Singapore or the U.S. before operating in Viet Nam, which reduces the country's competitive advantage and results in tax revenue losses.
From a user perspective, the lack of transparency in this area increases transaction risks./.
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