Vietnam is preparing to introduce a legal framework for digital assets, with plans to finalize regulations by the end of March 2025.
The decision follows Prime Minister Phạm Minh Chính’s Directive No. 05, which aims for an 8% or higher growth target by 2025.
Currently, Vietnam has no official recognition of digital assets, which leaves crypto-related businesses in a legal gray area. Despite this, crypto trading remains widespread, with many businesses choosing to register in countries like Singapore or the US to avoid regulatory uncertainty.
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This practice has led to lost tax revenue and disadvantages for local businesses competing with foreign-registered firms.
The Ministry of Finance and the State Bank of Vietnam have been tasked with drafting regulations that will bring more clarity to the industry. Prime Minister Chính emphasized the importance of this step, stating, “The Party has directed, the Government has agreed, the National Assembly has agreed, the People have supported, and the Fatherland has expected”.
Government officials believe that establishing clear rules will provide a more secure environment for crypto businesses. A Ministry of Finance representative stated:
Creating this legal framework will help businesses access bank capital and provide a safer, more transparent environment for crypto transactions.
Vietnam ranks fifth in global cryptocurrency adoption, according to Chainalysis’ 2024 report. The country has also received over $105 billion in blockchain-related investments between 2023 and 2024.
Meanwhile, El Salvador’s funding agreement with the International Monetary Fund (IMF) prohibits the government from increasing its Bitcoin
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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
