Vietnam for Pilot Exchange Digital Currencies: Report

The Vietnam Ministry of Finance has been set to propose a legal framework for digital assets and cryptocurrency this month.

Part of this framework includes a Pilot Program for the State Exchange of Digital Currency, Deputy Minister Nguyen Duc Chi announced at the Government Press Conference, toward Local media.

Movement comes as Prime Minister Pham Minh Chinh called regulators to establish clear guidelines for digital means.

The Ministry of Finance and the State Bank of Vietnam are Work on the boxaimed at balancing investor protection innovations.

Chi said that the proposed exchange would enable individuals and companies to trade with digital assets under state supervision, providing legal protection and risk reduction. In addition, the government is Research of regulations To allow Vietnamese companies to issue virtual funds as a means of financial mobilization.

Vietnam There are currently formal legal definitions for digital assets and cryptocurries, leading many Blocchain companies for registration abroad.

Absence of clear regulations has resulted in in lost tax revenues and limited oversight of the domestic market.

According to Charandisica, Vietnam saw 120 billion dollars in the influx of digital means in 2023. years and ranked among the top three countries for digital property ownership, with 21% of the population holding crypto. The proposed regulatory framework aims to take advantage of this growing sector, although it relieves risks.