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.
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