Vietnam’s Crypto Craze: Legal Framework Coming Soon! 🚀💰

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In a delightful twist of bureaucratic ballet, the Prime Minister of Vietnam, Pham Minh Chinh, has recently summoned proposals for a legal framework on cryptocurrencies to be submitted within this very month. Ah, the sweet scent of regulation is in the air!

Thus, the Ministry of Finance (MOF), in a grand duet with the State Bank of Vietnam (SBV), is tasked with the noble endeavor of crafting and presenting a legal framework for the management of digital assets and currencies. The deadline? March, of course! Because why not add a dash of urgency to the mix?

Vietnam is Ramping Up Crypto Regulation Efforts

According to the ever-reliable Tuoi Tre, Prime Minister Chinh has just signed Directive No. 05, a veritable manifesto of solutions aimed at propelling national growth to a staggering 8% or more by 2025. The request for a legal framework on digital currency is a pivotal piece of this grand puzzle. 🎉

“The Party has directed, the Government has agreed, the National Assembly has agreed, the People have supported, and the Fatherland has expected. So just discuss to action, not to retreat,” proclaimed the Head of Government, channeling the spirit of a motivational poster.

As it stands, crypto is not yet recognized as a digital currency in Vietnam. Many businesses, in a clever game of hide and seek, register in Singapore or the US before frolicking in the Vietnamese market. This, of course, leads to a competitive disadvantage and a rather unfortunate tax revenue loss. 😅

Hence, the Head of Government has directed the MOF and SBV to whip up a legal framework for digital currency this month. Because who doesn’t love a good deadline?

A legal framework will not only help businesses access capital from banks but will also sprinkle a little fairy dust on investment and funding opportunities. ✨

From the user’s perspective, transparency will help minimize the risks that may arise in transactions. This could also contribute to Vietnam’s ambitious plan to tax crypto transactions and digital assets. Because, let’s face it, the government loves a good tax! 💸

Overview Of A Legal Framework For Digital Currency In Vietnam

According to data recorded by BeInCrypto from Triple-A, Vietnam currently ranks 7th globally in terms of cryptocurrency ownership. There’s also a delightful buzz surrounding the newly launched Pi Network (PI), which has prompted the Vietnamese authorities to issue a warning. Oh, the drama! 🎭

However, the government has yet to provide a specific definition for virtual currency and virtual assets. A minor detail, really.

Previously, the Government considered incorporating provisions and regulations on digital assets into legal documents under the Law on Digital Technology Industry. The concept of digital assets was first defined as intangible assets. Because who doesn’t love a good intangible asset?

More specifically, the regulation classified crypto as digital data. Digital technology creates, issues, stores, transfers, and authenticates this data in an electronic environment. Sounds fancy, doesn’t it?

In early 2025, the Standing Committee of the National Assembly aimed to define and classify digital assets based on purpose, technology, and other criteria. Because why not complicate things further?

Earlier, during a meeting with the Central Committee’s Policy and Strategy Board on economic growth targets, General Secretary To Lam stated the need to study and apply a controlled testing mechanism (sandbox) to establish an exchange for digital assets. A sandbox? How quaint!

The Vietnamese Government plans to launch and operate Financial Hubs in Ho Chi Minh City and Da Nang in 2025. Because every city needs a financial hub, right?

Last week, the Prime Minister ordered the MOF and MOST to create policies on digital assets and sandboxes. They must complete them by Q2 2025. No pressure, folks!

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2025-03-03 22:23