Vietnam is set to introduce a legal framework for digital assets by the end of March as the government moves to strengthen regulatory oversight and integrate cryptocurrencies into its economic expansion plans. The decision follows Prime Minister Phạm Minh Chính’s Directive No. 05, which outlines an ambitious target of 8% or higher national economic growth by 2025.
The responsibility for shaping Vietnam’s first formal crypto regulatory framework has been assigned to the Ministry of Finance (MOF) and the State Bank of Vietnam (SBV). These agencies are required to finalize and submit regulatory proposals for cryptocurrencies and digital assets by the end of March.
The MOF is tasked with formulating policies for crypto management, while the SBV will oversee aspects such as interest rates and exchange rates related to digital currencies. This collaborative approach aims to create a robust regulatory environment that addresses both the opportunities and challenges presented by digital assets.
During the announcement, Prime Minister Chính emphasized that the initiative is being driven by broad national support, stating:
“The Party has directed, the Government has agreed, the National Assembly has agreed, the People have supported, and the Fatherland has expected.“
This strong political backing signals Vietnam’s commitment to establishing a structured and transparent approach to digital assets, balancing economic opportunity with investor protection and financial security.
Vietnam’s Position in the Global Crypto Market
Vietnam ranks among the top countries globally in cryptocurrency adoption, with approximately 17 million citizens reportedly owning digital assets according to Chainalysis’ 2024 Global Crypto Adoption Index. The total value of the crypto market in Vietnam is estimated to exceed $100 billion, indicating a significant and active participation in the digital asset space
Many Vietnamese crypto businesses have opted to register overseas in jurisdictions like Singapore and the United States to escape the uncertainty surrounding local regulations. This trend has led to significant tax revenue losses for the Vietnamese government and created competitive disadvantages for domestic firms that operate within Vietnam’s evolving financial system.
Government officials have increasingly called for comprehensive regulations to bring crypto businesses back within Vietnam’s jurisdiction, ensuring fair competition and preventing capital flight to foreign markets.
The urgency for regulation has been heightened by incidents of crypto-related fraud. Notably, a recent $100 million crypto scam targeting Vietnamese investors has spotlighted the vulnerabilities in the current unregulated landscape. Establishing a legal framework is seen as a critical step toward protecting investors from such fraudulent schemes and ensuring the integrity of the market.
Industry experts emphasize the necessity of a transparent legal framework to protect both developers and investors. Nguyen Duy Hung, Chairman of Saigon Securities Incorporation, highlighted that despite Vietnam’s high transaction volumes, the absence of clear regulations leaves businesses and investors vulnerable to scams and cyber threats. He advocates for government support in developing a legal structure that fosters secure and legitimate growth in the digital asset sector.
Quick Facts
- Vietnam’s Prime Minister has directed the MOF and SBV to propose a legal framework for digital assets by March 2025.
- Approximately 17 million Vietnamese citizens own digital assets, with the market valued at over $100 billion.
- A recent $100 million crypto fraud case has intensified the call for regulatory measures.
- Industry leaders stress the need for a transparent legal framework to protect investors and support market development.
