Vietnam to Launch State-Licensed Crypto Exchanges in March

Vietnam is set to unveil its cryptocurrency regulations in March, marking a significant step towards formalizing its digital asset sector. The Vietnamese Ministry of Finance is preparing a proposal to pilot a digital currency exchange, which will be submitted to the government by the end of the month. This initiative aims to establish a regulated platform for investors, businesses, and individuals to trade digital assets, operated by state-authorised entities with government protection for participants' rights.

The Deputy Finance Minister Nguyễn Đức Chi highlighted the complexity and novelty of digital assets and cryptocurrencies, noting that many countries are still developing legal frameworks to manage them transparently and support economic growth. Following the Prime Minister’s directives, the Ministry of Finance has been assigned to submit its proposal to the Government by March. This initiative would establish a regulated platform for investors, businesses, and individuals to trade digital assets, operated by state-authorised entities with government protection for participants’ rights.

The ministry will also collaborate with other agencies to draft regulations allowing Vietnamese businesses to issue their own digital assets, mobilising financial resources for economic development and aligning Vietnam with global trends. Implementing instructions on breakthrough policies for private enterprises, the ministry is working with industry associations to review the impact of current policies and shape future resolutions.

To promote private sector growth, the ministry is addressing legal and regulatory challenges and will report any obstacles to the Government for timely resolution. It also aims to create a flexible regulatory environment, enabling private businesses to access and use resources efficiently for their development. The ministry is committed to working closely with businesses and relevant agencies to ensure policies align with international commitments, helping Vietnamese private enterprises expand both domestically and globally.

Vietnam's move to pilot a digital asset trading platform this month is part of a broader effort to protect investors and regulate the cryptocurrency industry. The finance ministry is working on a trading platform for digital assets, and testing is expected to begin by the end of March. This initiative is expected to enhance the country's competitiveness in the global digital asset market and support economic expansion.

Vietnam's pilot program for state-licensed crypto exchanges is a significant step towards formalizing its cryptocurrency sector. The program aims to regulate crypto, protect investors, and enhance competitiveness. The Vietnamese government is taking a proactive approach to digital asset management, aiming to establish a transparent and supportive legal framework for the industry.