Deputy Minister of Finance Nguyen Duc Chi at the Government's press conference in Hanoi on March 5.
Vietnam will pilot the establishment of a cryptocurrency exchange as part of its efforts to develop and manage the digital currency market in an organized manner, said Deputy Minister of Finance Nguyen Duc Chi at a government press conference in Hanoi on March 5.
The government will issue a resolution in March allowing the pilot operation of a cryptocurrency exchange, to provide a platform for investors, organizations, and individuals to conduct transactions, said Chi.
According to the Deputy Minister, the management of digital currencies and cryptocurrencies is a new and complex issue, not only for Vietnam but also for many countries worldwide. The government has instructed a rapid response to research and develop a legal framework for managing digital currencies and cryptocurrencies.
Earlier this week, he revealed, the Prime Minister chaired a meeting to examine reports from the Ministry of Finance (MoF) and relevant ministries and agencies regarding cryptocurrencies and the formulation of legislation. The MoF has been tasked with reporting to the government in March to issue a resolution that allows for the pilot operation of a cryptocurrency exchange.
“The cryptocurrency exchange will be operated by entities and businesses authorized by the government. The government will protect the legitimate rights and interests of individuals and organizations participating in the market,” said Chi.
At the same time, he added, the government also assigned the MoF to coordinate with relevant agencies to quickly establish legal regulations, allowing Vietnamese enterprises and organizations to issue their own virtual assets to raise financial resources for production and business.
This will contribute to the overall development of the economy and keep up with the trends in the development of virtual assets and digital assets in the region and the world, ensuring that Vietnam does not fall behind in the field of cryptocurrencies and digital currencies, stated the Deputy Minister.
During a recent meeting in Hanoi, Party General Secretary To Lam emphasized that with regard to the management of cryptocurrencies, Vietnam should not be left behind, miss opportunities, and avoid a gap or difference with new financial forms and modern trading methods globally.
Although there is no legal framework in place to regulate or manage digital assets and cryptocurrencies, the market for trading digital assets, especially popular cryptocurrencies like Bitcoin and Ethereum, continues to thrive. Cryptocurrencies have seen significant trading and investment activity in recent years, particularly with Bitcoin’s price volatility.
In Vietnam, individuals can easily buy, sell, and invest in digital currencies like Bitcoin through popular trading platforms such as Binance and Remitano, using various methods. More recently, after over six years of operation, the Pi cryptocurrency project officially transitioned to the Open Network, allowing players to trade outside the platform.
Currently, major global cryptocurrency exchanges such as Binance, Bybit, OKX, and Kucoin all support Vietnamese language interfaces. These platforms handle billions of US dollars in daily trading volumes. For instance, Binance’s peak trading volume has exceeded US$100 billion.
Reality underscores the urgent need for regulation and oversight of digital assets and cryptocurrencies. Implementing regulations in this area will bring significant benefits to the economy, help maintain monetary sovereignty, reduce tax evasion risks, and prevent money laundering, fraud, and terrorism financing.
Statistics show, last year Vietnam ranked fifth in the world in terms of interest in digital assets, third globally in using international trading platforms, and sixth in trading volume on decentralized platforms.
Currently, 17 million Vietnamese people own digital assets, with the total market value surpassing US$100 billion.
