Virtual currency management resolution to be submitted before March 13

Virtual currency management resolution to be submitted before March 13

The Prime Minister requested the Ministry of Finance to complete and submit the pilot Resolution on digital asset and crypto asset management before March 13. This is to create a legal framework for cryptocurrencies, making the digital financial market more transparent and protecting investors' rights.

The Ministry of Finance is currently working with the State Bank to develop regulations on digital assets. According to the draft, the State may allow the pilot operation of digital currency exchanges organized by licensed entities. This will help individual investors have a legal place to trade and domestic enterprises can raise capital with digital assets instead of having to register to operate abroad.

The digital asset market in Vietnam is growing strongly.

Currently, Vietnam has about 17 million people owning crypto assets, ranking 7th globally. In 2024, the total volume of cryptocurrency transactions in Vietnam will reach more than 105 billion USD. However, due to the lack of a clear legal framework, many Vietnamese businesses have chosen to register in Singapore or the US, causing tax losses and loss of competitive advantage.

In addition to managing cryptocurrencies, the Prime Minister also requested the Ministry of Finance to submit a decree on tax payment extension and tax reduction for businesses before March 15. Along with that, the State Bank is assigned to monitor interest rates and have solutions to support weak credit institutions, promoting capital flow into the economy.

The early promulgation of a legal framework on digital assets will help Vietnam not only protect investors but also take advantage of the development potential of the cryptocurrency market in the context of an increasingly expanding digital economy.