Vietnam Prime Minister Pham Minh Chinh requested that proposals for a legal framework on cryptocurrencies will be presented later this month.

Thus, the Ministry of Finance (MOF) must preside over the Vietnam State Bank (SBV), the proposal and submission of a legal framework for managing digital assets and digital currencies. The process must be completed in March. At least is the forecast.

Vietnam intensifies crypto regulation efforts

According to Your threePremê Chinh has just signed Directive No. 05 on solutions to promote national growth to reach 8% or more in 2025. The request to present a legal framework on digital currency is an important part of this directive.

The party directed, the government agreed, the National Assembly agreed, the people supported, and the homeland waited. So just argue to act, not to retreat, these The head of the government.

Currently, crypto is not considered a digital currency in Vietnam. Many companies register in Singapore or the United States (USA) and then operate in Vietnam. This leads to a competitive disadvantage and loss of tax revenue.

Therefore, the head of government guided MOF and SBV to propose a legal landmark for digital currency later this month. Which will help companies access Banks capital. It will also make investment and financing more affordable.

From the user’s point of view, transparency will help minimize risks that may arise in transactions. This can contribute to the Vietnam plan to tax crypto transactions and digital assets.

Overview of a legal milestone for digital currency in Vietnam

According to data Registered from Triple-A, Vietnam currently occupies 7th place globally in terms of cryptocurrency possession. There is also a growing enthusiasm about the newly released PI Network (PI) that led Vietnamese authorities to issue an alert.

However, the government has not yet provided a specific definition for virtual currency and virtual assets.

Previously, the government considered incorporating provisions and regulations on digital assets into legal documents under the digital technology industry law. The concept of digital assets was initially defined as intangible assets.

More specifically, regulation has classified crypto as digital data. Digital technology creates, emits, stores, transfers and authenticates this data in an electronic environment. In early 2025, the National Assembly Permanent Committee wanted to define and classify digital assets. Thus, they based the classification on purpose, technology and other criteria.

During a meeting with the Central Committee’s Policy and Strategy Council on Economic Growth Goals, Secretary General to Lam stated the need to study and apply, for example, a Sandbox Testing Mechanism to establish an exchange for digital actives.

The Vietnamese government will launch and operate financial centers at Ho Chi Minh City and Nang in 2025. Last week, the Prime Minister ordered Mof and Most to create policies on digital assets and sandboxes. However, they must complete them until the second quarter of 2025.