Vietnam’s Digital Assets Regulations
Vietnam’s Prime Minister Pham Minh Chinh has instructed the Ministry of Finance and the State Bank of Vietnam to draft regulations for digital assets and currencies. A proposal is expected in March 2024 as part of Directive No. 05, which aims to drive economic growth to at least 8% by 2025.
Despite the absence of a legal framework, Vietnam ranks among the top countries globally in cryptocurrency ownership, according to a 2024 Triple-A report. This has led to increased calls for regulation in the sector.
Additionally, the central bank has been tasked with managing interest rates, exchange rates, and credit growth while ensuring transparency in banking practices. Stricter enforcement will target unfair competition among financial institutions.
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