Piloting to build appropriate policies
On March 20, informing about the development of a virtual currency exchange pilot resolution, Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission (SSC) - said that on March 3, 2025, the Prime Minister chaired a meeting of the Government Standing Committee on completing the legal framework for management and handling of virtual assets, virtual currencies, cryptocurrency, and cryptocurrency. The Government Standing Committee has assigned the Ministry of Finance to preside over and coordinate with relevant ministries and agencies to develop a dossier to submit to the Government for promulgation a pilot Resolution for nationwide application.
The goal is to promote research and development of new technologies, encourage innovation in Vietnam, thereby promoting economic growth, in line with the general trend of the world and the practical conditions of Vietnam. Based on Official Dispatch No. 22/CD-TTg dated March 9, 2025 and Notice No. 81/TB-VPCP dated March 6, 2025, the Ministry of Finance has submitted Document No. 64/TTr-BTC dated March 11, 2025 to the Government on the draft Resolution on the pilot implementation of issuance and trading of cryptographic assets.
Mr. Hai said that the pilot implementation of the digital asset market is in line with practical conditions in Vietnam, aiming to create a flexible legal environment, adapting quickly to innovation within the framework of State management and supervision. The pilot with limited scale and strict control will support capital mobilization to serve production and business development, develop the digital economy, and at the same time help management agencies have time to develop appropriate policies, limit illegal acts such as money laundering, terrorist financing, investor protection, and ensure stability for the financial - monetary market.
In addition, the draft Resolution also proposes a coordination mechanism between management agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank to promote market activities, while minimizing financial security risks.
Legal framework needs to be cautious
Regarding tax policies, the representative of the Department of Tax, Fee and Charge Policy Management and Supervision informed that the current tax legal system has comprehensive regulations, ensuring a legal basis for tax collection for goods and services purchased and sold in Vietnam, as well as enterprises and individuals (domestic and foreign) with business activities in Vietnam.
However, the specialized legal system related to digital assets still does not have clear regulations on the determination and classification of digital assets, as well as business activities and exchange of these assets. When specialized laws clearly define the nature of digital assets and allow business and sale as a type of asset, tax obligations will be implemented according to current regulations.
Industry experts also share the same cautious view. Speaking to reporters, Mr. Nguyen Quang Huy - CEO of the Faculty of Finance - Banking, Nguyen Trai University - said that Vietnam needs to conduct practical testing and thorough assessment before officially recognizing digital assets, avoiding negative impacts caused by price fluctuations and speculative activities.
The legal framework needs to be built on international standards, both ensuring global competitiveness and minimizing risks for the financial system during the integration process, Mr. Huy proposed.
The digital currency market fluctuates strongly, posing many potential risks
The digital asset and cryptocurrency markets have witnessed strong fluctuations in recent times. After a period of hot growth in early March with Bitcoin surpassing the $95,000 mark, the prices of major currencies such as Bitcoin and Ethereum have now adjusted down significantly.
As of March 20, 2025, Bitcoin prices have dropped to 84,000 - 86,000 USD, investor sentiment has begun to be more cautious after consecutive sessions of decline. Along with that, information about the Pi Network cryptocurrency listed on a number of international exchanges has also caused a lot of controversy in the community, raising concerns about the transparency and real value of this currency.
Although not yet recognized in Vietnam, digital transactions are still taking place actively on decentralized platforms, international exchanges and peer-to-peer transactions, posing many potential risks to investors due to the lack of a clear legal corridor.
