Vietnam To Introduce Digital Asset Legal Framework By March End

According to Foresight News, the Vietnamese government is set to introduce a legal framework for digital assets by the end of March to boost economic growth. Prime Minister Phạm Minh Chính has signed Directive No. 05, instructing the Ministry of Finance (MOF) and the State Bank of Vietnam (SBV) to develop and submit a regulatory plan for cryptocurrencies by the end of this month. The anticipated framework aims to provide a clearer regulatory environment for cryptocurrency businesses, facilitating their access to funding and enabling them to operate within a secure legal system. Currently, Vietnam has not officially recognized crypto assets, yet the country ranked fifth in the 2024 Chainalysis Global Crypto Adoption Index. Data indicates that blockchain market investments flowing into Vietnam exceeded $105 billion between 2023 and 2024.