Vietnam is Ready to Pilot the Digital Asset Market in August
On the afternoon of August 7 in Hanoi, during the regular government press conference in July, the Deputy Minister of Finance, Nguyen Duc Chi, announced the latest information about the process of developing a pilot project for the crypto asset market in Vietnam. This is a notable turning point in the context of digital assets becoming increasingly popular, and countries worldwide, including the United States under President Donald Trump's second term, are intensifying efforts to build a legal framework for this field.
Deputy Minister Nguyen Duc Chi stated that during the drafting process, the Ministry of Finance extensively consulted international experiences, including countries with progressive legal environments such as Singapore, Japan, and recently the United States - where the Trump administration has strongly returned to promoting digital financial innovation since its late 2024 victory. Additionally, the Ministry of Finance has carefully assessed the actual situation in Vietnam, where more citizens are participating in buying and selling activities of various crypto assets, from Bitcoin to blockchain tokens.
To ensure comprehensiveness and feasibility, the Ministry collaborated with technology, legal, and economic experts to organize numerous workshops and forums, gathering input from various stakeholders. The goal is to clarify legal and technical aspects and develop a management approach suitable to domestic practical conditions while protecting investor interests and avoiding potential risks from an immature market.
The pilot project has been completed in terms of content with strict criteria: from selection standards for participating organizations, technical requirements, operational capabilities, to financial and professional potential. After completion, the Ministry of Finance reported to the Government, which then submitted it to the Politburo for approval. If the review process proceeds smoothly, the pilot activities could officially begin as early as August this year.
One notable aspect of the project is the primary participation of the private sector. The Ministry of Finance affirms that it will encourage technologically capable, innovative companies with financial potential to provide services in the crypto asset market. This is entirely consistent with Resolution 68's orientation to promote private economic development and create momentum for innovation in the digital economy.
The pilot phase is expected to have more than one licensed trading platform to promote healthy competition, though the number will be reasonably controlled to ensure effective monitoring and evaluation. Entities wishing to participate must meet transparent, public criteria, including technological infrastructure, operational processes, and system security levels.
Deputy Minister Nguyen Duc Chi emphasized that the crypto asset market is a high-tech field requiring flexibility, adaptability, and strict risk control. Building a pilot platform not only opens opportunities for Vietnam to approach global trends but also helps create a foundation for establishing an official legal framework in the future, ensuring investor safety and contributing to sustainable financial market development.
Currently, the domestic investment and technology community is awaiting an official conclusion from the Politburo to know whether the pilot can be launched in August as expected. If approved, this will be an important milestone in making Vietnam one of the pioneering countries in the region for developing a legal framework for crypto assets - a market attracting strong interest from both governments and global private sectors.
