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The legal framework for virtual assets and digital assets is increasingly becoming a key focus in the legislative efforts of Vietnam’s ministries and government agencies. In a significant move, the Government recently issued Resolution No. 27/NQ-CP following the regular Government meeting in January 2025. Notably, this resolution mandates the Ministry of Finance to lead efforts in coordinating with relevant agencies and localities to finalize a proposal for developing legal regulations governing digital assets, including virtual assets and encrypted assets.
Government Initiatives to Regulate Digital Assets
The Ministry of Planning and Investment has also initiated discussions on the Draft Resolution of the National Assembly concerning the establishment of a regional and international financial center in Vietnam. A crucial aspect of this draft resolution is the introduction of a controlled testing policy (sandbox) for business models that incorporate financial technology (fintech).
Under this framework, the designated financial center management and operation agency will be responsible for licensing, overseeing, and assessing the impact of fintech activities, particularly those involving crypto assets and cryptocurrencies. Transactions utilizing these digital assets within financial centers are expected to commence from July 1, 2026.
Simultaneously, the Draft Law on the Digital Technology Industry, which the Ministry of Information and Communications has released for public consultation, introduces the concept of digital assets for the first time. The Ministry has proposed defining digital assets as a type of digital technology product and has recommended that the Ministry of Finance take the lead in developing comprehensive regulations for their management and service provision.
Vietnam’s Growing Digital Asset Market
These regulatory developments reflect the growing governmental focus on digital assets. According to a recent report by Chainalysis, Vietnam ranks 5th globally in terms of digital asset interest, 3rd in the use of international trading platforms, and 6th in trading volume on decentralized platforms. The report highlights that approximately 17 million Vietnamese citizens currently own digital assets, with an estimated market value exceeding USD 100 billion.
Recent draft resolutions and policy discussions, including those on establishing a Financial Center in Vietnam, indicate an increasing willingness among policymakers to incorporate crypto assets and specialized trading exchanges into the country’s financial infrastructure. These efforts demonstrate Vietnam’s dual approach: mitigating risks associated with digital assets while leveraging their economic potential. The Government’s commitment to finalizing a regulatory framework in the near future is expected to foster a transparent investment environment, attract capital inflows, and drive innovation in the fintech sector.
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