Vietnamese authorities are preparing to regulate the crypto market
Date: 2025-03-05 Author: Gabriel Deangelo Categories: IN WORLD
Vietnamese authorities are preparing to regulate the crypto market
Prime Minister of Vietnam Pham Minh Trinh announced the government's intention to create a "regulatory sandbox" that will allow local companies to test cryptocurrency projects.
According to him, at the moment the digital asset market in the country remains in a "gray zone" since cryptocurrencies are not officially recognized.
Since 2017, the Central Bank of Vietnam has banned the use of cryptocurrencies as a means of payment. This means that settlements using Bitcoin and other digital assets are prohibited, and violating this rule can lead to fines or even criminal punishment.
Despite the restrictions, the interest of Vietnamese in cryptocurrencies continues to grow. Many residents of the country are actively investing in digital assets through international exchanges and p2p platforms, bypassing government control. According to Chainalysis, over the past year, the total volume of Vietnamese investments in cryptocurrencies exceeded $105 billion, which allowed Vietnam to take fifth place in the world ranking in terms of digital asset adoption.
Earlier, Vietnam's Ministry of Planning and Investment (MPI) proposed launching a state program to support national cryptocurrency exchanges by placing them in specialized financial centers in Ho Chi Minh City and Donang.
