​Vietnam to pilot cryptocurrency exchange in March: deputy finance minister

​Vietnam to pilot cryptocurrency exchange in March: deputy finance minister

The Vietnamese Ministry of Finance will soon submit to the government a legal framework for cryptocurrency management, forming the basis for a resolution to launch a pilot cryptocurrency exchange in March, according to Deputy Minister Nguyen Duc Chi.

Vietnamese Deputy Minister of Finance Nguyen Duc Chi speaks at a press meeting in Hanoi on March 5, 2025, where he announced that a cryptocurrency exchange would be piloted within the month. Photo: Danh Khang

As part of the broader efforts to regulate digital assets, Vietnam is preparing to introduce the pilot exchange this month, Deputy Minister Chi announced at a government press briefing in Hanoi on Wednesday.

The initiative is expected to enhance transparency and security in the country’s expanding digital asset market, which currently operates without a formal regulatory framework.

During a recent meeting chaired by Prime Minister Pham Minh Chinh, the ministry presented a report on Vietnam’s digital asset landscape and proposed regulatory measures.

In response, Chinh instructed the ministry to draft oversight regulations and submit them for approval.

These regulations will serve as the foundation for a government resolution authorizing the pilot exchange, creating a regulated environment where authorized businesses and investors can trade digital assets securely.

“Investment and trade activities on the cryptocurrency exchange will be organized by authorized entities and businesses, and the state will protect the legitimate rights and interests of participants,” Chi stated.

The government has also directed the ministry to collaborate with relevant agencies to draft regulations allowing Vietnamese businesses and organizations to issue their own virtual assets.

This effort aims to mobilize financial resources for economic growth while aligning Vietnam with global trends in digital finance.

On February 24, Vietnamese Party General Secretary To Lam expressed support for the early regulation of digital currencies, highlighting the need to mitigate potential economic and social risks while leveraging the sector’s benefits.

He urged the law-making National Assembly and relevant government agencies to swiftly introduce legislation for regulating the crypto market.

To oversee cryptocurrency exchange operations effectively, Vietnam is considering a controlled sandbox mechanism.

A Chainalysis report ranked Vietnam fifth globally in digital asset interest, third in international crypto platform usage, and sixth in decentralized exchange transaction volume in 2024.

Currently, around 17 million Vietnamese citizens own digital assets, with the total market value exceeding $100 billion.

However, the lack of regulation has contributed to a sizable underground economy.

Experts underscored that the pilot exchange could enhance market transparency and security while enabling the government to capitalize on tax revenue from cryptocurrency transactions.

With a 0.1 percent personal income tax rate – similar to stock transactions – Vietnam could potentially generate over $800 million annually, they stated.

As of March 4, 2025, Forbes reported that the world’s top 10 cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), Binance Coin (BNB), Solana (SOL), U.S. Dollar Coin (USDC), Cardano (ADA), Dogecoin (DOGE), and TRON (TRX).

With Vietnam advancing toward a structured digital asset framework, the upcoming pilot exchange represents a key step in embracing blockchain technology while safeguarding investors and fostering economic growth, experts commented.

Tuoi Tre News