Vietnam plans to draft a legal framework for digital assets starting in March

ChainCatcher news, according to Bitcoin.com, Vietnamese Prime Minister Pham Minh Chinh has instructed the Ministry of Finance and the State Bank of Vietnam to draft regulations for digital assets and digital currencies, with the proposal expected to be submitted in March. This directive is part of Directive No. 05, aimed at driving economic growth to at least 8% by 2025.

Despite the lack of a legal framework, Vietnam ranks among the top countries in global cryptocurrency holdings according to the 2024 Triple-A report, prompting the government to call for strengthened regulation.

In addition, the State Bank of Vietnam is also responsible for managing interest rates, exchange rates, and credit growth, while ensuring transparency in banking operations. The government will intensify enforcement against unfair competition among financial institutions.