TechFlow news — On March 4, according to VnExpress, Vietnamese Prime Minister Pham Minh Chinh has ordered the Ministry of Finance and the State Bank of Vietnam to draft a legal framework for cryptocurrencies within this month. The Ministry of Finance is required to lead the development of policy proposals for managing digital assets and cryptocurrencies.
Currently, Vietnam lacks clear definitions for digital currencies and assets such as Bitcoin and Ethereum. Existing regulations only cover electronic money linked to fiat currency. Due to the absence of a legal framework, many businesses choose to register in Singapore or the United States before operating in Vietnam, causing the country to lose competitive advantages and tax revenue.
Recently, General Secretary of the Communist Party of Vietnam To Lam emphasized the need to study and implement controlled testing mechanisms (sandboxes) to establish digital asset trading platforms.
