The Ministry of Fintech plans to coordinate with the Ministry of Public Security and the State Bank of Vietnam to manage the crypto exchange.

The Ministry of Finance is planning to establish an inter-agency cooperation mechanism with the Ministry of Public Security and the State Bank to manage cryptocurrency exchanges and digital assets during the trial phase. This information was announced by Mr. Bui Hoang Hai, Deputy Chairman of the State Securities Commission (Ministry of Finance), on March 20. Mr. Hai further stated that the Ministry has submitted a draft Resolution to the Government to pilot the issuance and trading of these types of digital assets.

Deputy Chairman of the State Securities Commission Bui Hoang Hai | Photo: TT&QHCCAccording to the proposal, three agencies including the Ministry of Finance, the Ministry of Public Security, and the State Bank will work together to monitor the activities of cryptocurrency exchanges, with the main goal of minimizing risks related to monetary security and protecting the financial market. The cryptocurrency market in Vietnam is currently very active, even more prominent than many countries in the region, with a strong growth in trading volume and user interest. However, this development comes with complexity and potential risks, requiring strict control in the early stages.

Mr. Hai stated that, in the context of increasingly popular and unpredictable cryptocurrencies, conducting a pilot program on a limited scale will help regulatory authorities both meet market trends and have time to research to formulate appropriate regulations. "This approach is similar to the strategy of many developed countries," Mr. Hai emphasized, while also stating that the pilot program will help prevent illegal activities such as financial fraud or funding illegal organizations.

In addition to building domestic oversight mechanisms, Vietnam is also collaborating with Singapore to develop a legal framework for managing digital assets. Singapore is known for its clear and stringent legal system regarding cryptocurrencies, and this collaboration could help Vietnam learn from their experience to refine regulations in the future.

Currently, digital currencies such as Bitcoin, Ethereum... have become familiar names, but Vietnam still does not have an official legal concept for cryptocurrencies or digital assets. Existing documents only refer to electronic money in the form of e-wallets or prepaid bank cards. This lack of clarity has prevented the tax authorities from establishing a specific tax collection mechanism, even though the crypto market in Vietnam is showing great potential.

The representative of the Ministry of Finance stated that if cryptocurrencies are recognized as legal assets for trading, taxes such as VAT, corporate tax, and personal income tax will be considered for application. In reality, due to the lack of specific regulations, many companies in this sector choose to register abroad, such as in Singapore or Hong Kong, and then operate in Vietnam, leading to a loss of tax revenue and difficulties in management.

With the rapid development of the crypto market in Vietnam, the early establishment of a legal framework will not only help the government leverage resources from this sector but also support businesses in accessing legitimate investment capital. At the same time, users will be better protected against risks from opaque transactions, contributing to the sustainable development of the digital asset market.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.

• Vietnam proposes to allow cryptocurrency trading at the financial center starting from July 1, 2026.
• The Prime Minister requests the Ministry of Finance to present a resolution on the management of digital assets this week.
• Vietnam collaborates with Singapore to develop a legal framework for managing digital assets
• From Vietnam to Singapore: Asia is emerging as a leading crypto hub by 2025

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