Vietnam’s Prime Minister Orders Draft Crypto Policy to Be Submitted This Month

In Brief

Vietnamese Prime Minister Pham Minh Chinh has instructed the Ministry of Finance and the State Bank of Vietnam to draft a legal framework for cryptocurrencies within March 2024.

Vietnam has one of the highest crypto adoption rates globally, with $120 billion in digital asset inflows in 2023.

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Vietnam is moving toward official cryptocurrency regulations, as Prime Minister Pham Minh Chinh has ordered the government to formulate a policy framework for digital assets this month. The Ministry of Finance will lead efforts to define how cryptocurrencies like Bitcoin and Ethereum will be classified and regulated.

Despite its lack of clear regulations, Vietnam remains one of the world’s top countries in crypto adoption, with $120 billion in digital asset inflows in 2023. This policy push suggests that Vietnam is preparing for a more structured approach to digital assets, potentially opening doors for crypto businesses and institutional adoption.

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