Vietnam to Pilot Digital Assets Exchange Project in March

Vietnam will soon pilot a digital asset exchange, according to details shared by Nguyen Duc Chi, the country's deputy finance minister, who is overseeing developments related to virtual digital assets (VDAs). The finance ministry is working on a trading platform for digital assets, and testing is expected to begin by the end of March. Vietnam ranked fifth on Chainalysis' global crypto adoption index last year, in a sign that the crypto sector — currently valued at nearly $3 trillion (roughly Rs. 2,61,27,670 crore) — continues to grow in the country.

The country's finance ministry is working on the roadmap for a VDA trading platform, a government-backed Vietnamese publication announced on Thursday.

The development comes just days after Vietnam's Prime Minister Phạm Minh Chính set a national growth target of eight percent or more by the end of 2025. The country plans to increase its friendliness towards the crypto sector, expecting to attract foreign direct investment and encouraging sustainable economic growth.

“Economic growth must rely on science and technology, innovation and digital transformation. Ministries, agencies, and localities will continue to support businesses in implementing pilot and specific mechanisms and policies,” he said in a directive issued earlier this week.

Since 2021, Vietnam has been one of the top countires in Chainalysis' crypto adoption index alongside India, Indonesia, and the US. Research reports predict a continued rise in crypto ownership in Vietnam over the coming years.

Despite the increasing adoption of crypto in the country, Vietnam has yet to implement a clear legal framework to oversee the digital assets sector. Without proper regulations, digital assets like cryptocurrencies can be exploited to facilitate illegal transactions without alerting law enforcement agencies and banking authorities.

In 2022, the former Deputy Prime Minister Le Minh Khai ordered the finance ministry to start drafting a legal framework to oversee the growth of Web3.

Decrypto previously reported that work towards formulating a policy for the digital assets sector is also being accelerated in the country. Vietnam's finance ministry is reportedly working with the State Bank of Vietnam on these policies.

Vietnam is also working on educating and training its nationals in emerging technologies like blockchain and artificial intelligence (AI). In May, an Academy of Blockchain and AI Innovation (ABAII) was launched in the country, to ‘universalise' these emerging technologies among students and younger employee forces.