The Prime Minister requested a provision on digital assets in the second quarter

At the Standing Committee of the Government working with small and medium -sized businesses on February 27, Mr. Nguyen Kim Hung, Chairman of Kim Nam Group, said that the Government needs to promulgate a control mechanism with control (Sandbox) to lead breakthroughs for businesses, especially innovative startup.

Mr. Hung asked the Ministry of Finance and the State Bank to research and soon issue regulations on identification and methods of valuation of digital assets. This will help businesses access capital sources from commercial banks, thereby investing.

“If this is removed, the cash flow from the bank will flow into the small and medium -sized business community,” Mr. Nam said, saying that the business will be more motivated to develop. Not to mention, some countries in the world also have regulations on identification of digital assets.

In response to the proposal of the enterprise, Prime Minister Pham Minh Chinh assigned the Ministry of Finance, Science and Technology to formulate policies, regulations on assets, control mechanisms with control (sand box). These agencies must be completed by the second quarter.

Earlier, the Ministry of Finance was assigned by the Prime Minister to develop regulations on management of digital and digital assets. The previous report, Minister of Finance Nguyen Van Thang said the regulations may include exchanges to buy and sell these assets.

“The Ministry is implementing and will submit to all levels as soon as possible,” Mr. Thang said.

According to Deputy Minister of Information and Communications Pham Duc Long, the mechanism for sandbox, digital property, other new technologies has been included in the draft Law on Digital Technology Industry.

Digital currencies such as Bitcoin, Ethereum … are considered a popular virtual property. However, Vietnam has no specific definition of virtual currencies and virtual assets. The new regulations refer to the concept of cryptocurrency anchor according to the legal money, exist as a Bank prepaid card, e -wallet.

The lack of legal framework for this property caused many businesses to choose Singapore and the US to register and then operate in Vietnam, causing loss of competitive advantage and loss of tax collection. In the perspective of users, the lack of transparency leads to risks in transactions, according to experts.

According to the data of the Vietnam Blockchain Association in August 24, in the period of 2021-2022, Vietnam is in the top 3 of the world in terms of the percentage of people owning digital assets (equivalent to 21% of the Vietnamese population), only after the UAE and the US. The flow of digital assets in Vietnam in 2023 reached US $ 120 billion, according to the report of the Chainalysis market analysis organization.

When developing a resolution on the financial center model in Ho Chi Minh City and Da Nang, the Ministry of Planning and Investment proposes Sandbox testing, including the exchange with assets, cryptocurrencies (digital assets, digital), with the model of technology application business in the financial field (Fintech). It is expected that transactions with digital assets and money in the financial center are implemented from July 1, 2026.

But commenting on this, the Ministry of Finance said that Vietnam has no regulations on digital assets and money. Meanwhile, the management of this property will have to follow the process of issuing, owning, transactions, licensing services, information security … to ensure national financial safety.

Concerned about affecting financial security, the Ministry of Finance proposed that the management agency should get more opinions of the State Bank – Monetary Management Agency, because digital assets and amounts may be used as a means of payment in financial transactions.

This ministry proposes to amend the provisions in the direction of the Government to stipulate the pilot implementation related to digital and digital assets. They also proposed to spend time for transactions with money and assets from July 1, 2026.