On the afternoon of October 5th, during the government’s regular September press conference, Deputy Minister of Finance Nguyen Duc Chi provided updates on the progress of implementing pilot cryptocurrency market initiatives under Resolution 05, issued by the government on September 9th.
Deputy Minister of Finance Nguyen Duc Chi
According to Deputy Minister Nguyen Duc Chi, the Ministry of Finance is expeditiously finalizing the legal framework and developing tax and fee policies for cryptocurrency transactions on licensed pilot exchanges, as mandated by the government.
The ministry is also drafting accounting regulations and coordination protocols for managing the cryptocurrency market in collaboration with other agencies, including the Ministry of Public Security and the State Bank of Vietnam.
Regarding the number of businesses proposing to establish cryptocurrency exchanges, Deputy Minister Nguyen Duc Chi stated that, as of now, the Ministry of Finance has not received any formal proposals from enterprises.
However, he noted that several domestic companies have initiated preparations to enter the cryptocurrency market, including setting up pilot trading platforms. Some businesses have also engaged with Ministry of Finance officials at a technical level to better understand specific requirements, regulations, capital rules, IT security standards, and personnel capabilities. “This ensures that companies are fully prepared before submitting formal proposals to participate in the cryptocurrency market,” the Deputy Minister explained.
The Ministry of Finance hopes to see more businesses interested in this sector, but regulations limit the number of pilot exchange licenses to five. The ministry aims to accelerate the process, with expectations to issue pilot licenses in 2025, contingent on businesses meeting the necessary conditions.
Previously, Deputy Prime Minister Ho Duc Phoc signed Resolution 05, outlining the pilot implementation of the cryptocurrency market in Vietnam. The resolution covers the pilot issuance, trading, and service provision of cryptocurrencies, as well as state management of the cryptocurrency market in Vietnam.
Effective from September 9th, the pilot program will run for five years. During this period, popular cryptocurrencies like Bitcoin and Ethereum will be legally traded on licensed pilot exchanges in Vietnam.
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