The Ministry of Finance has submitted to the Government a draft decree on implementing a pilot programme for the issuing and trading of digital assets.

VOV.VN - Vietnam will pilot the establishment of a cryptocurrency exchange as part of its efforts to develop and manage the digital currency market in an organized manner, said Deputy Minister of Finance Nguyen Duc Chi at a government press conference in Hanoi on March 5.

Building legal frameworks for digital assets is an urgent need to effectively manage this expanding market, according to experts.

VOV.VN - The Criminal Police Department of Ha Tinh province, in coordination with Philippine authorities, has dismantled a cross-border fraud ring worth hundreds of billions of VND, arresting 56 suspects.

The Ministry of Planning and Investment (MPI) has proposed a controlled pilot programme for fintech activities, including digital asset and cryptocurrency trades at financial centres.

Vietnam ranks third globally in the number of cryptocurrency holders, data from the Crypto Crunch App indicates that 26 million people in the country own cryptocurrencies, five times the number with stock trading accounts.

VOV.VN - The country ranks second in the world in terms of the ratio of its population that owns cryptocurrency, according to data collected by cryptocurrency payment company Triple-A.

Cryptocurrency is not banned in Vietnam but it is necessary to develop a legal framework to ensure its on-track development and prevent risks, a representative from the Ministry of Justice has said.

Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the US and UK, with nearly US$1.2 billion, according to US blockchain analysis firm Chainalysis.

The cryptocurrency market in Vietnam remained bleak in 2023, resulting in a lack of profitability for nearly 65% of investors. Among them, a significant 43.6% of investors experienced losses, according to the Vietnam Crypto Market Report 2023 by Coin98 Insights.