Domestic securities firms, investment funds, and prominent technology companies both in and outside Vietnam are actively positioning themselves to tap into the country’s growing digital asset and cryptocurrency market.

Da Nang has received a proposal to pilot the use of the cryptocurrency Tether (USDT) for transactions, targeting international tourists.

VOV.VN - Relevant ministries and agencies of Vietnam are expected to study the classification and assign specific HS codes for Bitcoin mining machines in an attempt to tighten the import of such machines into the country.

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.