Vietnam’s Ministry of Finance (MoF) has opposed a proposal by the Ministry of Planning and Investment (MPI) to allow cryptocurrency and digital asset transactions in financial centers starting July 1, 2026, citing the need for further research and regulatory development.
The MoF’s stance was outlined in its comments on the MPI’s draft National Assembly resolution regarding the establishment and operation of financial centers in Vietnam.
The proposal, released for public consultation on January 7, included a framework for a regulatory sandbox allowing financial businesses to test new financial technologies (fintech), including cryptocurrency exchanges.
Under the proposal, a Management and Operation Committee for financial centers would be responsible for licensing, overseeing, and managing risks associated with fintech activities, including crypto transactions.
However, the MoF said Vietnam lacks a legal framework to regulate digital assets and currencies, making it premature to set a fixed timeline for their implementation.
“Managing digital assets requires a comprehensive process covering issuance, ownership, transactions, service licensing, and information security to safeguard national financial stability,” the MoF stated. “Given the complexity of these issues and the involvement of multiple ministries and agencies, we recommend removing the proposed start date for cryptocurrency and digital currency transactions from July 1, 2026.”
The ministry also urged the MPI to seek feedback from the State Bank of Vietnam, emphasizing that digital assets’ use as a means of payment requires broader regulatory clarity.
Vietnam has not officially recognized cryptocurrency as legal tender, and authorities have repeatedly warned about its risks.
The MoF’s response highlights ongoing regulatory hesitation as policymakers weigh the potential benefits and challenges of integrating digital assets into the financial system.