The Ministry of Planning and Investment has proposed a controlled sandbox trial in the fintech sector, including cryptocurrencies, at financial centers.
Cryptocurrency trading at financial centers will begin on July 1, 2026.
The draft Resolution of the National Assembly on the establishment of a regional and international financial center in Vietnam, for which the Ministry of Planning and Investment (MPI) is seeking feedback, proposes a controlled testing (sandbox) policy for business models applying technology in the financial sector (fintech).
According to the proposal, the Financial Center Management and Operation Committee will have the authority to license, supervise, assess the impact, and manage risks related to the fintech sandbox. The testing process will include digital asset and cryptocurrency exchanges.
The government will regulate in detail measures for preventing and combating money laundering, inspecting and certifying security and cybersecurity for digital assets and related service providers. The management, issuance, ownership, and trading of utility tokens, as well as cryptocurrency mining activities, will fall under government authority to limit risks related to energy security and the environment.
Transactions involving crypto assets and cryptocurrencies at the financial center are expected to be implemented from July 1, 2026. The National Assembly has tasked the Government with providing detailed regulations on this matter, focusing on five key areas: preventing and combating money laundering related to crypto assets and cryptocurrencies; mechanisms for managing digital asset transactions; measures to control crypto mining activities; and methods for managing and handling the issuance, ownership, and trading of utility tokens.
The government is expected to submit this draft resolution to the National Assembly for consideration and approval at the 9th session in the middle of this year.
Businesses are allowed to propose business models and solutions.
The Vietnam Chamber of Commerce and Industry (VCCI) has recently provided feedback on the draft resolution of the National Assembly concerning a regional and international financial center in Vietnam. According to VCCI, the draft fintech sandbox currently aims to empower the government to regulate in detail the measures for managing crypto assets, cryptocurrencies, utility tokens, etc.
However, this approach may make it difficult for the Government to issue guidelines, as issues related to crypto assets are constantly changing and difficult to standardize. Therefore, VCCI proposes adjusting the approach, whereby businesses will proactively propose solutions to meet the State's management requirements.
The government needs to set key management objectives such as protecting property rights, preventing fraud, ensuring cybersecurity, preventing money laundering, as well as energy and environmental security. Fintech companies applying for operating licenses will have to present their business models along with solutions to ensure they meet these requirements.
The government will review, evaluate, and assess the solutions before granting licenses. Businesses are responsible for fulfilling their commitments, reporting, and are subject to regular monitoring. After a trial period, if the business's solution proves effective, the government will officially incorporate it into regulatory frameworks.
Source: https://baodaknong.vn/de-xuat-cho-phep-giao-dich-tien-dien-tu-trong-trung-tam-tai-chinh-243399.html
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