The Vietnamese Crypto Initiative

Vietnam Plans to Support Cryptocurrency Companies through the Creation of National Trading Platforms

Vietnam’s Ministry of Planning and Investment (MPI) has introduced an initiative to launch a state program aimed at developing national cryptocurrency trading platforms in key financial centers across the country. This initiative seeks to bring back cryptocurrency companies that, due to the underdeveloped system of support for crypto entrepreneurship, had previously chosen to register in Singapore and the United States.

According to MPI’s plan, creating favorable conditions for crypto companies will be an important step toward strengthening Vietnam’s position as a regional innovation hub. The ministry proposed to open the first national “fintech sandboxes” designed for testing and launching digital trading platforms. These platforms are expected to be established in the financial centers of Ho Chi Minh City and Da Nang by 2025.

One of the key elements of the program will be the creation of a Committee for the Management and Operations of Financial Centers. This body will handle the licensing of cryptocurrency companies, monitor their management, assess their performance, and ensure cybersecurity and digital asset protection. This will help increase transparency and minimize risks associated with cryptocurrency operations in the country.

This initiative is part of the broader “National Blockchain Development Strategy,” which was officially launched by the Vietnamese government. As part of the strategy, the authorities aim to position the country as the largest regional center for blockchain and cryptocurrency technology development.

The Issue of Cryptocurrency Entrepreneur Migration

Due to the lack of necessary support, many Vietnamese crypto companies previously opted to register in jurisdictions with more developed legal and infrastructural frameworks, such as Singapore and the United States. This has been one of the reasons why MPI proposes a radical revision of the approach to regulating the cryptocurrency sector and creating more favorable conditions for entrepreneurs in this field.

Goals of the Initiative

The Ministry of Planning and Investment of Vietnam has set several objectives:

• To create modern and secure platforms for trading digital assets.
• To strengthen the trust of investors and cryptocurrency users in the national regulatory system.
• To develop advanced risk management mechanisms and digital asset protection strategies.

The initiative aims to attract talented professionals and entrepreneurs in the cryptocurrency industry, as well as stimulate investment in the fintech and blockchain sectors.

Ho Chi Minh City and Da Nang: New Growth Hubs

The selection of Ho Chi Minh City and Da Nang as pilot sites for the “fintech sandboxes” is no coincidence. These cities have long established themselves as leading economic and innovation centers in the country. With the introduction of new platforms and opportunities for crypto companies, economic activity is expected to increase, along with an influx of investment into these regions.

Looking to the Future

The measures taken demonstrate Vietnam’s ambitions to become a leader in cryptocurrency technologies and blockchain in Southeast Asia. The country has already positioned itself as a promising player in digital technologies, and the new program could open up new horizons for Vietnam.

If the government’s strategy proves successful, Vietnam will not only be able to attract back domestic companies but also become an attractive platform for international investors in the cryptocurrency sector. The implementation of this project will be an important step toward strengthening the national economy and developing innovative technologies.