More than one cryptocurrency exchange will be piloted from August

(GLO)-At the regular Government press conference in July organized by the Government Office on the afternoon of August 7 in Hanoi, Deputy Minister of Finance Nguyen Duc Chi said that Vietnam will pilot the deployment of more than one cryptocurrency exchange to create a competitive environment.

According to Mr. Nguyen Duc Chi, the number of licensed floors in the first phase will be controlled at a reasonable level to facilitate monitoring and evaluating effectiveness. The pilot project on the crypto asset market has been basically completed with the contents on criteria for selecting participating organizations, technical and technological conditions, operating procedures, financial capacity and expertise.

The Ministry of Finance has reported to the Government and the Government has submitted it to the Politburo for approval. Once approved, implementation can begin as early as August.

The Ministry of Finance is developing a set of specific criteria for participating units, including requirements on information technology, technical processes, financial capacity and human resource expertise. The criteria will be made public for selection. The private economic sector is encouraged to participate, in line with the spirit of Resolution 68 on private economic development.

In this project, the Ministry of Finance also proposed to encourage the private economic sector to participate in providing services in the crypto-asset market. This proposal is completely consistent with the spirit of Resolution 68 of the Party on private economic development, while creating conditions for capable and creative enterprises to participate in new fields.

According to experts' recommendations, digital assets traded in the early stages should be those with large capitalization, high liquidity and attract a large number of investors. According to data from Chainalysis and VBA, in the period of 2023 - 2024, capital flow from the blockchain market into Vietnam exceeded 105 billion USD, bringing in profits of about 1.2 billion USD in 2023. Statistics from Triple-A in 2024 show that more than 20% of Vietnam's population owns cryptocurrencies, putting Vietnam in the top 3 countries globally in terms of crypto acceptance.

Previously, at the largest blockchain and digital asset event in Asia, GM Vietnam 2025, organized by SSI Digital and Kyros Ventures in Hanoi on August 1 and 2, Deputy Governor of the State Bank Pham Tien Dung said that Vietnam has officially formed a legal foundation for digital assets, including crypto assets.

On that basis, Vietnam will pilot a crypto-asset trading floor at an international financial center, creating a breakthrough in the process of integration and development of the financial technology market.

Source: https://baogialai.com.vn/se-thi-diem-nhieu-hon-mot-san-giao-dich-tien-ma-hoa-tu-thang-8-post563038.html