Vietnam is moving towards clearer cryptocurrency regulations, as Vietnamese Prime Minister Phạm Minh Chính instructed the Ministry of Finance and the State Bank of Vietnam to draft a legal framework for digital assets within this month. Vietnam to Draft Legal Framework for Cryptocurrencies This Month Vietnam has been a global leader in cryptocurrency adoption, ranking among the top three countries worldwide in terms of population holding cryptocurrencies in 2021 and 2022. An estimated 21% of Vietnamese citizens own digital assets, reflecting the country’s strong individual interest in crypto. Regulatory Push Amid Growing Adoption While crypto trading and investing are common in Vietnam, the lack of a clear legal framework has raised concerns among regulators. The government’s new directive marks an effort to create guidelines for crypto usage, taxation, and investor protection while encouraging blockchain innovation. Vietnam’s move follows a trend seen in other Asian countries such as Hong Kong and Singapore, which are implementing crypto-friendly regulations to balance innovation with investor protection. The upcoming legal framework could provide clarity for businesses and individuals operating in the Vietnamese crypto market. *This is not investment advice. Continue Reading: The Country Where 21 Percent of Its Population Owns Cryptocurrencies Is Going to Legalize Cryptocurrencies! Here Are the Details