Vietnam is developing a legal framework for cryptocurrency and a controlled trading sandbox as it seeks to regulate the growing crypto market. Experts highlight the need for coherent regulations to enhance digital finance and protect investors. However, creating an effective legal structure poses significant challenges that require careful oversight and robust investor safeguards.
Vietnam is reportedly making headway in crafting a legal framework for cryptocurrencies, along with a regulated sandbox for crypto assets. Recent statistics from Chainalysis reveal that Vietnam is one of the most active nations globally in cryptocurrency trading. Meanwhile, El Salvador recently became the first country to accept Bitcoin as legal tender, and Bhutan is collaborating with Bitdeer for Bitcoin mining. Elsewhere, Russia’s Finance Minister Anton Siluanov claimed some local businesses are using Bitcoin for international transactions. Former President Donald Trump even proposed establishing a US Strategic Bitcoin Reserve, reflecting a broader global interest in digital currencies. In Southeast Asia, Thailand is similarly launching crypto testing zones supported by Distributed Ledger Technology (DLT). As cryptocurrency gains traction worldwide, experts stress the importance of clear regulations to ensure responsible adoption.
