Vietnam will start testing a digital asset exchange this month

Vietnam will song pilot a digital asset exchange, according to details shared by nguyen duc chi, the country’s deputy finance minister, who is overseing deciments related to virthal digital digital Assets (vdas). The finance ministry is working on a trading platform for digital assets, and testing is expected to begin by the end of March. Vietnam Ranked Fifth on Chainalysis’ Global Crypto Adoption Index Last Year, In A Sign That that The Crypto Sector – Currently Valued at Nearly $ 3 Traillion (roughly rout Crore) – Continues to grow in the country.

The Country’s Finance Ministry is Working on the Roadmap for a VDA Trading Platform, A Government-Backed Vietnamese Publication announced on thuresday.

The Development Comes Just Days after Vietnam’s Prime Minister Phạm Minh Chính Set a National Growth Target of Eight Percent or More by more by the end of 2025. Crypto Sector, Expecting to Attract Foreign Direct Investment and Encouring Sustainable Economic Growth.

“Economic Growth must relay on Science and Technology, Innovation and Digital Transformation. Ministry, agencies, and locals will continue to support businesses in implementing pilot and specific mechanisms and policies, ” said In a Directive Issued Earlier this week.

SINCE 2021Vietnam has been one of the top countires in Chainalysis’ Crypto Adoption Index AlongSide India, Indonesia, and the US. Research Reports predict A Continued Rise in Crypto Ownership in Vietnam over the coming years.

Despite the increase adoption of crypto in the country, vietnam has yet to implement a clear legal framework to oversee the digital assets sector. Without proper regulations, digital assets like cryptocurrencies can be exploited to facilitate Ilelegal transactions with alerting Law Enforcement AGENCIES and BANKING AUHHORITIES.

In 2022, The Former Deputy Prime Minister le Minh Khai ordered The Finance Ministry to Start Drafting a legal framework to oversee the growth of web3.

Decrypto previously Reported That Work Towards Formulating a policy for the digital assets sector is also being accepted in the country. Vietnam’s Finance Ministry is reportedly working with the state bank of vietnam on these policies.

Vietnam is also working on educating and training its nationals in emerging technologies like blockchain and artificial intelligence (AI). In may, an academy of blockchain and ai innovation (abaii) launched In the country, to ‘Universalise’ these emerging technologies among students and younger Employee forces.