Vietnam has announced the launch of a five-year pilot program allowing for Bitcoin and other cryptocurrency trading. This decision follows government efforts to regulate digital assets.
Pilot Program for Crypto Trading
The Vietnamese government has approved a five-year pilot program for Bitcoin and cryptocurrency trading, which will allow local crypto holders and foreign investors to trade through licensed platforms.
Vietnam's Digital Asset Law
The National Assembly of Vietnam passed a Digital Technology Law this year that officially recognizes digital assets, although it does not cover digital representations of fiat currencies. This legislation aims to help Vietnam exit the Financial Action Task Force 'gray list.'
High Crypto Adoption Rate in Vietnam
According to Chainalysis, Vietnam ranks fourth globally in cryptocurrency adoption. The country is actively developing various crypto projects involving local developers, such as Axie Infinity and Kyber Network, contributing to rising interest in digital currencies.
The launch of the pilot program for cryptocurrency trading in Vietnam, along with the adoption of the digital asset law, reflects the country's growing commitment to adapting and regulating the cryptocurrency market.
