VNBA and the IMF experts talk on crypto assets and digital banking

Attending the meeting, on behalf of VNBA, there were Dr. Nguyen Quoc Hung, Vice President and General Secretary, and representatives of the Standing Agency's units. On behalf of the IMF, there were experts: Mr. Parma Biens, Ms. Ebru Iskender, Mr. Philipp Hochreiter, Mr. Clive Scott; Ms. Ha Thi Kim Nga, senior economist of the IMF in Vietnam; and representatives of the Department of International Cooperation - State Bank of Vietnam.

Discussing the above issues, Dr. Nguyen Quoc Hung said that the current legal and practical situation of crypto assets in Vietnam does not have an official legal corridor. The Government has not issued any legal documents directly regulating crypto assets. However, in reality, transactions are still common. According to preliminary surveys, the value of crypto asset transactions in Vietnam in the period 2022-2024 is estimated at about 105-120 billion USD. This shows that, although there is no legal basis, people have owned and traded crypto assets on a significant scale. In this situation, the State Bank has repeatedly warned that cryptocurrencies are not recognized as a legal means of payment in Vietnam, and related transactions may violate the law. People participating in activities related to crypto assets is at their own risk. The State Bank also affirmed that it has not yet licensed any credit institution (CI) to provide services related to crypto assets. However, this is the right of the people, so it is very difficult to expand cryptocurrencies.

Regarding the controlled testing mechanism (sandbox) for innovative financial activities, Dr. Nguyen Quoc Hung said that the Government has issued Decree No. 94/2025/ND-CP regulating the Controlled Testing Mechanism in the banking sector, focusing on three areas including credit scoring, peer-to-peer lending (P2P Lending) and data sharing via Open API. However, blockchain technology and crypto assets are not yet included in the testing scope. In the coming time, according to the direction of Resolution 45 of the Politburo, the development of digital banking and research on the application of digital currency will be important priorities. The Ministry of Finance is assigned to preside over the research of a pilot legal framework for crypto assets. During that process, the Vietnam Banking Association and credit institutions will continue to coordinate and contribute ideas to build appropriate policies, ensure system safety and encourage innovation.

Also within the framework of the working session, the VNBA representative said that Vietnamese banks are vigorously promoting the implementation of digital banking. Cooperation with financial technology companies helps expand services, increase customer access and optimize technology infrastructure. The P2P Lending model is expected to expand credit access opportunities for groups of subjects who are not eligible for loans at traditional banks. However, to ensure the safety of the financial system, there needs to be a clear control mechanism on limits, borrowers and operating standards. In addition, the issue of protecting personal data and sharing data via API is a top concern of credit institutions, especially in the context of the Law on Personal Data Protection being deployed and applied more strictly.

Regarding anti-money laundering (AML), Dr. Nguyen Quoc Hung emphasized that the National Assembly has passed the amended Anti-Money Laundering Law with stricter regulations. The State Bank of Vietnam (SBV)’s Anti-Money Laundering Department is vigorously implementing supervision and requiring credit institutions to promptly report suspicious transactions. Banks currently have the right to suspend suspicious transactions and coordinate with authorities when necessary. Vietnam is currently in a “gray zone” according to the assessment of the international monitoring system and is making efforts to soon get out of this situation through perfecting the legal framework, strengthening inter-sectoral coordination and improving financial supervision capacity.

At the end of the meeting, the IMF representative expressed his gratitude to the Vietnam Banks Association for their frank, practical and valuable sharing. The IMF highly appreciated the efforts of the Vietnamese banking sector in promoting innovation while ensuring system safety, and looked forward to more in-depth exchanges and cooperation in the future.

VNBA News