The Prime Minister of Vietnam, Pham Minh Chinh, recently requested that proposals for a legal framework on cryptocurrencies be submitted within this month.

Accordingly, the Ministry of Finance (MOF) is required to preside over, together with the State Bank of Vietnam (SBV), the proposal and submission of a legal framework for managing digital assets and digital currencies. The process must be completed in March.

Vietnam is Ramping Up Crypto Regulation Efforts

According to Tuoi Tre, Prime Minister Chinh has just signed Directive No. 05 on solutions to promote national growth to reach 8% or more in 2025. The request to submit a proposal for a legal framework on digital currency is an important part of this Directive.

“The Party has directed, the Government has agreed, the National Assembly has agreed, the People have supported, and the Fatherland has expected. So just discuss to action, not to retreat,” said the Head of Government.

As of now, crypto is not considered a digital currency in Vietnam. Many businesses register in Singapore or the US and then operate in Vietnam. This leads to a competitive disadvantage and tax revenue loss.

This is why the Head of the Government has directed the MOF and SBV to propose a legal framework for digital currency within this month.

A legal framework will help businesses access capital from banks. It will also make investment and funding more accessible.

From a user perspective, transparency will help minimize risks that may arise in transactions. This could contribute to Vietnam’s plan to tax crypto transactions and digital assets.

Overview Of A Legal Framework For Digital Currency In Vietnam

Following data recorded by BeInCrypto from Triple-A, Vietnam currently ranks 7th globally in terms of cryptocurrency ownership. There is also increasing hype over the newly launched Pi Network (PI) that has caused Vietnam Authorities to issue a warning.

However, the government has yet to provide a specific definition for virtual currency and virtual assets.

Previously, the Government considered incorporating provisions and regulations on digital assets into legal documents under the Law on Digital Technology Industry. The concept of digital assets was first defined as intangible assets.

More specifically, the regulation classified crypto as digital data. Digital technology creates, issues, stores, transfers, and authenticates this data in an electronic environment.

In early 2025, the Standing Committee of the National Assembly aimed to define and classify digital assets. They based the classification on purpose, technology, and other criteria.

Earlier, during a meeting with the Central Committee’s Policy and Strategy Board on economic growth targets, General Secretary To Lam stated the need to study and apply a controlled testing mechanism (sandbox) to establish an exchange for digital assets.

The Vietnamese Government will launch and operate Financial Hubs in Ho Chi Minh City and Da Nang in 2025.

Last week, the Prime Minister ordered the MOF and MOST to create policies on digital assets and sandboxes. They must complete them by Q2 2025.

After a rocky launch, Brazilian footballer Ronaldinho’s STAR10 meme coin surged 150% after he addressed earlier security concerns. However, some in the community remain skeptical due to past allegations.

Binance founder CZ also mentioned the project, drawing attention to it, even though his statement didn’t provide much praise. This highlights the rather chaotic cycle of today’s meme coin ecosystem.

Ronaldinho Launches STAR10 Meme Coin

Meme coins are extremely popular in the crypto market right now, and sports-based tokens have existed for years. In 2022, there were enough fan tokens for Binance to launch an index, and some of these old projects have resurged in today’s climate.

However, Ronaldinho’s STAR10 token has had a rocky launch thanks to security concerns.

“Ronaldinho’s STAR10 coin has a serious security risk! GoPlus found that the owner can burn ANY holder’s tokens at will. Since ownership has not been renounced, all tokens are at risk of being destroyed without warning. Please renounce ownership immediately to protect your community. Traders, exercise extreme caution with this token,” GoPlus Security claimed.

Ronaldinho launched the STAR10 token earlier today exclusively on BNB Chain. However, a wave of fake tokens took off, attempting to siphon interest and money from the footballer’s fanbase.

Since the launch was already clouded by these scams, Ronaldinho acted quickly to guarantee the security of the genuine project.

The football legend renounced ownership of STAR10, and also locked the tokens for 255 years. This addressed GoPlus’ main security concern that tokens could be destroyed or created without warning.

In response to this, the meme coin surged 150% before cooling off slightly.

Another surprising source helped fuel the meme coin’s price gains. CZ, former CEO of Binance, made a post about the token, which helped fuel interest.

He claimed he has been a personal fan of Ronaldinho for 20 years, and that STAR10 was launched on BNB Chain. Otherwise, he emphasized that there was no relationship, and didn’t make any actual positive statements on the coin.

Nonetheless, CZ has a huge presence in the crypto community. His offhanded social media statements have fueled giant meme coin races in the last month, and acknowledging this project at all helped draw attention to it.

In short, STAR10 may be doing well now, but there is still skepticism about Ronaldinho’s alleged past involvement in sketchy projects. Overall, it adds another new narrative to the ongoing celebrity meme coin saga.

The US Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against Kraken, marking a major reversal in its approach to crypto enforcement. 

This decision comes amid a broader shift. In the past week, the SEC dropped at least six lawsuits and legal actions against crypto firms, including Coinbase and MetaMask.

SEC Vs. Kraken is Finally Over

The lawsuit against Kraken, filed in November 2023, accused the exchange of operating as an unregistered securities exchange, broker, dealer, and clearing agency. 

The SEC claimed that Kraken allowed the trading of crypto asset securities without proper registration, depriving investors of necessary protections such as audits, disclosures, and oversight.

Kraken denied the allegations and argued that the SEC had failed to establish clear guidelines on whether digital assets should be classified as securities. 

The exchange filed a motion to dismiss the case, citing regulatory uncertainty and a lack of fair notice. A federal judge allowed parts of Kraken’s defense to proceed, but the SEC continued to press its claims.

“The SEC’s decision to dismiss its lawsuit against us (and many others) is more than just a legal victory — it’s a turning point for the future of crypto in the US It ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path toward a stable, forward-thinking regulatory regime,” Kraken wrote in its official statement.

The agency’s decision to drop the lawsuit reflects a changing stance on crypto enforcement. Over the past week, it has quietly withdrawn multiple legal actions against major crypto companies. 

No More Crypto Enforcement from the SEC

In addition to Coinbase and Kraken, the Commission has dropped its probe into Gemini, MetaMask, OpenSea, Tron Foundation, Robinhood, and others. The regulator also saw defeat in a particular crypto case that it actually wanted to pursue.

Over the weekend, the SEC lost a major case against Richard Heart, the founder of HEX and PulseChain.

This shift follows increasing pressure from lawmakers and industry leaders who have criticized the SEC’s aggressive regulatory approach. Although its current Commissioner is against dismissing these legal proceedings, it seems like the organization will no longer pursue aggressive enforcement.

“We beat the SEC! Congratulations to the best legal team in crypto. Fighting – and beating – the SEC was not foretold. Lawyers, lobbyists and everyone in between… We had to earn it,” wrote Marco Santori, Senior Advisor at Kraken.

Kraken’s victory may set a precedent for other crypto firms facing similar lawsuits. The decision to drop these cases signals a possible recalibration of the SEC’s strategy, raising questions about how crypto regulation will evolve in the coming months.

As of now, the Ripple XRP lawsuit is the only major crypto case still active for the Commission. However, given that Donald Trump has included XRP in his US crypto reserve plan, this lawsuit will likely be dropped in the same manner.