Vietnam’s Ministry of Finance has proposed amendments to the “Law on Support for Small and Medium-Sized Enterprises,” aiming to allow digital assets to be used as legitimate collateral for bank loans.

There are 930,000 small and medium-sized enterprises, accounting for more than 98% of the total number of enterprises nationwide, yet they only receive 19%-20% of credit from the banking system.

Collateral has long been a pain point—Vietnamese small and medium-sized enterprises do not have traditional collateral like “real estate.”

Now the Ministry of Finance says: the Bitcoin, Ethereum, USDT… you hold can be used as collateral to obtain bank loans.

What is the significance of this move?

First, it releases the liquidity of crypto assets.

Your BTC holdings are not just “trading/speculation”; they can also become a “source of funds for bank loans.” This is a leap from speculative assets to financial instruments.

Second, it expands financing channels for small and medium-sized enterprises.

In the past, small business owners without property or land couldn’t get loans; now, as long as you have BTC or ETH, after an assessment you can obtain collateralized loans.

Third, “intellectual property, movable assets, and future-forming assets” are included in the collateral scope—which means Vietnam is trying to build a credit system that does not rely on real estate.

But there are also many problems.

How should valuation be calculated?

BTC fluctuates by 10% in a single day; if today it is worth $1 million, it might be worth only $900,000 tomorrow—how would a bank set the loan amount? Using a 50% collateralization ratio? 40%?

Where is the liquidation mechanism?

If the borrower defaults, the bank would need to sell their BTC to repay the debt—but Vietnam’s current laws do not yet have clear provisions governing virtual asset trading and liquidation.

Will commercial banks accept it?

Even if the law allows it, Basel III places strict requirements on banks’ capital adequacy ratios; holding highly volatile crypto assets would consume more capital—this is a major issue for commercial banks.

If July 1, 2027 really takes effect…

Vietnam will become one of the few countries in the world to write “digital asset collateral” into law (at roughly the same level as Switzerland).

The impact on neighboring countries would be significant—

Small and medium-sized enterprises in Cambodia, Laos, and even Thailand may consider moving their companies to Vietnam.

Chinese capital may also flow into Vietnam in some way to capture the policy red envelope benefits.

There is another possibility: this is just a political stunt ahead of the elections.

After all, it’s June 2026 right now—there are still 4 months until the parliamentary vote in October, which also coincides with the period of demand for local elections…#Gate正式推出股票交易