Vietnam launches five-year crypto trading market pilot programme
VNA - Deputy Prime Minister Ho Duc Phoc recently signed a resolution, giving the go-ahead for the five-year pilot of crypto asset trading.
The resolution signals Vietnam's cautious yet progressive move into the regulated cryptocurrency market, aiming to establish strict controls while safeguarding the legitimate rights and interests of both domestic and foreign entities.
Under the resolution, all issuance, trading, and payment activities involving digital assets must be conducted in Vietnamese dong.
Only enterprises licensed by the Ministry of Finance will be authorized to organize digital asset exchanges, operate issuance platforms, or market related products. These entities must strictly comply with laws governing anti-money laundering, counter-terrorism financing, cybersecurity, and data protection.
The resolution stipulates that only Vietnamese enterprises are permitted to issue digital assets, which must be backed by real underlying assets and exclude securities and fiat currencies. These assets can only be offered to and traded among foreign investors through licensed service providers. Furthermore, issuers are required to publish a prospectus at least 15 days prior to any offering.
Service providers must maintain a minimum capital of 10 trillion VND (379 million USD), with at least 65% contributed by institutional investors. Additionally, foreign ownership in any such provider is capped at 49%.
Prospective providers must also meet stringent requirements for governance, risk management, and IT infrastructure. Their teams are required to include experienced executives, certified securities professionals, and cybersecurity specialists.