Vietnam, ranked among the many prime nations worldwide for cryptocurrency adoption, is launching a five-year pilot program introducing strict necessities for the crypto trade.
Vietnam’s Deputy Prime Minister Ho Duc Phoc signed a decision implementing a framework establishing guidelines for buying and selling and issuance of crypto belongings, the Authorities Digital Newspaper of Vietnam reported on Tuesday.
Taking impact instantly, the pilot requires crypto transactions — from issuance to buying and selling and funds — to be carried out in Vietnamese dong.
The decision additionally specifies that issuers have to be Vietnamese enterprises, registered as both restricted legal responsibility firms or joint inventory firms underneath the Legislation on Enterprises.
Vietnam bans issuance of fiat-backed crypto belongings
The pilot establishes restrictions on the backing of crypto belongings, requiring that they be issued solely on the idea of actual belongings. Nonetheless, issuance of belongings backed with fiat currencies and securities just isn’t allowed.
“Crypto belongings have to be issued based mostly on underlying belongings which can be actual belongings, excluding belongings which can be securities or fiat currencies,” the report reads.
Moreover, the decision stipulates that crypto belongings can solely be provided and issued to international traders via crypto asset service suppliers (CASPs) licensed by the Ministry of Finance.
“The pilot implementation of the crypto asset market is carried out on the ideas of warning, management, a roadmap appropriate to follow, security, transparency, effectivity, and safety of the rights and bonafide pursuits of organizations and people collaborating within the crypto asset market,” the report famous.
Capital and workers necessities
Vietnam’s crypto pilot additionally establishes strict capital and personnel necessities, mandating CASPs to take care of a minimal capital of 10 trillion dong ($379 million).
The capital have to be contributed by a minimum of two firms representing business banks, securities firms, fund administration firms, insurance coverage firms and enterprises working within the know-how sector.
Moreover, shareholders and capital contributing members should preserve worthwhile enterprise operations for 2 consecutive years previous to the 12 months of utility for a license, the report notes.
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Amongst workers necessities, the pilot requires CEOs to have a minimum of two years of working expertise in finance, securities, banking, insurance coverage or fund administration, and 5 years of associated expertise for chief know-how officers.
License candidates should additionally be certain that they’ve a minimum of 10 staff within the know-how division with related training and extra.
Vietnam’s crypto pilot got here quickly after native lawmakers approved the Law on Digital Technology Industry in June. Scheduled to return into power in January 2026, the laws gives authorized standing to crypto belongings and highlights Vietnam’s ambition to develop into a digital tech hub.
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