Vietnam’s New Crypto Asset Pilot Program: An In-depth Exploration
In a groundbreaking move, Vietnam has unveiled a state-supported pilot initiative aimed at regulating the offering, issuance, and trading of cryptocurrency assets under rigorous guidelines. This significant development is set to commence on September 9, 2025, and will span a duration of five years.
Framework and Regulations for Issuance and Trading
The initiative, as outlined in the official resolution, imposes strict limitations on entities eligible to issue tokens, manage trading platforms, and the participation of both international and local investors. Endorsed by Deputy Prime Minister Ho Duc Phoc, the resolution establishes a detailed framework for the operational facets of crypto asset issuance and trading, as reported by the Government Electronic Newspaper of Vietnam.
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Stringent Capital and Institutional Requirements
Entities aspiring to operate cryptocurrency trading platforms are required to meet rigorous capital and ownership criteria. The resolution mandates a minimum charter capital of 10,000 billion Vietnamese Dong. Furthermore, at least 65% of this capital must be held by organizational entities, while the remaining 35% should be distributed among a minimum of two institutions, which could include commercial banks, securities firms, fund managers, insurance companies, or technology firms.
Foreign ownership in licensed service providers is restricted to a maximum of 49%. Additionally, leadership and workforce qualifications are stringently regulated: the General Director must possess a minimum of two years of pertinent experience, and the Chief Technology Officer is required to have five years of relevant expertise.
Technological and Security Standards
Companies are obligated to employ at least 10 technology professionals with certified network security training, alongside 10 personnel holding securities practice certificates. The information technology infrastructure must adhere to Level 4 information security standards prior to operational launch.
Asset Backing and Investor Participation
Reports indicate that tokens issued within the pilot program must be supported by tangible underlying assets, excluding securities and fiat currencies. Offerings are open to foreign investors, with transactions among them facilitated through providers licensed by the Ministry of Finance.
Issuers are required to release a prospectus and related documentation a minimum of 15 days before any offering. Participants bear the responsibility of ensuring the accuracy and timeliness of public information.
Permitted Services and Risk Management
Licensed crypto-asset service providers are authorized to establish trading markets, offer custody services, operate issuance platforms, and engage in self-trading, all within the defined regulations. Providers must implement robust risk management protocols, oversee deposit and asset handling, maintain transaction and payment flow controls, and conduct thorough AML/CFT checks, alongside monitoring for the financing of weapons of mass destruction.
Internal control mechanisms and transaction surveillance systems are essential, complemented by procedures for addressing conflicts of interest, customer grievances, and compensation, in accordance with the resolution.
Trading Regulation and Penalties
Domestic investors are permitted to establish accounts with licensed providers to engage in the deposit, purchase, and sale of cryptocurrency assets. However, six months following the licensing of the inaugural crypto-asset service provider, any domestic trading that circumvents authorized platforms will be subject to administrative penalties or criminal charges, contingent on the severity of the infringement.
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