Vietnam has initiated a five-year pilot program to regulate its burgeoning cryptocurrency industry, implementing stringent requirements effective immediately. Deputy Prime Minister Ho Duc Phoc signed a resolution establishing a framework for the trading and issuance of crypto assets, according to the Government Electronic Newspaper of Vietnam.
The pilot program mandates that all crypto transactions, encompassing issuance, trading, and payments, must be conducted in Vietnamese dong. Furthermore, only Vietnamese enterprises registered as limited liability or joint stock companies under the Law on Enterprises are permitted to issue crypto assets.
A key provision of the pilot program prohibits the issuance of crypto assets backed by fiat currencies or securities. Crypto assets must be issued exclusively on the basis of real assets, excluding securities or fiat currencies, as stated in the report. Foreign investors can only acquire crypto assets through crypto asset service providers (CASPs) licensed by the Ministry of Finance.
The Vietnamese government emphasizes a cautious and controlled approach to the implementation of this pilot program. The stated principles include safety, transparency, efficiency, and the protection of the rights and legitimate interests of all participants in the crypto asset market.
