TechFlow, Sept. 9 — According to Jinshi Data, the Vietnamese government has approved a five-year pilot program for crypto-asset trading, aiming to leverage the country's booming crypto market despite the lack of a legal framework. Under the resolution, only Vietnamese companies may provide trading platforms, and all issuance, trading, and payments involving crypto assets must be conducted in Vietnamese dong. Issuers of crypto assets must also be Vietnamese companies, with assets backed by real property (excluding securities and fiat currencies), and may issue only to foreign investors. Any institution planning to establish an exchange must have a minimum capital of 10 trillion Vietnamese dong (approximately USD 379 million), at least 65% of which must come from institutional investors. Among these institutional investors, there must be at least two established institutions such as commercial banks, securities firms, or fund management companies, collectively holding more than 35% equity in the exchange. Foreign ownership in any crypto asset trading service provider must not exceed 49%, and both institutional and individual investors may invest in only one exchange provider. Only Vietnamese individuals and foreign investors who hold crypto assets will be allowed to open accounts on licensed platforms.
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