Vietnam has launched a five-year pilot program to regulate its rapidly growing cryptocurrency industry, introducing strict requirements that are now in effect. The move was formalized through a resolution signed by Deputy Prime Minister Ho Duc Phoc.
The new pilot program stipulates that all cryptocurrency transactions, including issuance, trading, and payments, must be conducted in Vietnamese dong. Additionally, the issuance of crypto assets is restricted to Vietnamese enterprises that are registered as either limited liability or joint stock companies under the Law on Enterprises.
A significant aspect of the pilot program is the prohibition on issuing crypto assets that are backed by fiat currencies or securities. According to the report, crypto assets can only be issued based on real assets, with the explicit exclusion of securities or fiat currencies. Foreign investors are allowed to acquire crypto assets, but they must do so through crypto asset service providers (CASPs) that have been licensed by the Ministry of Finance.
The Vietnamese government is emphasizing a cautious and controlled approach to the implementation of this pilot program, highlighting principles such as safety, transparency, efficiency, and the protection of the rights and legitimate interests of all participants in the crypto asset market.
