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Vietnam's Cryptocurrency Pilot Program Requires Trading in Vietnamese Dong and Limits Foreign Capital Access
Summary: According to reports, the Vietnamese government has approved a five-year pilot program for cryptocurrency trading. Under the plan, only Vietnamese companies are allowed to provide trading platforms, and all issuance, trading, and payments of cryptocurrencies must be conducted in Vietnamese Dong. The issuers of cryptocurrencies must also be Vietnamese companies, with the assets backed by ...
According to reports, the Vietnamese government has approved a five-year pilot program for cryptocurrency trading. Under the plan, only Vietnamese companies are allowed to provide trading platforms, and all issuance, trading, and payments of cryptocurrencies must be conducted in Vietnamese Dong. The issuers of cryptocurrencies must also be Vietnamese companies, with the assets backed by real property and only available to foreign investors. Any entity looking to establish an exchange must have a minimum capital of at least 100 trillion Vietnamese Dong, with at least 65% contributed by institutional investors. Among these institutional investors, there must be at least two mature institutions such as commercial banks, securities firms, and fund management companies, collectively holding over 35% equity in the exchange. The foreign ownership in any cryptocurrency trading service provider cannot exceed 49%, and both institutional and individual investors can only invest in one exchange provider. Only Vietnamese individuals and foreign investors holding cryptocurrencies are allowed to open accounts on licensed platforms.
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