Vietnam, ranked in leading countries around the world for the adoption of cryptocurrency, launches a five-year pilot program that introduces strict requirements for the crypto industry.
Vietnam’s Deputy Prime Minister Ho Duc Phoc signed a resolution implementing a plot that established policies for trading and issuing crypto assets, Vietnam’s electronic newspaper newspaper reported on Tuesday.
Immediately, the pilot requires crypto transactions – from release to trading and payment – conducted in Vietnamese Dong.
The resolution also pointed out that providers should be businesses in Vietnamese, registered as either limited liability companies or joint stock companies under the law in businesses.
Vietnam’s prohibition provided assets backed fiat
The pilot establishes restrictions on the backbone of crypto assets, demanding that they be released exclusively based on real ownership. However, releasing properties -backing -back with fiat currencies and security is not allowed.
“Crypto properties should be released based on the underlying properties that are truly possessed, excluding properties of security or fiat currencies,” the report reports.
In addition, the resolution determines that crypto assets can only be offered and released to foreign investors through the Crypto Asset Service Provider (CASPS) licensed by the Ministry of Finance.
“The implementation of the pilot of the crypto asset market is carried out on the principles of caution, control, a roadmap appropriate to training, safety, transparency, efficiency, and protection of the rights and legitimate interests of organizations and individuals participating in the crypto asset market,” the report mentioned.
Capital and staff requirements
Vietnam’s crypto pilot also establishes strict capital requirements and personnel, which requires Casp to maintain a minimum capital of 10 Dong trillion ($ 379 million).
Capital should be contributed by at least two companies representing commercial banks, security companies, fund management companies, insurance companies and businesses operating in the technology sector.
In addition, shareholders and capital contributing members should maintain profitable business operations for two consecutive years before the year of application for a license, the report records.
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Among the staff’s requirements, the pilot requires CEOs to have at least two years of financial work experience, security, banking, insurance or funding, and five years of related experiences for chief technology officials.
License applicants should also ensure that they have at least 10 employees in the technology -related education department and more.
Vietnam’s crypto pilot arrives soon after local lawmakers Approved law in the digital technology industry In June. It is scheduled to implement in January 2026, the law provides legal status to crypto assets and highlights Vietnam’s ambition to become a digital tech hub.
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