Vietnam, ranked among the best countries in the world for the adoption of cryptocurrencies, is launching a five-year pilot program introducing strict requirements for the cryptographic industry.
Vice-Prime Minister of Vietnam, HO Duc Phoc, signed a resolution applying a framework establishing rules for negotiating and issuing cryptographic assets, the Vietnam Vietnam Electronic Journal reported Tuesday.
By taking effect immediately, the pilot requires cryptographic transactions – from the program to exchanges and payments – to be made in the Vietnamese Dong.
The resolution also specifies that issuers must be Vietnamese companies, registered as limited liability companies or joint action companies under the law on businesses.
Vietnam prohibits the emission of cryptographic assets on Fiat back
The pilot establishes restrictions on the support of cryptographic assets, demanding that they be issued exclusively on the basis of real assets. However, the issuance of sustained assets with fiduciary currencies and titles is not authorized.
“Cryptographic assets must be issued on the basis of underlying assets which are real assets, excluding assets which are titles or fiduciary currencies,” said the report.
In addition, the resolution stipulates that cryptographic assets cannot be offered and issued to foreign investors through asset service providers (CASPS) granted under license by the Ministry of Finance.
“The implementation of the cryptographic asset market pilot is carried out on the principles of prudence, control, a roadmap adapted to practice, safety, transparency, efficiency and protection of the legitimate rights and interests of organizations and individuals participating in the cryptographic asset market,” noted the report.
Capital and staff requirements
The cryptographic pilot of Vietnam also establishes strict requirements on capital and staff, forcing the casps to maintain a minimum capital of 10 billions of Dong ($ 379 million).
The capital must be brought by at least two companies representing commercial banks, securities companies, fund management companies, insurance companies and companies operating in the technology sector.
In addition, shareholders and capital members must maintain profitable commercial operations for two consecutive years before the year of license request, notes the report.
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Among the staff requirements, the pilot demands that CEOs have at least two years of work experience in finance, securities, banking, insurance or management of funds, and five years of related experience for technology directors.
License applicants must also ensure that they have at least 10 employees in the technology department with relevant education and even more.
The cryptographic pilot of Vietnam came shortly after local legislators approved the law on digital technology industry in June. Expected to enter into force in January 2026, the legislation provides legal status to cryptographic assets and highlights the ambition of Vietnam to become a digital technological center.
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