Vietnam To Test Crypto Market Over 5 Years With Heavy Rules

Vietnam has launched a state-run pilot to allow the offering, issuance and trading of crypto assets under strict ￰0￱ Resolution takes effect on September 9, 2025, and will run for five ￰1￱ to the text of the measure, the program tightly limits who may issue tokens, who may run trading markets, and how both foreign and domestic investors may take part. Vietnam’s Deputy Prime Minister Ho Duc Phoc has signed the resolution that sets out a framework for the issuance and trading of crypto assets, the Government Electronic Newspaper of Vietnam reported ￰2￱ Capital And Institutional Rules Organizations that want to run crypto trading markets must meet steep capital and ownership ￰3￱ Resolution sets a minimum contributed charter capital of 10,000 billion Vietnamese ￰4￱ least 65% of that charter capital must be held by organizations, and over 35% must be held by at least two institutions such as commercial banks, securities companies, fund managers, insurance firms or tech ￰5￱ ownership in licensed providers is capped at 49%.

Leadership and staff rules are also strict: the General Director must have two years of relevant experience and the Chief Technology Officer must have five years, the resolution ￰6￱ must employ at least 10 staff in technology roles with certified network security training, and at least 10 staff with securities practice ￰7￱ infotech system must meet Level 4 information security standards before it goes ￰8￱ Backing And Investor Access Based on reports , tokens issued in the pilot must be backed by real underlying ￰9￱ and fiat currencies are not allowed as underlying ￰10￱ may be directed to foreign investors, and trading among foreign investors must occur through service providers licensed by the Ministry of ￰11￱ are required to publish a prospectus and related documents at least 15 days before an ￰12￱ are responsible for making sure public information is accurate and ￰13￱ Allowed And Risk Controls Licensed crypto-asset service providers will be allowed to organize trading markets, offer custody, operate issuance platforms and self-trade within the ￰14￱ must have clear processes for risk management, deposit and asset handling, transaction and payment flows, AML/CFT checks and monitoring for financing of weapons of mass ￰15￱ control and transaction monitoring systems must be in place, along with procedures for handling conflicts of interest, customer complaints and compensation, according to the ￰16￱ Controls And Penalties Domestic investors may open accounts with licensed providers to deposit, buy and sell crypto ￰17￱ six months after the first crypto-asset service provider is licensed, any domestic trading that bypasses licensed platforms will face administrative sanctions or criminal prosecution depending on the violation’s ￰18￱ image from Unsplash, chart from TradingView