Vietnam has initiated a five-year experimental program to assess the practical applications of cryptocurrencies within its borders.
According to a report published by the Government Electronic Newspaper of Vietnam, the government has implemented comprehensive regulations to guarantee rigorous oversight throughout the duration of this trial phase.
The program, which was activated immediately upon signature by Deputy Prime Minister Ho Duc Phoc, mandates that all digital currency activities – including creation, purchase, sale, and usage – must be conducted in Vietnamese Dong.
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Only Vietnamese businesses properly registered as either limited liability or joint-stock companies, according to existing enterprise regulations, are authorized to issue these digital assets.
The government clarified that digital assets must be secured by tangible assets and cannot be tied to traditional currencies or securities, such as stocks or bonds.
International investors are permitted to participate, but exclusively through service providers possessing valid licenses granted by Vietnam’s Ministry of Finance. This mechanism introduces an added layer of control, guaranteeing that foreign involvement is facilitated through approved and overseen platforms.
The trial program imposes rigorous financial and staffing criteria on entities providing crypto-related services, referred to as CASPs. These service providers must demonstrate a minimum capital holding of 10 trillion dong, equivalent to approximately $379 million.
These funds must originate from at least two distinct firms, such as banks, investment firms, insurance providers, or technology corporations, all with verifiable financial stability.
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