Vietnam launches state-controlled crypto trading

According to a government decree, only local companies are allowed to launch trading platforms and issue tokens. Issuance, trading, and settlements must be carried out exclusively in dong, Vietnam’s national currency. Token issuance is permitted solely for sale to foreign investors. The status of cryptocurrency as a means of payment remains unchanged — this function of digital assets is prohibited.

The minimum capital required to launch a crypto platform, under the decree, is set at 10 trillion dong ($379 million). At least 65% of this capital must be provided by corporate investors. Among them, there must be at least two institutions such as a bank, brokerage, or asset management company, and their combined shareholding in the crypto platform must exceed 35%. Both foreign citizens and Vietnamese nationals who already own cryptocurrencies will be able to register on the platform.

The pilot project is intended to help authorities assess the dynamics of the digital asset market and develop a regulatory framework that will allow crypto assets to be integrated into the financial system, officials announced.

Earlier, the Vietnamese government announced the launch of the national blockchain platform NDAChain, designed for the state’s digital ecosystem — to verify records and transactions.

See also: "El Salvador swaps Bitcoin for rapidly appreciating gold"

#Crypto Regulations

Share: