Vietnam, ranked among the top countries for cryptocurrency adoption, is launching a pilot program with strict regulation for the crypto industry.
Framework of the New Pilot
Vietnam's Deputy Prime Minister Ho Duc Phoc has signed a resolution establishing rules for the trading and issuance of crypto assets. The program takes effect immediately and requires that all crypto transactions be conducted in Vietnamese dong.
Ban on Issuance of Fiat-Backed Crypto Assets
The pilot establishes restrictions on the issuance of crypto assets, requiring that they be based exclusively on real assets. The issuance of assets backed by fiat currencies and securities is prohibited. The report states, 'Crypto assets must be issued based on underlying assets that are real assets, excluding assets that are securities or fiat currencies.'
Implementation Principles of the Program
The resolution also stipulates that crypto assets can only be offered and issued to foreign investors through licensed crypto asset service providers (CASPs) authorized by the Ministry of Finance. 'The pilot implementation of the crypto asset market is carried out on the principles of caution, control, safety, transparency, and protection of the rights and legitimate interests of participants.'
Thus, Vietnam is implementing strict measures to regulate the crypto industry, aiming to create a safe and controlled environment for users and investors.
