Vietnam Pilots Crypto Exchange, Bitcoin & Ethereum Legal
Vietnam Officially Pilots the Digital Asset Market
On September 9, Deputy Prime Minister Hồ Đức Phớc signed Resolution No. 5, paving the way for the pilot implementation of Vietnam’s digital asset market. According to the resolution, Bitcoin, Ethereum, and other popular cryptocurrencies will be legally tradable through licensed exchanges approved by the Ministry of Finance. This is considered a historic step, marking the first time Vietnam allows a trial of the digital asset market for a period of five years.
Strict Regulations for the Pilot Program
The resolution clearly states that only organizations licensed by the Ministry of Finance have the right to operate crypto exchanges and conduct related marketing or promotional activities. All participants in the market must ensure transparency, accuracy, and compliance with laws on anti-money laundering, cybersecurity, data protection, and other relevant regulations.
Notably, all issuance, transactions, and payments involving digital assets must be conducted in Vietnamese dong. Tax policies will temporarily follow the same framework applied to securities until specific tax regulations for the crypto market are introduced.
Issuance Conditions and Foreign Investors
The resolution requires that issuers of digital assets must be Vietnamese enterprises organized as limited liability companies or joint-stock companies under the Law on Enterprises. Issued tokens must be backed by real assets (excluding securities and fiat currencies) and can only be offered to foreign investors. Transactions between foreign investors must take place through licensed service providers in Vietnam.
Meanwhile, domestic investors may open accounts on licensed exchanges to store, buy, sell, and manage their digital assets legally. After six months from the launch of the first licensed exchange, any transactions outside approved platforms will be subject to administrative penalties or even criminal prosecution, depending on the severity of violations.
Opportunities and Challenges for Vietnam’s Digital Assets
Statistics show that around 17 million Vietnamese currently own digital assets, making Vietnam one of the fastest-growing crypto markets globally. This pilot program not only creates significant opportunities for the local digital asset industry but also enhances transparency, safeguards investor rights, and reinforces the government’s commitment to cautious but proactive regulation.
Conclusion
The government’s decision to pilot the digital asset market marks an important milestone, opening the door for the legalization of trading Bitcoin, Ethereum, and other popular cryptocurrencies in Vietnam. However, investors must proceed with caution and comply strictly with regulations, as this sector remains full of potential but also carries high risks.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.