Vietnam experiments with crypto for 5 years under strict rules

Vietnam launched a pilot program to allow transactions with cryptoassets under fairly strict control 🚀. The plan began on September 9, 2025. It will last for five years.

The text leaves little room for improvisation. It limits who can issue tokens. It also restricts who can manage trading markets. The rules for local and foreign investors are well defined.

The Deputy Prime Minister Ho Duc Phoc signed the resolution. It seems that the government wanted to establish a clear framework from the outset. The government's Electronic Newspaper published the news on Tuesday.

Capital and institutions: high barrier 💼

Setting up a crypto market in Vietnam will not be an easy task. The minimum capital requirement is 10,000 trillion dong. An intimidating figure.

Organizations must hold at least 65% of that capital. And more than 35% must belong to at least two institutions such as banks, insurance companies, or tech firms.

Foreigners are limited to 49% ownership. The personnel requirements are strict. The General Director needs two years of experience. The Technology Director, five. It's no small matter.

They need 10 people in technology roles with network security certification. Another 10 with certificates in securities. The computer system must reach Level 4 security. Quite demanding, to be honest.

Real backing and foreign participation 🔐

Tokens cannot float in the air. They need backing from real assets. No securities or fiat currencies as a base.

Foreigners can participate. The trading between them must go through providers authorized by Finance.

Before an offering, a minimum of 15 days to publish the prospectus and documents. The information must be accurate. No exceptions.

Permitted Services and Risk Control 🛡️

Authorized providers will be able to organize markets, safeguard assets, facilitate issuances, and perform autotrading within limits. They must have clear processes for risks, deposits, and transaction control.

Anti-money laundering controls are mandatory. Monitoring against the financing of weapons of mass destruction is also required. They don't joke about this.

Internal control systems are necessary. Procedures for conflicts and customer complaints are also required.

Trading under control and penalties 📊

National investors can open accounts with authorized providers. Buy, sell, deposit.

Be careful with this: six months after authorizing the first provider, anyone operating outside the system will face sanctions. They can be administrative or criminal depending on the severity.

From Hanoi 🌆, it seems that the government is seeking a complicated balance. They want innovation but with protection for investors. The five-year plan is ambitious. Probably one of the most structured attempts in Southeast Asia to tame the wild crypto world 🔥. We'll see if it works.