Vietnam has launched a state-run pilot to allow the offering, issuance and trading of crypto assets under strict rules. The Resolution takes effect on September 9, 2025, and will run for five years. According to the text of the measure, the program tightly limits who may issue tokens, who may run trading markets, and how both foreign and domestic investors may take part. Vietnam’s Deputy Prime Minister Ho Duc Phoc has signed the resolution that sets out a framework for the issuance and trading of crypto assets, the Government Electronic Newspaper of Vietnam reported Tuesday. High Capital And Institutional Rules Organizations that want to run crypto trading markets must meet steep capital and ownership tests. The Resolution sets a minimum contributed charter capital of 10,000 billion Vietnamese Dong. At least 65% of that charter capital must be held by organizations, and over 35% must be held by at least two institutions such as commercial banks, securities companies, fund managers, insurance firms or tech firms. Foreign ownership in licensed providers is capped at 49%. Leadership and staff rules are also strict: the General Director must have two years of relevant experience and the Chief Technology Officer must have five years, the resolution states. Firms must employ at least 10 staff in technology roles with certified network security training, and at least 10 staff with securities practice certificates. The infotech system must meet Level 4 information security standards before it goes live. Asset Backing And Investor Access Based on reports , tokens issued in the pilot must be backed by real underlying assets. Securities and fiat currencies are not allowed as underlying assets. Offerings may be directed to foreign investors, and trading among foreign investors must occur through service providers licensed by the Ministry of Finance. Issuers are required to publish a prospectus and related documents at least 15 days before an offering. Participants are responsible for making sure public information is accurate and timely. Services Allowed And Risk Controls Licensed crypto-asset service providers will be allowed to organize trading markets, offer custody, operate issuance platforms and self-trade within the rules. Providers must have clear processes for risk management, deposit and asset handling, transaction and payment flows, AML/CFT checks and monitoring for financing of weapons of mass destruction. Internal control and transaction monitoring systems must be in place, along with procedures for handling conflicts of interest, customer complaints and compensation, according to the resolution. Trading Controls And Penalties Domestic investors may open accounts with licensed providers to deposit, buy and sell crypto assets. But six months after the first crypto-asset service provider is licensed, any domestic trading that bypasses licensed platforms will face administrative sanctions or criminal prosecution depending on the violation’s severity. Featured image from Unsplash, chart from TradingView
