Vietnam has started a five-year trial program aimed at testing how cryptocurrencies can be used in the country.
The government has established detailed rules to ensure strong oversight during this period, according to a report by the Government Electronic Newspaper of Vietnam.
The plan, which took effect immediately after being signed by Deputy Prime Minister Ho Duc Phoc, stated that all digital asset activity—whether it involves creating, buying, selling, or using these assets—must occur in Vietnamese dong.
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Only Vietnamese companies can take part in issuing these digital assets. These companies must be officially registered as either limited liability or joint-stock firms under the country’s existing enterprise laws.
The government also stated that digital assets must be backed by physical assets and cannot be linked to money or to securities such as stocks and bonds.
Foreign investors are allowed to participate, but only through service providers that have obtained a license from Vietnam’s Ministry of Finance. This adds another layer of control and ensures that overseas participation goes through approved and monitored platforms.
The pilot introduces strict financial and staffing requirements for companies offering crypto-related services, known as CASPs. These providers must show they have at least 10 trillion dong, about $379 million, in capital.
That money must come from at least two different firms, such as banks, investment companies, insurers, or tech firms, with solid financial histories.
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