Vietnam is poised to launch a digital asset trading market, allowing cryptocurrencies to be freely issued over a five-year trial period. Under a recent government resolution effective from Tuesday, only Vietnamese companies will be permitted to operate trading platforms. All cryptocurrency issuance, trading, and transactions must be conducted using the national currency, the dong, reinforcing control over the burgeoning digital economy.
Strict Qualification Criteria
To enter the arena, issuers must meet a hefty capital requirement of VND10 trillion (approximately US$380 million), with a mandatory 65% stake coming from institutional investors. To add a twist to the tale, foreign participation is limited to 49%, ensuring that the market remains firmly in local hands.
An Encouraging Landscape for Blockchain
Shareholders and capital contributors need to showcase a robust financial track record, having posted profits for at least two consecutive years before they can apply for a license. This move aligns with Vietnam’s rapid growth in the blockchain sector, with the Vietnam Blockchain Association reporting that capital flows into blockchain projects surpassed $105 billion in 2023–24, according to data from analytics firm Chainalysis.
A Crypto-Crazy Nation
Significantly, a report by crypto payment gateway Triple-A highlighted that more than 20% of the Vietnamese population owns cryptocurrencies, showcasing the vibrant appetite for digital assets. Vietnam doesn’t just dabble in crypto; it ranks among the top three countries globally for crypto adoption, boasting a penetration rate that is three to four times higher than the worldwide average.
As Vietnam leans deeper into the digital asset race, one can’t help but wonder if the next big cryptocurrency might just emerge from a bustling café in Ho Chi Minh City!
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