Vietnam has launched its first regulatory framework to govern crypto trading and related services with the issuance of licensing rules for digital assets.
Crypto exchanges must obtain a licence through a multi-step process overseen by the finance ministry, the State Securities Commission of Vietnam (SSC), the central bank and the public security ministry, according to the rules published by the SSC on October 10.
Crypto exchanges and digital asset companies are required to have a minimum paid-up capital of 10 trillion dong (US$378 million). Their foreign ownership is capped at 49%.
Crypto assets are also defined as a specific category of digital asset authenticated through digital technologies. This means they are now legally recognised under Vietnamese law, allowing them to be owned and transferred.
The SSC has also introduced a five-year sandbox scheme to test and refine rules for digital asset companies.
Vietnam is a latecomer in Southeast Asia in regulating digital assets. Singapore, Thailand and Malaysia all launched digital asset frameworks in 2017, allowing crypto exchanges to operate legally in these jurisdictions.
