Vietnam Initiates Five-Year Pilot Program for Cryptocurrency Trading
- The pilot program allows only Vietnamese companies to engage in cryptocurrency trading, focusing on local participation.
- Companies must have a minimum capital of 10 trillion dong (approximately $379 million) to qualify.
- Foreign ownership in participating firms is limited to 49%, ensuring significant local control.
- A six-month transitional period will follow the issuance of the first license, after which unlicensed trading will be illegal for Vietnamese citizens.
- From January 2026, Vietnam will officially recognize cryptocurrencies as an asset class, although they remain non-legal tender.
This initiative marks a significant step in Vietnam’s digital asset strategy, highlighting its commitment to developing blockchain technologies despite previous warnings about digital asset risks from the Central Bank.
With substantial capital requirements and a focus on local firms, Vietnam’s pilot program aims to establish a regulated environment for cryptocurrency trading by January 2026. (Source)
