Vietnam launches a five-year pilot plan for cryptocurrency trading, with restrictions on foreign capital entry ratio.

The Vietnamese government has approved a five-year pilot project for cryptocurrency trading, aimed at leveraging the country's thriving cryptocurrency market in the absence of a legal framework. According to the decree, only Vietnamese companies are allowed to provide trading platforms, and all issuance, trading, and payments of cryptocurrencies must be done using the Vietnamese dong. The issuer of cryptocurrencies must also be a Vietnamese company, with the assets being backed by real property and only issued to foreign investors. Any institution planning to establish an exchange must have a minimum capital of at least 100 trillion Vietnamese dong, with at least 65% raised by institutional investors. Among these institutional investors, there must be at least two mature institutions such as commercial banks, securities companies, and fund management companies, together holding over 35% of the exchange. Foreign ownership in any cryptocurrency exchange service provider must not exceed 49%, and both institutional and individual investors can only invest in one exchange provider. Only Vietnamese individuals and foreign investors with cryptocurrency holdings are allowed to open accounts on licensed platforms.