Summary
- The Vietnamese government announced it has launched a five-year pilot program to test a regulatory framework for virtual assets.
- The program aims to establish rules on coin issuance, trading, and foreign investment, and says that all virtual asset transactions will be conducted only in Vietnamese dong.
- Coin issuance is limited to local companies, virtual assets backed by fiat currency or securities are prohibited, and only tangible assets are recognized as collateral.
On the 9th (local time), according to CryptoBasic, a media outlet specializing in virtual assets (cryptocurrencies), the Vietnamese government has started a five-year pilot program to test a regulatory framework for the virtual asset market.
The program aims to establish rules on coin issuance, trading, and foreign investment to balance innovation and investor protection. In particular, all virtual asset transactions must be conducted only in Vietnamese dong.
Regulations apply to all stages from token issuance to trading and payment processing. Coin issuance is limited to local companies, and virtual assets backed by fiat currency or securities are prohibited. Instead, only tangible assets are recognized as collateral.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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