Vietnam Takes Cautioned Approach to Regulated Crypto Market

Vietnam is taking steps to create a regulated crypto market, but it's not rushing into it. The government has established a pilot framework for real-world assets (RWAs) that requires crypto assets to be backed by tangible assets.

The challenge lies in finding the correct balance between regulation and freedom. Vietnam does not yet have a licensed crypto-asset exchange, which is crucial for investors to buy, sell, and trade eligible crypto assets.

Five companies have passed the first assessment for developing crypto-asset exchanges, but they still need to satisfy additional requirements, including Level 4 information-system security standards and a minimum capital contribution of VND 10 trillion (approximately $383 million).