Vietnam Launches 5-Year Digital Asset Pilot Program With Strict Rules

Group 1 - The Vietnamese government has initiated a pilot program for a comprehensive digital asset market, set to run for five years, with strict participation requirements [1][2] - The program aims to facilitate the offering and issuance of digital assets, establish a trading market, and provide digital asset services while ensuring state management of the digital asset market [2][6] - Participation is limited to organizations licensed by the Ministry of Finance, and all transactions must be conducted in the local currency, the Vietnam dong [3][5] Group 2 - Participants must have a minimum charter capital contribution of $378,500, and all assets must be underwritten by the charter and any necessary additional treasuries [4] - Foreign investors are restricted to holding a maximum of 49% of shares in any venture, with at least 65% of the charter capital contributed by registered shareholders and members [5] - At least 35% of the charter capital must come from commercial banks, securities companies, fund management companies, insurance companies, and technology enterprises [5]