Owners of Bitcoin, Ethereum... will be able to buy and sell legally in Vietnam through the exchange.

(NLDO)- Deputy Prime Minister Ho Duc Phoc has just signed and issued Resolution No. 5 of the Government on piloting the crypto asset market in Vietnam.

Resolution No. 5 stipulates the pilot implementation of offering and issuance of crypto assets, organization of crypto asset trading market and provision of crypto asset services; state management of crypto asset market in Vietnam.

Pilot implementation of crypto asset market in Vietnam

Official pilot of crypto asset market

According to Government regulations, the subjects of the pilot include organizations providing crypto-asset services; organizations issuing crypto-assets; Vietnamese organizations and individuals and foreign organizations and individuals participating in crypto-asset investment and operating in the crypto-asset market in Vietnam.

The pilot implementation of the crypto-asset market is carried out on the principles of caution, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the legitimate rights and interests of organizations and individuals participating in the crypto-asset market.

Organizations and individuals participating in the crypto-asset market are responsible for ensuring the accuracy, honesty, completeness, timeliness, and non-misleadingness of published information; and complying with regulations on issuance, trading, insider information, and purposes of using crypto-assets.

According to the resolution, only organizations granted a License by the Ministry of Finance to provide services to organize crypto-asset trading markets are allowed to provide services related to crypto-assets and advertise and market related to crypto-assets.

Organizations and individuals participating in the crypto-asset market must comply with relevant legal provisions on preventing and combating money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the crypto-asset market and other relevant specialized laws.

According to the Government, the offering, issuance, trading and payment of crypto assets must be made in Vietnamese Dong. Crypto assets are used for exchange or investment purposes as prescribed in this Resolution.

Tax policies for transactions, transfers, and trading of crypto assets are applied as tax regulations for securities until there is a tax policy for the crypto asset market in Vietnam.

Conditions for issuance of crypto assets

The Resolution also clearly stipulates the conditions for offering and issuing crypto assets. Accordingly, the organization issuing crypto assets must be a Vietnamese enterprise, registered to operate as a limited liability company or joint stock company under the Enterprise Law. Crypto assets must be issued based on underlying assets that are real assets, excluding assets that are securities or legal currency.

Crypto assets may only be offered and issued to foreign investors. Crypto assets may only be traded between foreign investors through a crypto asset service provider licensed by the Ministry of Finance.

At least 15 days before conducting the offering or issuance, the organization issuing the crypto-asset must publish information about the Prospectus for offering or issuing the crypto-asset in the form and other relevant documents on the electronic information page of the organization providing crypto-asset services and the electronic information page of the issuer.

Domestic investors holding crypto assets and foreign investors are allowed to open accounts at crypto asset service providers licensed by the Ministry of Finance to deposit, buy and sell crypto assets in Vietnam.

After a period of 6 months from the date the first crypto-asset service provider is licensed, domestic investors who trade crypto-assets without going through a crypto-asset service provider licensed by the Ministry of Finance, depending on the nature and severity of the violation, will be subject to administrative sanctions or criminal prosecution in accordance with the law.

Also according to the resolution, a crypto asset service provider is an enterprise that performs and provides one or more of the following services and activities: Organizing a crypto asset trading market; Self-trading crypto assets; Custody of crypto assets; Providing a crypto asset issuance platform.

This resolution takes effect from September 9. The pilot period is 5 years. With this pilot, popular cryptocurrencies such as Bitcoin, Ethereum... will be traded and bought and sold legally on licensed pilot exchanges in Vietnam.

Source: https://nld.com.vn/nguoi-so-huu-bitcoin-ethereum-se-duoc-mua-ban-hop-phap-tai-viet-nam-thong-qua-san-196250909200737823.htm