According to the text of the measure, the program tightly limits who may issue tokens, who may run trading markets, and how both foreign and domestic investors may take part.
Organizations that want to run crypto trading markets must meet steep capital and ownership tests. The Resolution sets a minimum contributed charter capital of 10,000 billion Vietnamese Dong.
At least 65% of that charter capital must be held by organizations, and over 35% must be held by at least two institutions such as commercial banks, securities companies, fund managers, insurance firms or tech firms.
Foreign ownership in licensed providers is capped at 49%. Leadership and staff rules are also strict: the General Director must have two years of relevant experience and the Chief Technology Officer must have five years, the resolution states.
Firms must employ at least 10 staff in technology roles with certified network security training, and at least 10 staff with securities practice certificates. The infotech system must meet Level 4 information security standards before it goes live.
Issuers are required to publish a prospectus and related documents at least 15 days before an offering. Participants are responsible for making sure public information is accurate and timely.
Licensed crypto-asset service providers will be allowed to organize trading markets, offer custody, operate issuance platforms and self-trade within the rules. Providers must have clear processes for risk management, deposit and asset handling, transaction and payment flows, AML/CFT checks and monitoring for financing of weapons of mass destruction.
Internal control and transaction monitoring systems must be in place, along with procedures for handling conflicts of interest, customer complaints and compensation, according to the resolution.
Domestic investors may open accounts with licensed providers to deposit, buy and sell crypto assets. But six months after the first crypto-asset service provider is licensed, any domestic trading that bypasses licensed platforms will face administrative sanctions or criminal prosecution depending on the violation’s severity.
Featured image from Unsplash, chart from TradingView
