New information on pilot licensing of Bitcoin, Ethereum… trading floors in Vietnam

On the afternoon of October 5, at the regular Government press conference in September, Deputy Minister of Finance Nguyen Duc Chi informed about the progress of implementing the work to pilot the crypto asset market according to Resolution 05 dated September 9 of the Government.

According to Deputy Minister Nguyen Duc Chi, with the task assigned by the Government , the Ministry of Finance is urgently completing the legal corridor and building policies on taxes and fees when trading crypto assets on licensed pilot exchanges.

This agency is also developing accounting regulations and coordination regulations in the management of the crypto asset market with other ministries such as the Ministry of Public Security and the State Bank of Vietnam.

Regarding the number of businesses proposing to participate in establishing a crypto-asset exchange, Deputy Minister Nguyen Duc Chi said that up to now, the Ministry of Finance has not received any official proposals from any businesses.

However, through information gathering, Mr. Chi said that a number of domestic enterprises have deployed activities to prepare for participating in the crypto asset market, specifically establishing pilot trading floors.

Some businesses have also met and worked with officials of the Ministry of Finance at the technical level to better understand the requirements and specific regulations on piloting the crypto asset market, capital regulations, information technology requirements, security, staff capacity, etc. "This is to help businesses prepare fully, comprehensively, and accurately before making an official proposal to participate in the crypto asset market" - said the Deputy Minister.

The Ministry of Finance's leaders hope that more businesses will be interested in this field, but according to regulations, only 5 businesses are licensed to pilot the establishment of crypto-asset trading floors. The Ministry of Finance will speed up the implementation progress, expecting to grant pilot licenses in 2025, but it depends a lot on the preparation of conditions by businesses.

Previously, Deputy Prime Minister Ho Duc Phoc signed and issued Resolution No. 05 of the Government on piloting the crypto-asset market in Vietnam. Resolution 05 stipulates the pilot implementation of offering and issuing crypto-assets, organizing the crypto-asset trading market and providing crypto-asset services; and state management of the crypto-asset market in Vietnam.

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

Source: https://nld.com.vn/thong-tin-moi-ve-cap-phep-thi-diem-san-giao-dich-bitcoin-ethereum-o-viet-nam-19625100516442325.htm