Tether engages as Vietnam rolls out licensed crypto pilot
Vietnam is moving ahead with a tightly scoped, five‑year pilot to bring crypto trading onto licensed rails. Officials say applications are under review and that about five platforms could be approved, while stablecoin issuer Tether has begun discussions on potential collaboration.
Only companies incorporated in Vietnam will be allowed to run trading platforms. All issuance, trading and payments must settle in the local dong. Foreign ownership is capped below a majority stake, and would‑be operators face a high capital bar with most funding coming from institutions. Officials say the goal is to create a controlled gateway for activity already happening, instead of leaving it offshore without safeguards.
Deputy prime minister Ho Duc Phoc framed the pilot as a step toward a “professional platform” that can attract capital while keeping risks in check. Licenses will be granted to a small group first, with a full legal framework to follow if the trial proves stable. Current guidance also foresees a grace period: once the first license is issued, local investors will have time to move from unlicensed venues before trading on them becomes a violation.
Tether, for its part, is signaling interest. Marco Dal Lago, the group’s VP for global expansion, called Vietnam one of Tether’s most promising markets given its young population, active remittance flows and fast‑growing digital economy. In a meeting with the deputy PM, the company offered to share experience on rule‑setting, market security and anti‑fraud tooling. That does not make Tether a licensee, but it positions the issuer as a stakeholder in the pilot.
The pilot comes on top of broader groundwork for the country’s digital economy. Parliament this year passed a law defining and classifying digital assets, and authorities introduced NDAChain, a permissioned Layer‑1 intended to anchor national data infrastructure. The crypto trial builds on those moves by setting basic guardrails for trading while keeping cash flows in dong.
For users, the immediate effect will be about access and migration. The first approvals would give Vietnamese holders licensed, domestic gateways, while foreign investors could participate within ownership and capital‑source limits. Over time, licensed platforms may add clearer KYC standards, custody links and reporting – features that meet institutional standards while also helping retail users transfer funds through local channels.
Market impact will depend on how quickly licenses are granted and platforms go live. If the first licenses arrive quickly and platforms switch on retail access, demand for compliance on‑and‑off‑ramps – and for regulated stablecoins used within the rules – should rise. If timelines slip or requirements tighten further, activity may stay fragmented across offshore venues until the domestic option is fully in place. Authorities say decisions on initial approvals are next, with more detail on platform rules to follow as the pilot progresses.
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