Vietnam Courts Tether for Crypto Market Development

Vietnam Eyes Crypto Future, Seeks Tether's Expertise

Vietnam is taking a proactive approach to the cryptocurrency market, inviting stablecoin giant Tether to collaborate on developing a legal framework and fostering crypto adoption within the country.

Marco Dal Lago, a VP at Tether Group, emphasized Vietnam's potential, citing its young population, dynamic economy, and significant remittance inflows. He indicated Tether's willingness to share its experience in building a legal framework for crypto transactions.

Deputy Prime Minister Ho Duc Phoc expressed Vietnam's desire to create a regulated platform for investors and attract financial resources. The country is experimenting with crypto trading through a 5-year pilot program, initially restricted to Vietnamese companies issuing tokens solely to foreign investors. Following this pilot, a comprehensive legal framework will be considered.

Authorities are reportedly reviewing applications from crypto firms, with plans to license around five trading platforms. Strict requirements are in place, including a minimum capital requirement of approximately $379 million for exchange providers.

Vietnam is also keen to learn from other nations' experiences in managing the risks associated with crypto. They are seeking increased cooperation with tech groups in the crypto space to develop a secure and effective trading market.

Key Takeaways:

• Vietnam is actively exploring the potential of cryptocurrency and aims to create a regulated market.
• Tether has been invited to collaborate on developing a legal framework and fostering crypto adoption.
• Vietnam is proceeding cautiously, with a pilot program and strict requirements for crypto platforms.

Both parties also discussed system security and safety, policy formulation for crypto-asset trading, cooperation models, and best practices for capital management through crypto exchanges.