Vietnam launches 5-year pilot program for crypto regulation

Vietnam has launched a five-year pilot program to test a regulatory framework for its cryptocurrency market, The Crypto Basic reported. The program will establish rules for coin issuance, trading, and foreign investment, aiming to balance innovation with investor protection. Under the new framework, all cryptocurrency transactions, from initial token issuance to trading and payment processing, must be conducted exclusively in Vietnamese dong. Additionally, coin issuance will be restricted to local companies. Cryptocurrencies backed by fiat currency or securities are prohibited, with only real assets permitted as collateral.