The Ministry of Finance on January 20 issued Decision No. 96/QD-BTC (Decision 96), announcing new administrative procedures to pilot the cryptocurrency asset market under its management.
Under the decision, three new administrative procedures relating to issuing, adjusting and revoking a license to provide services for organizing the cryptocurrency asset trading market have been introduced. Organizations and individuals interested in these administrative procedures can apply for from January 20, and find detailed information in the appendix attached to Decision 96.
The State Securities Commission is the agency directly responsible for receiving and processing applications, while the Ministry of Finance plays the leading role in appraising and deciding on licensing, in coordination with the State Bank of Vietnam and the Ministry of Public Security on matters related to anti-money laundering and system security.
According to Government Resolution No. 05/2025/NQ-CP on piloting the cryptocurrency asset market in Vietnam, organizations registering to provide services for organizing the cryptocurrency asset trading market must meet the following conditions:
Firstly, the registering organization must be a Vietnamese enterprise, established and operating under the provisions of the Law on Enterprises.
Secondly, the charter capital must be contributed in Vietnamese dong (VND), with a minimum amount of VND10,000 billion.
Thirdly, regarding shareholder structure, at least 65% of the charter capital must be contributed by organizations; of which, over 35% of the charter capital must be contributed by at least two organizations, including commercial banks, securities companies, fund management companies, insurance companies, or technology enterprises. Each organization or individual is only allowed to contribute capital to one organization providing cryptocurrency asset services licensed by the Ministry of Finance.
Fourthly, the registering organization must have a legal working office, ensuring full facilities, equipment, and technology systems suitable for providing services.
Fifthly, regarding personnel, the General Director (Director) must have at least 2 years of experience in finance, securities, banking, insurance, or fund management. The Chief Technology Officer or equivalent position must have at least 5 years of experience in information technology. Additionally, the organization must have at least 10 technology personnel with network security certificates and at least 10 personnel with securities practice certificates working in related business departments.
Sixthly, there must be risk management, information security processes; processes for providing a platform for issuing cryptocurrency assets; processes for custody, managing customer assets; transaction, payment processes; etc.
Seventhly, the information technology system of the organization providing cryptocurrency asset services must meet level 4 information system security standards according to legal regulations on information security before being put into operation and exploitation.
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