The Vietnamese government has approved a five-year pilot program for crypto-asset trading. In accordance with the Hong Kong resolution, only Vietnamese companies are allowed to provide trading platforms, and all crypto-asset issuance, trading, and payments must be conducted in Vietnamese dong. Crypto-asset issuers must also be Vietnamese companies, these assets must be backed by real property, and they can only be offered to foreign investors. Any institution proposing to establish an exchange must have a minimum capital of at least VND10 trillion, of which at least 65% must be contributed by institutional investors. These institutional investors must include at least two established institutions, such as commercial banks, securities firms, and fund management companies, and together they must hold more than 35% of the exchange's equity. Foreign ownership of any crypto-asset trading service provider is capped at 49%, and institutional and individual investors can only invest in one exchange provider. Only Vietnamese and foreign investors holding crypto-assets are allowed to open accounts on licensed platforms. (Jinshi)