Vietnam is preparing to become one of the emerging players in the global cryptocurrency landscape, thanks to a series of initiatives aimed at regulating and incentivizing the sector.
In this context, the stablecoin giant Tether has initiated a strategic dialogue with Vietnamese authorities to explore possible collaborations and contribute to the growth of the local market.
Tether Bets on Vietnam: A Strategic Market
According to Marco Dal Lago, Vice President for Global Expansion and Strategic Partnerships at Tether Group, Vietnam represents one of the “most promising and strategic” markets for the company.
During a meeting with Deputy Prime Minister Ho Duc Phoc, Dal Lago highlighted the country’s strengths: a young population, a dynamic economy, and a steady flow of remittances from abroad.
Tether has declared its readiness to share its experience in building a legal framework for cryptocurrency transactions, with the aim of attracting external resources and supporting national economic growth.
It has also expressed its willingness to collaborate with Vietnamese businesses to promote the adoption of cryptocurrencies locally.
Towards the License of Five Trading Platforms
During the talks, Deputy Prime Minister Phoc expressed the government’s determination to create a professional platform for investors and to attract financial resources into the country.
Vietnam has recently launched a five-year trial for cryptocurrency trading, allowing only Vietnamese companies to issue tokens and sell them exclusively to foreign investors.
Phoc explained that, at the end of this pilot phase and once sufficient stability is achieved, a comprehensive regulatory framework will be introduced to regulate the cryptocurrency market.
Currently, the authorities are evaluating applications submitted by various companies in the sector and it is expected that licenses will be granted to about five trading platforms of crypto-assets considered solid.
Stringent Requirements for Platforms
Vietnam has set very strict entry criteria for cryptocurrency exchange platforms. Each provider must have at least 10 trillion dong in capital, equivalent to approximately 379 million dollars.
This measure aims to ensure the financial solidity of operators and protect investors, in a sector still characterized by volatility and risks.
Learning from International Experiences
Despite the approval of cryptocurrency trading, Deputy Prime Minister Phoc highlighted the potential risks associated with the sector.
For this reason, Vietnam intends to learn from the experiences of other countries that have already dealt with cryptocurrency regulation, in order to avoid mistakes and adopt best practices.
The Vietnamese government also aims to strengthen cooperation with technology groups active in the crypto sector, to develop and manage a safe and efficient exchange market.
The goal is to create a true “professional playground” for investors and citizens, which can also serve as a channel to attract financial resources and contribute to national economic development.
Tether Ready to Support Regulation
During the meeting, Tether reiterated its willingness to support Vietnam in developing a clear and transparent regulatory framework.
The discussions covered crucial topics such as the security and reliability of systems, the formulation of policies for crypto-asset trading, and the definition of cooperation models and best practices for capital management through exchange platforms.
An Evolving Scenario
The dialogue between the Vietnamese government and Tether represents a significant step towards the modernization of the country’s financial market.
The openness to cryptocurrencies, combined with strict regulation and partnerships with global players, could transform Vietnam into a regional hub for financial innovation.
The decision to limit token issuance to only Vietnamese companies, allocating the sale exclusively to foreign investors, reflects the desire to maintain control over the sector and to gradually test the impact of cryptocurrencies on the national economy.
At the same time, collaboration with entities like Tether offers Vietnam the opportunity to access advanced skills and technologies, accelerating the process of integration into the global cryptocurrency market.
Future Prospects
With the imminent granting of the first licenses to trading platforms and the development of a comprehensive regulatory framework, Vietnam is positioning itself to become a benchmark for other emerging countries interested in regulating the cryptocurrency sector.
The synergy between public institutions and private operators, as demonstrated by the dialogue with Tether, will be fundamental to ensuring a sustainable and secure development of the market.
In an international context where cryptocurrencies continue to gain ground, the Vietnamese experience could offer valuable insights for the definition of innovative policies and the creation of more inclusive and resilient financial ecosystems.