Odaily Planet Daily reports that the Vietnamese government has approved a five-year pilot program for cryptocurrency trading. In accordance with the Hong Kong resolution, only Vietnamese companies are allowed to provide trading platforms, and all issuance, trading, and payments of crypto assets must be conducted in Vietnamese dong. Crypto assets must also be issued by Vietnamese companies, backed by real property, and issued only 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 hold more than 35% of the exchange's equity. Foreign ownership of any cryptocurrency 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.