Stablecoin issuer Tether is actively pursuing collaboration with Vietnamese enterprises and the government, identifying Vietnam as one of its "most promising and strategic markets."
Marco Dal Lago, Tether Group’s Vice President for Global Expansion, met with Deputy Prime Minister Ho Duc Phoc to discuss fostering local crypto adoption. Dal Lago emphasized Vietnam's dynamic economy, young population, and significant remittance inflows, and offered Tether’s expertise in building a legal framework for digital asset transactions.
Vietnam’s Regulatory Stance:
- Seeking Expertise: Deputy PM Phoc expressed Vietnam’s desire to create a professional platform for investors and attract financial resources, noting that the nation “wants to learn from the experiences of other countries” regarding potential risks.
- Pilot Program: The country is currently running a 5-year pilot program that allows crypto trading, though only Vietnamese companies are permitted to issue tokens, and these must be sold exclusively to foreign investors.
- Licensing Strong Platforms: Authorities are reviewing applications and are expected to license around five "strong" crypto-asset trading platforms. The government has set a high barrier to entry, including a minimum capital requirement of 10 trillion dong (approximately $379 million) for any exchange provider.
- Future Framework: Phoc indicated that a comprehensive legal framework will be introduced to regulate the market only after the pilot phase ensures stability.
Tether expressed its readiness to assist Vietnam in developing a clear, transparent, secure, and effective trading market to attract foreign capital and contribute to national economic development.
october 2025, Cryptoniteuae