Vietnam Encourages Tether to Explore Collaborations to Foster Crypto Market

Stablecoin giant Tether is looking to collaborate with Vietnamese enterprises in a move to foster local crypto adoption.

Marco Dal Lago, Vice President for Global Expansion and Strategic Partnerships at Tether Group, described Vietnam as one of Tether’s “most promising and strategic markets.”

Speaking with Deputy Prime Minister Ho Duc Phoc on Thursday, Lago highlighted Vietnam’s young population, dynamic economy, and remittance inflows.

“Tether is willing to share its experience in building a legal framework for transactions to attract external resources and support the national economic growth,” Dal Lago noted, as reported by a local media.

Vietnam Gears up to Welcome Five ‘Strong’ Crypto Trading Platforms

During the discussions, the Deputy PM expressed how Vietnam is keen on creating a professional platform for investors and attracting financial resources.

Phoc highlighted the country’s recent experiments with crypto trading, allowing a 5-year pilot for trading. The resolution allows only Vietnamese companies to issue tokens and sell them solely to foreign investors.

“Following the pilot phase, once stability is ensured, a comprehensive legal framework will be introduced to regulate the market,” Phoc added.

Further, the Deputy PM noted that authorities are currently reviewing applications from crypto firms. “[They] are expected to license around five strong crypto-asset trading platforms,” he said, as quoted by Vietnam Plus.

Vietnam has set tough entry bars for crypto platforms, such as mandating any exchange provider to hold at least 10 trillion dong, about $379 million, in capital.

Vietnam Wants to Learn From Experiences of Other Nations: Deputy CM

Phoc flagged that despite the nation’s approval for crypto trading, the sector carries potential risks. “Therefore, Vietnam wants to learn from the experiences of other countries,” he added.

Besides, Vietnam is planning to increase cooperation with tech groups in the crypto space to develop and operate a safe and effective trading market.

“This will be a professional ‘playground’ for investors and people, and at the same time a channel to attract financial resources, contributing to the country’s economic development,” he noted.

Tether expressed readiness to assist in developing a clear and transparent regulatory framework for Vietnam.

At the meeting, both parties discussed on system security and safety and policy formulation for crypto-asset trading. Additionally, they mentioned cooperation models and best practices for capital management through crypto exchanges.