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Stablecoin leader Tether is seeking to partner with Vietnamese businesses to promote local cryptocurrency adoption.
Marco Dal Lago, Vice President for Global Expansion and Strategic Partnerships at Tether Group, referred to Vietnam as one of Tether’s “most promising and strategic markets.”
In a conversation with Deputy Prime Minister Ho Duc Phoc on Thursday, Lago emphasized Vietnam’s youthful demographic, vibrant economy, and significant remittance flows.
“Tether is prepared to share its expertise in establishing a legal framework for transactions to attract external investments and support national economic development,” Dal Lago remarked, as reported by local media.
Vietnam Prepares to Embrace Five ‘Strong’ Crypto Trading Platforms
During the talks, the Deputy PM conveyed Vietnam’s eagerness to create a professional platform for investors and draw in financial resources.
Phoc pointed out the country’s recent trials with cryptocurrency trading, which permit a 5-year pilot for trading. The resolution restricts token issuance and sales to Vietnamese companies, exclusively targeting foreign investors.
“After the pilot phase, once stability is confirmed, a comprehensive legal framework will be established to regulate the market,” Phoc added.
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Moreover, the Deputy PM mentioned that authorities are currently evaluating applications from cryptocurrency firms. “[They] are anticipated to license approximately five robust crypto-asset trading platforms,” he stated, as quoted by Vietnam Plus.
Vietnam has implemented stringent entry requirements for crypto platforms, including a mandate for any exchange provider to maintain a minimum capital of 10 trillion dong, roughly $379 million.
Vietnam Aims to Learn From Other Nations’ Experiences: Deputy CM
Phoc indicated that despite the nation’s endorsement of cryptocurrency trading, the sector poses potential risks. “Thus, Vietnam seeks to learn from the experiences of other countries,” he remarked.
Additionally, Vietnam plans to enhance collaboration with technology groups in the cryptocurrency sector to create and manage a secure and efficient trading environment.
“This will serve as a professional ‘playground’ for investors and the public, while also acting as a channel to attract financial resources, contributing to the nation’s economic growth,” he noted.
Tether expressed its willingness to assist in formulating a clear and transparent regulatory framework for Vietnam.
During the meeting, both parties discussed system security and safety, as well as policy development for crypto-asset trading. They also addressed cooperation models and best practices for capital management through cryptocurrency exchanges.
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