VietnamAbout
To Tran Hoa is an official of the State Securities Commission of Vietnam. He is Deputy Head (standing) of the commission's Crypto Asset Trading Market Management Board, the unit that handles the five-year crypto asset pilot created by Resolution 05/2025/NQ-CP. He has described the board's work as three groups of tasks: completing the legal framework, coordinating licensing and market supervision, and reporting regularly to the Government.
He is the regulator's main public voice on the pilot. He has explained that service providers need at least VND 10 trillion in charter capital and servers and headquarters in Vietnam, that trading will start cautiously with foreign investors and domestic investors who already hold crypto assets, and that the commission is drafting circulars on accounting, audit and tax for the sector. He has linked the framework to Vietnam's efforts to leave the FATF grey list on money laundering.
Policy engagement
Set out the State Securities Commission's approach to licensing crypto asset service providers under the pilot at a March 2026 dialogue, noting that five applications had been found to meet the requirements.
Key actions
Said five firms had received preliminary approval and were meeting level-4 information security and other requirements before starting pilot trading.
SourceSaid the regulator would study new products such as margin lending, crypto asset lending and crypto derivatives.
SourceTold a dialogue co-hosted with the VBA that five of seven licence applications for pilot crypto asset services had been found to meet the requirements.
SourceSaid the commission was finalising three circulars on accounting, audit and taxation for crypto asset service providers.
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