[Vietnam Pilots Crypto Asset Market, Five Companies Have Passed Preliminary Exchange Assessments] According to the Vietnam News Agency, Vietnam is piloting the crypto asset market under a prudent regulatory framework, aiming to open financing channels while strengthening investor protection. Resolution No. 05 issued by the government in September 2025 specifies that crypto assets must be backed by RWA, excluding securities and fiat currencies, and initially will only be issued to foreign investors. Currently, five companies have passed preliminary assessments through exchanges, requiring compliance with Level 4 security standards and a minimum capital contribution of 10 trillion Vietnamese dong (approximately $383 million). Decree No. 284, introduced in July, will impose penalties starting September 1 for unlicensed platform trading activities. Domestic investors will only be allowed to trade through licensed service providers six months after the first license is issued by the Ministry of Finance.