Vietnam Proposes New Rules: Crypto Exchanges to Disclose Daily Categorized Data, Tightening Market Transparency
To strengthen the oversight of the cryptocurrency market, the State Securities Commission of Vietnam (Ministry of Finance) is seeking public feedback on a draft circular regarding market reporting and information disclosure. The draft outlines detailed disclosure obligations for crypto exchanges, asset issuers, and relevant responsible parties, aiming to enhance market transparency.
Tiered and Periodic Disclosure of Exchange Trading Data
The draft requires crypto service providers to submit daily reports to regulatory authorities, categorizing data by investor type (public/private, domestic/foreign) and transaction size. Transaction amounts are divided into four tiers: under $1,000, $1,000 to $5,000, $5,000 to $10,000, and over $10,000. Exchanges must disclose the volume, total value, and proportion for each tier.
Additionally, exchanges must publish the previous day’s trading data no later than 9:00 AM daily—including the top three bid and ask prices with corresponding quantities, price fluctuations, as well as matched orders and negotiated trades. They must also report asset listings or delistings immediately and submit monthly reports on suspicious transactions.（Vietnam crypto exchange）
Compliance Obligations for Issuers and Key Personnel
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Asset Issuers: Must publish a prospectus at least 15 days prior to issuance, disclose any amendments within 24 hours, and announce the final results within 7 days after the offering concludes. Any buyback of issued assets requires 7 days’ prior notice.
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Major Shareholders and Executives: Shareholders holding 1% or more of registered capital must report any changes in ownership at least 3 days in advance. Board members, the CEO, the CTO, and their related parties must likewise report at least 3 days in advance when engaging in transactions involving assets held in custody by the institution.
Foreign Transactions and Cross-Border Capital Monitoring
The draft also tightens scrutiny over foreign investors and capital flows. Detailed transaction data for foreign investors is now subject to mandatory disclosure. Furthermore, banks and foreign bank branches offering dedicated crypto trading accounts must submit quarterly reports on account inflows and outflows to the State Securities Commission, the Ministry of Public Security, and the State Bank of Vietnam to enable joint inter-agency supervision.