Vietnam SSC Issues Guidance on Unlisted Crypto Assets
As Vietnam advances its crypto asset pilot framework, an official from the State Securities Commission (SSC) has provided clear guidance for investors holding tokens that are not listed on licensed domestic exchanges.
1. Transfer Options Available for Unlisted Assets
Many investors have expressed concern over how to manage their crypto holdings if their specific coins or tokens are not included in the trading directories of newly licensed domestic exchanges.
Addressing these concerns, Tô Trần Hòa, a representative from the State Securities Commission, clarified that investors can execute transfers of unlisted crypto assets through licensed crypto asset service providers. Once a transfer is completed, the exchange is required to report the transaction to regulatory authorities in accordance with applicable laws.
This confirms that the absence of a token from an exchange’s public listing does not leave investors without recourse through licensed systems. However, regulators noted that assisting with a transfer is distinct from approving an asset for regular public trading, and transfer support does not equate to official listing.
2. Exchanges to Choose Listings, High-Liquidity Assets Prioritized
Regarding the selection of tradeable assets on domestic platforms, regulatory guidance highlights the following:
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Exchange Autonomy: The right to choose which crypto assets to list rests with the licensed exchanges themselves. Not every token traded on international markets will automatically be available in Vietnam.
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Focus on Liquidity: During the initial pilot phase, the SSC encourages exchanges to prioritize highly liquid and widely recognized crypto assets on global markets, such as Bitcoin.
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Cautious Approach: Using Bitcoin as a benchmark reflects a conservative regulatory stance aimed at focusing early operations on assets with established market history and transparent data. However, this recommendation does not guarantee that Bitcoin has already been approved for listing on any specific platform.
3. Distinguishing Listed Assets from Assisted Transfers
Based on the SSC’s guidance, crypto assets held by investors fall into two main categories:
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Listed Assets: Tokens explicitly selected and added to an exchange’s official trading roster. Investors can buy and sell these assets according to approved exchange rules and services.
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Unlisted Assets: Tokens outside the public directory that may still be eligible for transfer through a licensed provider. However, since specific details regarding acceptance conditions, processing times, and fees have not yet been fully detailed, investors should not assume every crypto asset will be eligible for transfer support.
4. Key Takeaways for Multi-Asset Holders
For investors holding diverse portfolios on international platforms or private wallets—particularly those with low-liquidity or small-project tokens—the following precautions are advised:
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Verify Licensing: Ensure that the service provider has received official authorization from competent government bodies.
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Track Announcements: Monitor official directories released by licensed exchanges regarding listed and transfer-supported assets.
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Comply with Audits: Prepare for Identity Verification (KYC) and Proof of Funds/Source of Wealth checks.
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Guard Against Scams: Never transfer assets to unverified individuals or platforms claiming to offer private processing for unlisted tokens.
Vietnam’s approved crypto asset listings will be established progressively over time. Market participants are advised to follow official updates from the Ministry of Finance, the SSC, and licensed service providers for further operational guidelines.（Vietnam Crypto Exchange）