Vietnam’s Ministry of Finance proposes new custody regulations to tighten crypto oversight.
As Vietnam accelerates the development of its crypto asset regulatory framework, the Ministry of Finance recently released a new draft circular, marking the onset of an era of full transparency and rigorous oversight for licensed exchanges.
A summary of Vietnam’s proposed weekly custody reporting requirements for cryptocurrency exchanges is as follows:（Vietnam crypto exchange）
1. Exchange Custody and Reserve Requirements
- Exchanges must submit crypto asset custody data to the State Securities Commission (SSC) every Monday.
- Client asset reports accompanied by audit opinions must be submitted annually on January 31 and July 31 (requiring detailed breakdowns of hot and cold wallet addresses, asset symbols, balances, etc., to implement Proof of Reserves).
2. Routine and Proprietary Business Reporting
- Proprietary trading activity must be reported by the 10th of each month.
- Token launch platforms must report the status of every issuance round and domestic asset listings.
3. Insider Trading and Major Shareholder Oversight
- Major shareholders holding 1% or more of shares must give 3 days’ advance notice prior to any changes in their shareholdings.
- Executives (members of the Board of Directors, Supervisory Board, General Director, CTO, etc.) and their related parties must also report 3 days in advance before trading any crypto assets held under the custody of their own institution.
4. Market Transparency and Listing Disclosures
- Exchanges must disclose real-time asset prices, trading volumes, top three bid/ask order book depths, and foreign investor activity during trading hours.
- New asset listings must be disclosed at least 7 days prior to trading.
- Any listing or delisting of assets must be reported to the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam within 24 hours.
Overall, the draft introduces securities market compliance standards into the crypto space, eliminating gray areas through a tight regulatory network. Although compliance costs will rise significantly, this represents a crucial step toward the legalization and standardization of the local market.