According to the plan, the Ho Chi Minh City Digital Asset Fund will be raised and deployed in several phases, with a target size of up to $1 billion USD...
At the Conference on Investment Promotion in Digital Technology Infrastructure and Big Data Centers aimed at promoting smart city development and serving the development orientation of the International Financial Center in Ho Chi Minh City, the Ho Chi Minh City International Financial Center signed a strategic cooperation agreement with the VinaCapital consortium and the Global on-chain Economic Alliance.
The parties will jointly research, develop, and operate the Ho Chi Minh City Digital Asset Fund (HCMC Digital Asset Fund).
The fund is envisioned as a "market-building" Capital source, contributing to the formation of an on-chain financial ecosystem within the framework of the International Financial Centre. According to the plan, the fund will be raised and deployed in multiple phases, with a target size of up to $1 billion.
This direction aligns with Resolution 05, which stipulates that the pilot implementation of the cryptocurrency market should be carried out cautiously, with controls, and with a roadmap appropriate to practical realities. The goal is to ensure safety, transparency, and efficiency, while protecting the legitimate rights and interests of organizations and individuals participating in the cryptocurrency market.
Notably, to conduct transactions related to the purchase and sale of crypto assets in Vietnam, foreign investors must open a payment account in Vietnamese Dong (hereinafter referred to as a dedicated account) at a bank or branch of a foreign bank authorized to conduct foreign exchange business and provide foreign exchange services in Vietnam (hereinafter referred to as an authorized bank).
Foreign investors' interbank transfer orders for buying and selling crypto assets in Vietnam must clearly state the purpose of the transfer so that authorized banks have a basis for verification, inspection, and record keeping, ensuring that the provision of foreign exchange services is carried out for the intended purpose and in accordance with the law.
Previously, at Dialogue At the event " Legal frameworks pave the way and development models for Vietnam's digital asset market ," organized by Vietnam Economic Magazine/VnEconomy, Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board (State Securities Commission), Chia the direction for managing Vietnam's cryptocurrency market, with two main components: the primary market and the secondary market.
In the primary market, regulators aim to encourage domestic companies to issue asset-backed crypto assets to foreign investors, thereby mobilizing international resources to serve economic development and double-digit growth goals.
For the secondary market, during the pilot phase, domestic investors holding crypto assets as well as foreign investors will be allowed to open accounts at licensed service providers to conduct transactions within the regulatory framework of the authorities.
