Decisions & risks
Fifteen questions for the authorities
Risks are conditional: each states what we do if the answer is unfavourable or unknown. No resolution here is approved.
Questions
- Q1Is digital-asset custody a permitted activity for VIFC members, and under which instrument?
- Q2May a VIFC member bank accept BTC/ETH as collateral, and how is the pledge perfected?
- Q3Does Resolution 05/2025/NQ-CP apply within VIFC, or does VIFC have a separate perimeter?
- Q4Which clients (residents, non-residents, retail) may a VIFC member bank serve?
- Q5What are the VND settlement and convertibility rules for VIFC member banks?
- Q6What mandatory disclosure wording implements Decree 329 Art. 5 on deposit insurance?
- Q7Is any form of crypto yield (Earn/staking) permissible, and for which client classes?
- Q8Are stablecoins recognised in VIFC, and may they be lent or used for settlement?
- Q9What capital treatment applies to crypto-collateralised exposures?
- Q10Is there a VIFC sandbox route, and what client caps and exit criteria apply?
- Q11Does a token recording warehouse goods have any legal effect on title or pledge?
- Q12Which authority receives AML/STR reports from VIFC members holding crypto?
- Q13What forum resolves retail client disputes with VIFC members?
- Q14Are AIFC-licensed firms given any recognition, or must they apply afresh?
- Q15What cybersecurity and data-localisation requirements apply to VIFC members?
Red lines
- ✕ No live launch without written regulatory approvals.
- ✕ No crypto presented as a deposit or legal tender.
- ✕ No guaranteed yield; any yield transparent and risk-rated.
- ✕ No reuse of client assets without explicit consent and legal basis.
- ✕ No partner role presented as agreed until signed.
Risk register (conditional)
| Area | Risk | Conditional response | Severity |
|---|---|---|---|
| Product classification | Earn mis-classified as savings. | If no written perimeter view, exclude Earn. | Critical |
| VND settlement | Breach of FX controls. | If rules unclear, foreign-currency only. | Critical |
| Retail suitability | Unsuitable crypto credit sold to retail. | If no suitability regime, professional clients only. | High |
| Rehypothecation | Client assets reused, creating loss on failure. | If reuse proposed, require explicit consent and opinion. | Critical |
| Custody bankruptcy remoteness | Client assets enter insolvency estate. | If no opinion, no Vault launch. | Critical |
| Collateral enforceability | Pledge over crypto unenforceable. | If unconfirmed, no crypto-secured credit. | Critical |
| FX & cross-border remittance | Corridor limits and reporting breaches. | If limits unknown, pilot with caps. | High |
| CASP licensing | Operating crypto services without licence. | If no licence route, partner with licensed provider or defer. | Critical |
| Deposit insurance disclaimer | Clients assume state protection. | Disclaimer mandatory at every touchpoint. | High |
| Liquidations | Cascading liquidations in market crash. | If stress test fails, lower max LTV. | High |
| Trust / SPV structures | Trust or SPV not recognised locally. | If unrecognised, use contractual segregation with opinion. | Medium |
| Vietjet / cargo logistics | Partner role assumed but not agreed. | If no consent, run lane with other carriers. | Medium |
| Sanctions / AML | Exposure to sanctioned parties or illicit flows. | If screening fails, block transaction. | Critical |
| Cybersecurity | Key compromise or platform breach. | If audit open findings, no launch. | Critical |
| Token legal effect | Clients believe token equals title. | If no legal effect, label token as record only. | High |
Questions are drafts for legal counsel to refine before any submission.