Vietnam Launches Five-Year Pilot for Regulated Crypto Asset Trading

Vietnam’s government has approved a five-year pilot program for crypto asset trading, according to a Bloomberg report, marking a dramatic shift in how the fast-growing market will be managed.

The initiative is designed to channel Vietnam’s high adoption of digital assets into a regulated framework, while safeguarding investors and strengthening oversight.

Strict Licensing and Capital Rules

Under the government’s resolution, only Vietnamese companies can operate licensed exchanges. Issuance, trading, and settlement of crypto assets must all be carried out in the Vietnam dong, and only local firms are permitted to issue tokens, and only to foreign investors.

Exchange providers will face significant hurdles. Applicants must hold at least 10 trillion dong ($379 million) in capital, with 65% contributed by institutional backers. Foreign ownership in such platforms is capped at 49%, ensuring domestic control of the sector.

From Grey Zone to Regulated Market

Until now, Vietnam’s crypto market has grown without a formal legal framework. Chainalysis ranked the country fifth globally in adoption in 2023, with more than 17 million Vietnamese holding over $100 billion in digital assets. Once the first license is granted, traders will have six months to migrate to regulated venues, after which unlicensed trading will be deemed illegal.

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Building Toward 2026 Legal Recognition

The pilot paves the way for a new law, approved by parliament in June, that will formally recognize digital assets from January 2026. Digital assets and blockchain have also been listed among Vietnam’s 11 priority technology areas, reflecting the government’s push for double-digit economic growth.

Partnerships and Next Steps

Vietnam’s Military Bank has already signed an agreement with Dunamu, operator of South Korea’s Upbit, to establish a domestic crypto platform using transferred technology.

Bitcoin and other cryptocurrencies will not become legal tender, but Bloomberg noted that officials are considering regulatory sandboxes and financial hubs in Danang and Ho Chi Minh City to integrate crypto into broader economic plans.