Vietnam has launched a five-year pilot program for cryptocurrency trading, marking a significant step toward formalizing a rapidly growing but unregulated market. The government’s resolution, announced Tuesday, establishes a tightly controlled framework with strict entry requirements for firms and a focus on domestic control.
The pilot program mandates that only Vietnamese companies can operate crypto platforms and issue tokens. Furthermore, all crypto transactions—including issuance, trading, and payments—must be settled in Vietnamese dong.
The regulations set a high bar for participation. Exchange providers must have a minimum capital of 10 trillion dong (approximately $379 million), with institutional investors holding at least 65% of the ownership. Foreign ownership in these trading platforms is capped at 49%. Firms that issue tokens can only sell them to foreign investors.
The move builds on previous legislative efforts to manage the country’s digital economy, including the Law on Digital Technology Industry and the rollout of NDAChain, a national blockchain system. The government aims to balance innovation with oversight, mitigating risks while recognizing that an estimated 17 million Vietnamese already own digital assets valued at over $100 billion. Last year, Vietnam ranked fourth in a global adoption index by Chainalysis.
The pilot will allow domestic crypto holders to open accounts on licensed exchanges. Once the first license is issued, investors will have a six-month window to move to approved platforms. After this period, trading on unlicensed venues will be considered illegal, though the government has not yet specified penalties.
The outcome of the trial will be closely watched by global investors who see Vietnam as one of the most dynamic markets for crypto adoption in Asia.
