Vietnam has authorised a five-year pilot project for a regulated crypto asset trading market, balancing innovation with strict rules on transparency, governance, and investor protection.
Vietnam takes cautious leap into digital finance
Vietnam’s government has authorised a five-year pilot project to establish a regulated crypto asset trading market, signalling a careful yet progressive approach to digital finance.
The decision, outlined in Resolution No 5/2025/NQ-CP and signed by Deputy Prime Minister Hồ Đức Phớc on Tuesday, sets out a roadmap built on principles of caution, transparency and investor protection. Officials emphasised that the initiative is designed to create a solid foundation for long-term development while safeguarding national financial stability.
Regulatory framework and licensing
Under the resolution, all issuance, trading and payment activities involving digital assets must be conducted in Vietnamese đồng. Only enterprises licensed by the Ministry of Finance will be permitted to establish exchanges, issue digital assets or operate related platforms.
Strict compliance is required with laws on anti-money laundering, counter-terrorism financing, cybersecurity and data protection. The framework also restricts issuance to Vietnamese companies, mandating that digital assets must be backed by tangible underlying assets — excluding securities and fiat currencies.
Issuers are required to publish a prospectus at least 15 days before any offering, while foreign investors may only participate through licensed service providers.
Capital and ownership requirements
Digital asset service providers must meet stringent capital requirements, with a minimum of VNĐ10 trillion (US$380 million). At least 65 per cent of this must come from institutional investors, and more than 35 per cent of charter capital must be contributed by at least two institutions drawn from banking, securities, fund management, insurance or technology sectors.
Foreign ownership in any crypto asset service provider will be capped at 49 per cent. Shareholders and contributors must also demonstrate at least two consecutive years of profitability before applying for a licence.
Applicants are expected to maintain rigorous standards in governance, risk management, IT systems and staffing. This includes employing experienced executives, certified securities professionals and cybersecurity specialists.
Officials highlight cautious optimism
Tô Trần Hòa, Deputy Director of the State Securities Commission’s Securities Market Development Department, described the crypto asset exchange as “a completely new market requiring a solid foundation in terms of financial capacity, technology and management.”
“The five groups of institutions currently have the necessary systems, experience and capacity to support the market to operate quickly, without having to spend more time testing,” Hòa added.
Crypto adoption already strong in Vietnam
The move comes against the backdrop of Vietnam’s rapid embrace of digital currencies. According to a Triple-a report, around 17 million people — about 17.4 per cent of the population — owned crypto assets in 2024, placing Vietnam seventh globally.
The report also estimated that crypto flows into Vietnam currently stand at between US$100 billion and US$120 billion, with up to 20 million Vietnamese owning digital assets. In 2023 alone, Vietnamese investors earned about US$1.2 billion in profits from bitcoin and other cryptocurrencies, ranking third worldwide behind the United States and the United Kingdom.
By coupling strong investor appetite with a tightly controlled pilot framework, Vietnam aims to balance innovation in the financial sector with security and accountability.
