The Vietnamese government approved on 9 September 2025 a five-year pilot programme for cryptocurrency trading, aiming to establish a regulatory framework for a market that has thrived in the country without formal legal oversight. Under the resolution, only Vietnamese companies are permitted to operate trading platforms, and all issuance, trading, and payment of crypto assets must be conducted in Vietnamese dong. Foreign ownership in trading platforms is capped at 49%.
The entry barriers are substantial: exchange operators must hold a minimum capital of 10 trillion dong (approximately $379 million), with at least 65% sourced from institutional investors, and at least two registered organisations including commercial banks, securities companies, or fund managers must collectively own more than 35% of shares. Only tokens backed by real assets are permitted, excluding securities and fiat-backed stablecoins, and Vietnamese firms may issue tokens solely to foreign investors. Vietnam ranked fifth globally in the Chainalysis 2024 crypto adoption index, with an estimated 17 million citizens holding digital assets valued at over $100 billion. Once the first licence is issued, investors will have six months to migrate their holdings to approved platforms, after which trading on unlicensed venues will be deemed illegal. The programme builds upon the Law on Digital Technology Industry passed in June 2025, which for the first time defines and classifies digital assets in Vietnam and enters into force on 1 January 2026.
Vietnam's approach balances strict domestic control with the controlled admission of foreign capital, distinguishing it from models adopted elsewhere, such as El Salvador's Bitcoin legal tender status or the UAE's tax-incentive strategy. The five-year trial period will allow authorities to assess market behaviour and the effectiveness of safeguards, with the results likely to determine whether the country expands or tightens access upon the programme's conclusion.
Sources:
- https://www.bloomberg.com/news/articles/2025-09-09/vietnam-tests-crypto-trading-market-with-five-year-trial-program
- https://www.financemagnates.com/cryptocurrency/vietnam-to-pilot-local-crypto-exchanges-but-requirements-are-heavy/
- https://forklog.com/en/vietnam-initiates-bitcoin-trading-pilot-program/
- https://coinfomania.com/vietnam-launches-first-national-crypto-trading-pilot/
- https://cryptonews.com/news/vietnam-crypto-trading-experiment-five-year-pilot
