Vietnam has taken a major step toward formalizing its crypto market, launching a five-year pilot program that will allow regulated cryptocurrency asset trading under government oversight. This new move is part of Vietnam’s broader strategy to embrace blockchain technology and integrate digital assets into its economic framework—without recognizing cryptocurrencies as legal tender.
Only Vietnamese Firms Can Operate Crypto Exchanges
Under the pilot, only companies based in Vietnam will be eligible to run crypto exchanges. All transactions must be conducted in Vietnamese dong, creating a tightly controlled financial environment. To qualify, companies must meet strict criteria, including a minimum of 10 trillion dong (approximately $379 million) in capital. Notably, 65% of this capital must be provided by institutional investors.
In addition, foreign ownership in any licensed exchange will be limited to 49%, ensuring domestic control over the market. While Vietnamese citizens cannot launch new crypto issuance projects, local firms will be allowed to issue digital assets, but only to foreign investors.
Deadline Set for Transition to Licensed Platforms
The government has also issued a clear message to existing crypto users. Vietnamese investors who currently hold crypto will be allowed to continue trading, but only on platforms that receive official licenses under the pilot. A six-month grace period will begin after the first license is granted. After that, trading on unlicensed platforms will be considered illegal.
This initiative comes as Vietnam continues to rank among the top five countries globally for cryptocurrency adoption, with over 17 million holders. Despite not recognizing Bitcoin or other digital currencies as legal tender, the Vietnamese government is making significant moves to bring the crypto economy into a regulated and compliant space.
The pilot program is seen as a signal that Vietnam is preparing to take a leadership role in the digital asset economy while balancing innovation with investor protection. By setting high regulatory standards, Vietnam aims to attract serious institutional players and position itself as a regional blockchain hub.
