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Vietnam’s government has approved a five-year pilot for cryptocurrency asset trading, signaling a major step toward regulating the booming digital asset market. The initiative will allow only Vietnamese companies to operate exchanges, with all transactions conducted in Vietnam dong. Issuance of crypto assets will be restricted to local firms, offered exclusively to foreign investors.
To qualify, potential exchange providers must hold at least 10 trillion dong ($379 million) in capital, with 65% contributed by institutional investors. Foreign ownership is capped at 49%. Vietnamese investors already holding crypto can continue trading, but after a six-month grace period following the first license, activity on unlicensed platforms will become illegal.
This policy marks a significant shift for a country that ranks among the top five globally for crypto adoption, with over 17 million holders. While Bitcoin and other cryptocurrencies remain outside legal tender, Vietnam is positioning blockchain and digital assets as key pillars of future economic growth.
