Vietnam to pilot regulated crypto trading over five years
The Vietnamese government has approved a five-year pilot programme for trading crypto and digital assets under stringent regulatory oversight, marking a cautious but significant step toward integrating digital assets into its formal financial and legal system.
Under a resolution signed by Deputy Prime Minister Ho Duc Phoc on September 9, the pilot requires that all digital asset issuance, trading, and related payment activities be conducted in Vietnamese dong. Only enterprises licensed by the Ministry of Finance may operate digital asset exchanges, issuance platforms, or marketing of such products.
The regulation also mandates that issuers
- Publish a prospectus at least 15 days before offerings
- Assets issued be backed by real underlying assets (excluding securities and fiat currencies)
- Sets minimum capital requirements: enterprises need to commit at least VND10 trillion (about USD 379 million), with institutional investors contributing at least 65%.
- Foreign ownership in crypto asset operations is capped at 49%.
The decree imposes multiple safeguards, including anti-money laundering, counter-terrorism financing, cybersecurity, and data protection compliance. It aims to balance innovation in Vietnam’s digital economy with protecting consumers, financial stability and legal integrity.
Industry observers say the rules could help legitimize crypto activity, attract better capital, and give Vietnam a stronger position among ASEAN countries in blockchain development. Others warn that implementation and enforcement will be critical, especially given past challenges in oversight, fraud and clarity of regulation.