Catenaa, Friday, September 12, 2025- Vietnam has approved a five-year pilot program for cryptocurrency trading, allowing only domestic companies to operate exchanges and mandating that all issuance, trading, and payments be conducted in Vietnamese dong.
The initiative marks the first formal regulatory framework for the country’s rapidly growing crypto market.
Under the pilot, Vietnamese firms may issue tokens but can sell them only to foreign investors. Exchanges must maintain at least 10 trillion dong ($379 million) in capital, with institutional investors contributing no less than 65%.
Foreign ownership of platforms is capped at 49%, reflecting Hanoi’s cautious approach to balancing innovation and market oversight.
The program allows current Vietnamese crypto holders to open accounts on licensed exchanges, with six months to migrate once the first licenses are issued.
Trading on unlicensed venues after this period will be deemed illegal, though penalties have not yet been clarified.
The pilot builds on Vietnam’s broader digital strategy, including the June passage of the Law on Digital Technology Industry, which for the first time sets rules for digital assets, and the rollout of NDAChain, a permissioned Layer 1 blockchain anchoring the nation’s digital infrastructure.
Officials hope the trial will allow authorities to gauge market behavior and safeguard investor interests while encouraging legitimate capital flows.
Vietnam ranks fifth globally for crypto adoption, with an estimated 17 million citizens holding digital assets valued at over $100 billion.
The pilot positions the country as a key test case in Asia for formalizing digital asset regulations, attracting attention from global investors closely monitoring the outcomes.
Vietnam begins a five-year crypto pilot with domestic-only exchanges, capital and foreign ownership limits, and all trading in dong. Global investors watch closely.
