Vietnam Approves Five-Year Pilot for Regulated Cryptocurrency Trading

(Vietnam Insider) – Vietnam has officially taken its first step toward a regulated cryptocurrency market, with Deputy Prime Minister Ho Duc Phoc signing Resolution 05/2025/NQ-CP on September 9. The landmark decision authorizes a five-year pilot program for digital asset trading, signaling a cautious but significant shift in the country’s financial landscape.
A Controlled Opening

The resolution emphasizes Vietnam’s measured approach: promoting innovation while maintaining strict oversight to safeguard investors and ensure financial stability. All issuance, trading, and payment activities involving digital assets must be carried out exclusively in Vietnamese dong.

Only enterprises licensed by the Ministry of Finance will be permitted to operate digital asset exchanges, manage issuance platforms, or market related products. Compliance with existing laws on anti-money laundering, counter-terrorism financing, cybersecurity, and data protection is mandatory.

Key Restrictions and Investor Protections

The resolution stipulates that only Vietnamese enterprises may issue digital assets, and these assets must be backed by tangible underlying assets—excluding securities and fiat currencies. Such tokens can be offered to and traded by foreign investors only through licensed providers, with issuers required to publish a prospectus at least 15 days prior to any offering.

To qualify, service providers must hold minimum registered capital of VND 10 trillion (USD 379 million), with at least 65% contributed by institutional investors. Foreign ownership is capped at 49%.

Applicants are also subject to stringent governance standards, including robust risk management frameworks, advanced IT systems, and qualified personnel such as certified securities professionals and cybersecurity experts.

Outlook

This move places Vietnam among a growing number of Asian economies experimenting with regulated cryptocurrency frameworks. While the pilot reflects a cautious embrace of digital finance, its strict requirements underscore the government’s intent to balance innovation with investor protection and systemic stability.

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Source: Vietnam Insider