Vietnam Begins Regulated Crypto Trading Pilot Under New Framework
Vietnam has launched a comprehensive five-year pilot program for cryptocurrency operations with extensive regulatory requirements. According to Cointelegraph, Deputy Prime Minister Ho Duc Phoc signed the resolution on Tuesday, September 9, 2025. The framework establishes rules for trading and issuance of crypto assets across Vietnam.
The pilot program requires all crypto transactions to occur in Vietnamese dong. Issuers must be Vietnamese enterprises registered as limited liability companies or joint stock companies under the Law on Enterprises. The program restricts crypto asset backing to real assets only, banning fiat currencies and securities as underlying assets.
Foreign investors can access crypto assets exclusively through crypto asset service providers licensed by the Ministry of Finance. The resolution mandates CASPs maintain minimum capital of 10 trillion dong ($379 million). This capital must come from at least two companies representing commercial banks, securities companies, fund management companies, insurance companies, or technology enterprises.
Why This Development Matters For Vietnam's Crypto Market
Vietnam's pilot program addresses a massive existing crypto user base requiring regulation. Tiger Research reports that 21.2 million Vietnamese adults currently own or use crypto assets. Annual transaction volumes exceed $100 billion, placing Vietnam among the top global rankings for retail crypto activity.
The program provides legal clarity for domestic and international investors after years of regulatory uncertainty. Vietnamese users primarily trade on global platforms like Binance, Bybit, and MEXC without local regulatory protection. The new framework offers consumer safeguards while maintaining Vietnam's position as a regional crypto hub.
We previously reported that Vietnam's Digital Technology Industry Law recognized cryptocurrency ownership and use, effective January 2026. This pilot program creates the operational foundation for implementing that legislation. The framework includes anti-money laundering measures and cybersecurity standards aligned with international requirements.
Regional Impact On Southeast Asian Crypto Regulations
Vietnam's structured approach may influence cryptocurrency policies across Southeast Asia. Coinlaw ranks Vietnam third globally in crypto adoption with a 0.57 index score, behind India and Nigeria. This pilot could establish regulatory benchmarks for neighboring countries with high crypto usage rates.
The program's emphasis on real asset backing distinguishes Vietnam from other regional approaches. While some countries focus on central bank digital currencies, Vietnam prioritizes private sector innovation within controlled parameters. This balance between innovation and oversight could attract international crypto businesses seeking regulatory clarity.
Traditional financial institutions gain new opportunities through required partnerships with crypto service providers. The minimum capital requirements ensure only established financial players participate initially. This approach may reduce volatility concerns while building institutional confidence in digital assets.
Vietnam's pilot timeline extends through 2030, allowing comprehensive assessment of market dynamics and consumer protection measures. Success could position Vietnam as Southeast Asia's primary regulated crypto market, potentially attracting billions in foreign investment to the region's digital asset sector.
