Crypto in Vietnam after Launching Digital Asset Market

On September 9, 2025, Vietnam officially launched its digital asset pilot under Resolution No. 5/2025/NQ-CP, marking the country’s boldest step yet into the digital economy.

The program introduces a regulated framework for the Vietnam digital asset market, setting strict standards for participating exchanges and making certain that transactions take place within a controlled and transparent environment.

This landmark pilot is the product of years of discussion and growing interest in blockchain solutions across crypto in Vietnam.

In today’s article, let’s explore how the launch of Vietnam’s digital asset pilot marks a turning point for the country’s financial sector and what it means for the future of the Vietnam digital asset market with insights from BBCIncorp.

The current market landscape of digital assets in Vietnam

Understanding the legal and market environment for digital assets and crypto exchanges in Vietnam is crucial for businesses, as well as investors looking to participate in the newly launched pilot program.

Legal status of transitioning to a regulated system

A common question is, is crypto legal in Vietnam? Currently, Vietnam’s stance on cryptocurrency is evolving from a complex gray area toward a clearly defined system. For years, using digital currencies as a payment method was illegal under directives from the State Bank of Vietnam.

At the same time, the legal status of holding cryptocurrencies as assets remained largely undefined, creating uncertainty for investors and businesses alike. Ownership, trading, and investment in digital assets are not explicitly prohibited, which has allowed adoption to continue within the gray zone.

Growing adoption despite regulatory uncertainty

Despite several obstacles, the crypto trading market in Vietnam has gained significant traction. As of 2024, an estimated 21.2 million Vietnamese adults have owned or used crypto assets, with annual transaction volumes surpassing US$100 billion⁽¹⁾, placing Vietnam consistently in the top global rankings for retail crypto activity.

The adoption is deeply linked to broader digital trends, including Vietnam’s digital economy, projected to reach US$45 billion by 2025⁽²⁾, fueled by mobile-first financial services.

Furthermore, peer-to-peer trading platforms and foreign exchanges have seen active engagement from Vietnamese users, which demonstrates demand even without sufficient formal clarity.

Public and government attitudes toward digital assets

Vietnam’s approach to digital assets has evolved from cautious skepticism to a more balanced and strategic outlook. The government’s recognition of digital assets and crypto in Vietnam under the Law on Digital Technology Industry⁽³⁾, effective January 1, 2026, marks a significant shift toward formal regulation and investor protection.

Public sentiment mirrors this transformation. While comprehensive public opinion surveys are limited, industry reports indicate a growing acceptance and interest in digital assets among the Vietnamese populace. The shift is evident in the increasing number of digital asset holders and the expanding market activity, despite the absence of a fully established legal framework until recently.

Further, the government’s proactive stance is also demonstrated by the introduction of a five-year pilot program⁽⁴⁾ for regulated crypto asset trading, launched on September 9, 2025. The Resolution No. 5/2025/NQ-CP outlines specific conditions for organizations wishing to offer and trade digital assets, consisting of substantial capital requirements and restrictions on foreign ownership.

Government and public understanding of the emerging landscape reflects a nuanced approach, balancing innovation with caution, and paving the way for a more structured and secure market in Vietnam.

Implications for businesses and investors

Global investors and enterprises shall find the current environment both challenging and rewarding. Despite the risks associated with unclear rules, early adopters can explore new models thanks to the changes.

With the pilot program now underway, Vietnam is providing greater clarity and structure, marking a key step in the development of a formal, institutionalized digital asset market in Vietnam.

Compliance requirements for digital asset businesses in Vietnam

For companies entering the pilot program, Vietnam crypto regulations introduce essential conditions to foster transparency, investor protection, and financial stability.

Restrictions on exchanges and intermediaries

Licensed exchanges must maintain a minimum charter capital of VND 10,000 billion (~US$379 million). Of this, at least 65% must come from institutional investors, and within that group, at least 35% must be contributed by at least two types of institutions: commercial banks, securities firms, fund managers, insurers, or technology enterprises.

In addition, foreign ownership is capped at 49%, which underscores the government’s intention to keep majority control within domestic financial institutions.

Use of dong and real-asset backing

All activities (e.g., offering, issuance, trading, and settlement of digital assets) must be conducted in Vietnamese dong. Eligible digital assets must be backed by real underlying assets recognized under civil law. Securities, fiat currencies, crypto in Vietnam and other financial assets are explicitly excluded, reflecting the government’s cautious approach to market stability.

Other operational obligations

Licensed entities are also expected to comply with strict operational standards. These include anti-money laundering and know-your-customer protocols, transparent reporting, and restrictions on misleading advertising.

For instance, Vietnam AML requirements are defined mainly under the Law on Anti-Money Laundering (amended 2022, effective March 2023)⁽⁵⁾ and related guidance from the State Bank of Vietnam (SBV).

Licensed entities must conduct customer due diligence to verify identities, identify beneficial owners, and classify risk levels. Enhanced due diligence is required for high-risk cases, such as politically exposed persons or non-resident clients.

Institutions are also obligated to monitor transactions on an ongoing basis, promptly report suspicious activities to the SBV’s Anti-Money Laundering Department, and declare large-value transactions of VND 400 million or more. In addition, they must keep records for at least five years and implement internal AML programs, including compliance officers and staff training.

Although such obligations build on existing financial sector rules, they represent the first time they have been formally extended to digital asset businesses in Vietnam.

While the framework raises the entry threshold significantly, it also creates a clearer path for institutional players to participate in the formal Vietnam digital asset market.

Vietnam’s digital asset pilot program explained

The launch of the Vietnam digital asset pilot program marks a turning point in how the country approaches financial innovation. Established under Resolution No. 5/2025/NQ-CP, the program creates the first regulated environment for trading and issuing digital assets in Vietnam.

A five-year roadmap

The program officially began on September 9, 2025, and will run for five years. During this period, regulators will closely monitor market activity to assess both opportunities and risks. Licensed organizations are permitted to issue, list, and trade digital assets that are backed by real underlying assets. Thus, as stated, all transactions must be carried out in Vietnamese dong.

Objectives of the pilot

The government has been clear about the goals of the pilot. The new resolution seeks to test market mechanisms while maintaining strict standards of safety, transparency, and investor protection.

By setting high entry thresholds for licensed operators and excluding assets like securities or fiat currencies, regulators aim to minimize systemic risks while collecting insights on how digital assets can fit into the broader economy.

As the first structured initiative of its kind, this pilot positions Vietnam as willing to experiment with digital assets in a controlled environment and a beneficial jurisdiction to expand to.

The effect of Vietnam’s digital asset pilot on businesses

With the program now in motion, the immediate question is how it reshapes the growth path for market participants.

Institutional advantages

Banks, securities firms, and insurers stand to gain the most under the program. These entities already operate under strict regulatory supervision. They possess the scale required to meet the digital asset exchange licensing standards, as well as Vietnam cryptocurrency tax regulations.

These financial service providers’ participation not only strengthens compliance but also brings credibility to an emerging market that regulators are eager to keep orderly.

Corporate structures and foreign participation 

Only limited liability and joint-stock companies are eligible to apply for licenses, aiming for transparent governance. Foreign investors can take part through equity stakes in licensed entities, though ownership is capped at 49 percent. This balanced approach opens the door to international expertise while keeping local control intact.

Tokenized assets with real backing

The program permits trading only in asset-backed tokens such as real estate or commodities, excluding fiat, securities, and purely speculative tokens. Licensed exchanges may also serve foreign investors, provided transactions are carried out in Vietnamese dong.

Barriers for smaller operators

Startups and retail-focused exchanges face steep obstacles. With charter capital requirements set at VND 10,000 billion and ownership thresholds favoring large institutions, smaller fintech firms are effectively sidelined. Their role may shift toward providing supporting technology or forming partnerships with licensed operators rather than competing head-on.

The result is a Vietnam digital asset market impact that leans toward institutional adoption.

Assessing the new regulations in the regional context

The pilot arrives at a time when other leading jurisdictions are also shaping their approaches. Let’s compare these frameworks to highlight Vietnam’s cautious strategy and its unique opportunities.

Vietnam vs. liberal regional models

Vietnam’s pilot limits participation to licensed institutions, requires asset-backed tokens, and enforces several capital thresholds. This contrasts with Singapore, where the Payment Services Act 2019⁽⁶⁾ regulates digital payment token providers, allowing a wider scope of activities, which encompass payments, custody, and exchange services under AML/KYC oversight.

Similarly, Hong Kong has introduced a licensing regime for virtual asset service providers, reopening access for retail investors under the Securities and Futures Commission’s supervision⁽⁷⁾.

The European benchmark

At the global level, the European Union has adopted the Markets in Crypto-Assets Regulation (MiCA)⁽⁸⁾, which harmonizes requirements across 27 member states. It establishes clear rules for issuers, trading platforms, and stablecoins, aiming to boost investor confidence and foster cross-border digital finance.

Opportunities for Vietnam

By comparison, Vietnam cryptocurrency tax regulations and digital asset compliance are generally more conservative. Nevertheless, Vietnam is regarded as credible by global investors seeking regulated emerging markets. Combined with the country’s growing blockchain ecosystem and digital economy, the pilot could serve as a controlled gateway for institutional participation in Southeast Asia.

Looking forward to the future

In conclusion, Vietnam digital asset market pilot program represents a cautious yet ambitious entry into the digital economy. By emphasizing institutional involvement, asset-backed tokens, and new compliance matters, the government is laying a solid foundation for crypto in Vietnam from now on.

The coming years will be decisive for investors and businesses. Key developments to watch include the implementation of the Law on Digital Technology Industry in 2026, the progress of licensed exchanges, and the appetite of global institutions for the tokenized asset market in Vietnam. These factors will determine whether the pilot expands into a broader and more inclusive framework.

With growing blockchain adoption and a dynamic digital economy, Vietnam has the potential to emerge as a trusted hub in Asia. The Vietnam digital asset future is taking shape: steady, regulated, and opportunity-driven.

To receive more timely updates on business news and expert guidance, visit BBCIncorp’s resource site or contact our team at service@bbcincorp.com.

References:

(1) https://en.vietnamplus.vn/vietnams-digital-asset-market-attracts-major-players-post323134.vn

(2) https://english.vov.vn/en/economy/vietnam-likely-to-achieve-digital-economic-growth-of-around-us45-billion-by-2025-post1057628.vov

(3) https://en.baochinhphu.vn/law-on-digital-technology-industry-approved-111250614143640329.htm

(4) https://xaydungchinhsach.chinhphu.vn/toan-van-nghi-quyet-so-5-2025-nq-cp-ve-trien-khai-thi-diem-thi-truong-tai-san-ma-hoa-tai-viet-nam-119250909184045221.htm

(5) https://thuvienphapluat.vn/van-ban/EN/Tien-te-Ngan-hang/Law-14-2022-QH15-Anti-Money-Laundering/547270/tieng-anh.aspx

(6) https://www.mas.gov.sg/regulation/acts/payment-services-act

(7) https://www.sfc.hk/en/faqs/intermediaries/supervision/Anti-Money-Laundering-and-Counter-Financing-of-Terrorism/Anti-Money-Laundering-and-Counter-Financing-of-Terrorism

(8) https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica

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