Vietnam launches 5-year crypto market pilot with strict controls
Vietnam, one of the world’s top crypto adoption hubs, has rolled out a five-year pilot program for digital assets. The plan introduces strict requirements for issuance, trading, and licensing, effective immediately.
- The program applies to all issuance, trading, and payments in Vietnamese dong.
- Only Vietnamese-registered enterprises can issue crypto assets.
- Tokens cannot be backed by fiat currencies or securities, only real assets.
- Licensed CASPs must hold at least 10 trillion VND ($379M) in capital.
- Strict experience and staffing requirements for CEOs, CTOs, and tech teams.
The resolution, signed by Deputy Prime Minister Ho Duc Phoc, requires that every crypto transaction in Vietnam — from issuance to payments — be carried out in Vietnamese dong. Issuers must be Vietnamese enterprises, registered either as limited liability companies or joint stock companies under national law.
The framework bans fiat- and securities-backed crypto assets, demanding that tokens instead be issued against real, tangible assets. To ensure oversight, only foreign investors working through licensed crypto asset service providers (CASPs) will be able to participate.
The rules also impose strict financial thresholds. CASPs must maintain at least 10 trillion VND ($379 million) in capital, contributed by at least two companies from sectors such as banking, securities, insurance, or technology. Those firms must also have two years of profitability prior to applying for a license. On the personnel side, CEOs are required to have at least two years’ experience in finance-related industries, while CTOs must have five years of tech experience. Each applicant must employ at least 10 qualified staff in its technology division.
Officials described the pilot as a careful step toward regulating crypto, designed to prioritize transparency, safety, and investor protection. The move follows the approval of the Law on Digital Technology Industry in June, which will take effect in January 2026 and formally recognize crypto assets under Vietnamese law.
Final Thought
Vietnam’s pilot program reflects both its enthusiasm for crypto innovation and its determination to maintain tight regulatory control. With high capital barriers and strict oversight, the country is shaping a sandbox where only the strongest players will be able to participate.
