Vietnam has embarked on a groundbreaking five-year crypto market pilot program, aiming to regulate and channel the surging adoption of cryptocurrencies within the country. This initiative marks a significant legal shift, introducing strict local controls and paving the way for a more structured crypto ecosystem.
Key Requirements for Crypto Platforms
Starting from September 9, Vietnam’s government requires crypto trading platforms to meet rigorous standards. Platforms must:
- Hold at least 10 trillion dong in paid-in capital.
- Limit foreign ownership to a maximum of 49%.
- Ensure 65% equity is secured from institutions like banks, brokerages, insurers, or tech companies.
Additionally, all transactions must be settled in the local currency, dong. Crypto issuers are also required to disclose prospectuses before offering tokens, with sales restricted to foreign investors under the pilot framework.
A Migration Path for Existing Crypto Holders
For Vietnamese citizens already holding cryptocurrencies, the government has laid out a migration plan. Once the first crypto trading license is issued, existing holders will have six months to relocate their holdings to licensed platforms. Trading on unlicensed platforms will be subject to sanctions as the pilot progresses.
A Broader Push Towards Regulation
This pilot is part of Vietnam’s larger effort to position itself as a global leader in crypto regulation. In June, lawmakers passed the Law on Digital Technology Industry, which formally recognizes digital assets and strengthens anti-money laundering (AML) and counter-terrorism financing (CTF) measures. This law will take full effect in January 2026, signaling the government’s intent to foster a high-KYC, regulated digital asset ecosystem.
Vietnam has also leveraged its advanced financial infrastructure—including the NAPAS 24/7 payment network, tokenized NFC technologies, and QR acceptance systems—to support this initiative. Presently, the country ranks fourth in the Global Crypto Adoption Index, reflecting its strong grassroots adoption and rising institutional interest in both centralized finance and decentralized finance (DeFi).
Collaborating with Global Players
Vietnam’s engagement with international market participants continues to grow. Bybit, a prominent global crypto exchange, met with Vietnam’s Finance Ministry in April to discuss developing legal frameworks and a potential national digital asset exchange. This collaboration underscores Vietnam’s ambition to align local regulations with global standards.
Stay Secure in the Evolving Crypto Landscape
As Vietnam moves forward with its pilot, crypto enthusiasts can expect a safer and more transparent trading environment. For individuals looking to explore secure crypto platforms, consider using a regulated wallet like the Ledger Nano X. This hardware wallet ensures your assets stay protected while adhering to best practices in crypto security.
With Vietnam taking significant steps to chart its course on the global crypto stage, the country is poised to become a major player in the world of digital assets.
