Vietnam Plans Crypto Asset Pilot to Regulate Domestic Trading

Vietnam is moving to bring its domestic cryptocurrency market under formal government supervision through a pilot program that has already advanced from policy proposal to active licensing. Resolution No. 05/2025/NQ-CP, issued in September 2025, established the legal framework for a regulated crypto-asset market, and as of March 2026, five companies have cleared an initial qualification round for exchange licenses.

The pilot represents a significant shift for a country where crypto transaction activity exceeded $200 billion in the 12 months to June, nearly all of it flowing through unregulated offshore platforms. Rather than banning crypto outright, Hanoi chose a sandbox-style approach designed to channel that activity into licensed domestic venues.

From Proposal to Resolution: How Vietnam Built Its Crypto Pilot

The groundwork was laid on March 5, 2025, when Deputy Minister of Finance Nguyen Duc Chi announced that a pilot program for digital asset and cryptocurrency trading at financial centers would be submitted to the Prime Minister that month. At the time, Vietnam still lacked a clear legal definition for virtual currencies and digital assets.

Six months later, on September 9, 2025, the government formalized its approach by issuing Resolution No. 05/2025/NQ-CP. The resolution placed the pilot under direct Ministry of Finance supervision and tasked the State Securities Commission of Vietnam with overseeing implementation.

The pilot is not a loose experiment. Resolution No. 05 hard-codes several compliance requirements that distinguish it from more permissive frameworks elsewhere in Asia. All offering, issuance, trading, and settlement of crypto assets must be conducted in Vietnamese dong, effectively mandating VND as the sole settlement currency.

Licensing Requirements Set a High Bar for Entry

Vietnam is gating access to its pilot market through steep capital and ownership requirements. The resolution sets the minimum charter capital for a licensed crypto-asset service provider at VND 10,000 billion, a threshold that filters out smaller or undercapitalized operators.

Institutional investors must contribute at least 65% of charter capital. Foreign ownership of any licensed operator is capped at 49%, ensuring domestic entities retain majority control of the country’s crypto infrastructure.

These conditions mirror how Vietnam regulates its traditional securities market, where foreign ownership caps and institutional capital floors are standard. The approach signals that Hanoi views crypto exchanges as financial infrastructure, not technology startups.

Five Companies Clear Initial Licensing Screen

The pilot has already moved beyond paperwork. Reuters reported on March 17, 2026 that five companies had passed an initial qualification round for Vietnam’s pilot crypto exchange licenses, citing a March 12 finance ministry document.

Phan Duc Trung, vice chairman of the Vietnam Blockchain and Digital Assets Association, framed the initiative in economic terms.

“This would not only contribute to state budget revenues but also promote the growth of the domestic digital economy.”

Phan Duc Trung, Vice Chairman, Vietnam Blockchain and Digital Assets Association

The licensing progress is notable given the timeline. In roughly one year, Vietnam moved from having no legal definition for crypto assets to actively screening exchange applicants, a pace that outstrips many comparable regulatory efforts in the region.

Penalties for Offshore Trading Signal a Hard Pivot

The pilot is not just about creating domestic venues. It includes enforcement teeth aimed at redirecting Vietnamese traders away from offshore platforms. Six months after the first crypto-asset service provider is licensed, domestic investors who continue trading outside Ministry of Finance-licensed providers can face administrative penalties or criminal prosecution.

Reuters also reported that Vietnam’s finance ministry is drafting separate rules to prohibit Vietnamese nationals from trading on overseas crypto platforms entirely. The combination of licensed onshore venues and offshore trading restrictions creates a regulatory pincer designed to consolidate all domestic crypto activity within the supervised pilot.

This approach carries echoes of how South Korean authorities have pursued illegal crypto exchange operations, though Vietnam’s framework goes further by targeting individual retail traders, not just platform operators.

What Changes for Exchanges and Local Investors

For exchanges seeking to operate in Vietnam, the pilot creates a clear but demanding path. The VND settlement requirement means platforms must integrate with domestic banking infrastructure. The 49% foreign ownership cap limits how much capital international exchanges can deploy directly, likely favoring joint ventures or locally incorporated entities.

For retail investors, the immediate effect is a narrowing of options. Vietnamese traders currently access global platforms with minimal friction. Once licensed venues launch, a six-month countdown begins before offshore trading becomes a legal risk. The government framed the pilot as a way to address transparency gaps and transaction risks for domestic users.

The transition also raises questions about liquidity. Domestic venues will need to attract enough volume to offer competitive pricing against established global exchanges. Early-stage licensed platforms may struggle with wider spreads and thinner order books, a dynamic familiar to any market where regional price premiums diverge from global benchmarks.

Vietnam’s Pilot in Regional Context

Vietnam’s sandbox approach fits a broader pattern across Asia, where governments have increasingly moved from ambiguity toward structured regulation. Hong Kong launched its own licensed exchange framework in 2023, and officials there have emphasized that digital-asset products under regulated structures offer more transparent investor protections.

What distinguishes Vietnam’s model is the speed and specificity. Rather than issuing broad guidelines and waiting for the industry to self-organize, Hanoi embedded capital requirements, ownership caps, settlement currency mandates, and enforcement timelines into a single resolution. The pilot is designed to be a controlled environment, not an open invitation.

The cautious, sandbox-like model also reflects Vietnam’s particular challenge. With over $200 billion in annual crypto transaction volume flowing almost entirely through unregulated channels, the government needed a framework that could absorb existing activity rather than simply declare it illegal.

FAQ About Vietnam’s Crypto Asset Pilot

What is Vietnam’s crypto asset pilot?

It is a government-supervised trial program established by Resolution No. 05/2025/NQ-CP, issued September 9, 2025. The pilot creates a licensing framework for domestic crypto-asset service providers under Ministry of Finance oversight, with trading and settlement conducted in Vietnamese dong.

Will the pilot legalize domestic crypto trading?

The pilot formalizes a regulated path for domestic crypto trading through licensed venues. It does not broadly legalize all crypto activity. Trading outside licensed providers will carry administrative or criminal penalties once the enforcement timeline begins.

What could change for investors and exchanges?

Exchanges must meet steep capital and ownership requirements to operate. Investors will gain access to supervised domestic platforms but face restrictions on using offshore exchanges. The six-month grace period after the first licensed venue launches gives traders time to transition.

How many companies are seeking licenses?

As of March 2026, five companies had passed an initial qualification round, according to Reuters reporting that cited a finance ministry document dated March 12, 2026.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.