Vietnam restricts crypto pilot to five licensed exchanges

Vietnam’s Deputy Finance Minister Nguyen Duc Chi announced at a press briefing that the country’s crypto market trial will be limited to just five licensed exchanges. In September, the country introduced its five-year crypto framework, aimed at regulating trading, issuance, and payments.

Authorities launched the effort amid concerns that local crypto trading largely takes place overseas. Research indicates that approximately 17 million Vietnamese individuals trade cryptocurrency, generating over $100 billion annually, mostly on global exchanges such as Binance and Bybit.

The Finance Ministry is working with the State Bank and the Ministry of Public Security

The Vietnamese Ministry of Finance has instructed its departments to develop policies addressing taxes, transaction fees, and charges related to cryptocurrencies. It also began formulating accounting regulations for companies involved in these activities. Additionally, the Ministry is collaborating with the State Bank, the Ministry of Public Security, and other bodies to finalize exchange licensing.

Chi confirmed, “In particular, we are building a coordination process for implementation between the Ministry of Finance and several relevant ministries and agencies such as the Ministry of Public Security, the State Bank of Vietnam… to gather opinions and finalize the licensing procedures as well as consider licensing for units.”

He added that the government intends to license qualified businesses and have them up and running before 2026, though timing will depend on how fast companies can meet the criteria.

Ideally, under the pilot, exchanges will need to obtain domestic licenses and adhere to strict reporting and AML rules. Beginning in 2026, licensed platforms must support trading pairs denominated in the Vietnamese dong. Crypto assets will be made available to foreign investors exclusively through CASPs that the Ministry of Finance has approved.

The initiative, however, according to a September report, will enforce rigorous requirements for the CASPs, including a minimum capital of 10 trillion dong ($379 million) and personnel criteria.

Not to mention, contributions toward the required capital must be made by at least two companies drawn from commercial banks, securities companies, insurance providers, fund managers, or technology enterprises. Shareholders and capital providers would also be required to demonstrate two consecutive years of profitable business activity before applying.

Vietnam’s officials believe the pilot could help integrate digital assets into the local economy

The pilot builds on the government’s new Digital Technology Industry Law, enacted in June, which grants legal status to digital assets and mandates licensing for crypto service providers. In July, the government also debuted NDAChain, its proprietary blockchain system. The permissioned network enables tokenization of items such as bonds and carbon credits, aiming to balance innovation with regulatory oversight.

Currently, Vietnamese authorities view the regulated market trial as a means to generate tax revenue, protect investors, and more closely link digital assets with the local economy. They also expect the initiative to enable digital assets such as Bitcoin to be utilized within insurance companies, pension funds, and similar institutions in the country. 

Additionally, they intend for the initiative to anchor digital assets within the national financial system, thereby creating a regulated market that boosts economic activity and reduces reliance on international platforms.

Vietnam is expected to become a regional leader in crypto and blockchain in Southeast Asia, as the administration has placed a strong emphasis on technology domestically. Among the other reasons that have helped the country climb to No. 4 on Chainalysis’ 2025 Global Crypto Adoption Index are its young population and strong crypto acceptance by local businesses and schools.

Meanwhile, the Asia-Pacific (APAC) has proved to be the most receptive market for crypto adoption. On its Global Crypto Adoption Index, nine of the top 20 countries are in that region, according to Chainalysis.

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