Vietnam Launches Five-Year Crypto Trading Pilot to Explore Digital Markets

Vietnam has initiated a groundbreaking five-year cryptocurrency trading pilot, effective September 2025, to explore regulated digital asset markets, as announced by Deputy Prime Minister Ho Duc Phoc. This bold move aims to harness Vietnam’s thriving crypto adoption—ranked fourth globally by Chainalysis in 2025—while ensuring financial stability. The pilot restricts operations to Vietnamese companies, requiring all transactions in Vietnamese dong and limiting token issuance to local firms targeting foreign investors.

The program sets stringent entry barriers, mandating exchanges to hold 10 trillion dong ($379 million) in capital, with 65% from institutional investors and foreign ownership capped at 49%. Only assets backed by real estate, not fiat or securities, are permitted, reducing systemic risks. The Ministry of Finance oversees licensing, with KYC and AML protocols ensuring transparency. A six-month transition period post-licensing will deem unlicensed trading illegal for Vietnamese investors.

Vietnam’s crypto market, valued at $150 million, thrives with 17 million citizens holding over $100 billion in digital assets. The pilot follows the June 2025 Law on Digital Technology Industry, effective January 2026, recognizing digital assets as a priority. Partnerships, like Military Bank’s collaboration with South Korea’s Upbit, signal Vietnam’s ambition to become a regional fintech hub. Sandbox initiatives in Danang and Ho Chi Minh City may further integrate crypto into economic plans.

This cautious yet innovative experiment could position Vietnam as a model for emerging markets balancing crypto growth with oversight. Success may unlock broader market access and institutional investment, while failure could tighten restrictions. Global investors are watching closely as Vietnam shapes its digital finance future.