Vietnam Launches Crypto Trading with Transactions Pegged to the Dong

Highlights:

• Vietnam has launched the crypto trading pilot with strict entry rules, including a $379 million capital requirement.
• The country has approved a pilot program that requires crypto transactions to be settled in the local currency.
• The program demands licensed exchanges with domestic ownership and clear experience standards for top executives.

Following the signature of a new resolution by Deputy Prime Minister Ho Duc Phoc, Vietnam has established a cryptocurrency trading pilot program that will run for five years. The scheme was implemented on the spot, establishing a regulated system for the rapidly expanding digital asset market in the country. Authorities ensured all issuance, trading, and payments of crypto assets were completed by the pilot.

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Vietnam is diving into crypto—but not without a serious rulebook 📜. Starting September 2025, the country will run a five-year pilot program to test the waters of digital assets. But don’t expect a free-for-all: only certain players can issue tokens or run trading platforms, and… pic.twitter.com/RwvXta3lb6

— Seven Crypto 🐋 (@SevenWinse) September 10, 2025

The resolution mandates that all transactions be carried out in Vietnamese dong, and this serves to confirm the government’s determination to ensure monetary stability. Only Vietnamese companies can issue tokens, and they may sell them only to foreign investors. However, citizens who already hold digital assets will gain access to approved platforms once licenses are issued.

Authorities have set a six-month transition period after the first license becomes active. During this time, Vietnamese investors must shift their activities to authorized platforms. After the deadline, the government will classify any domestic activity on unlicensed exchanges as illegal. Though the fines are yet to be announced, the ruling is an important step towards tightening the belt in the market. The strategy makes Vietnam one of the Asian economies trying to organize cryptocurrency structures. The program also provides local authorities with time to observe market behavior and assess the risks and benefits of digital assets.

Vietnam Launches Crypto Trading With Strict Entry Rules

The new pilot sets high requirements for companies that want to operate trading platforms. The first requirement is that exchange providers have capital of at least 10 trillion dong. Institutional investors should provide at least 65% of this capital, which guarantees adequate financial support. Moreover, foreigners are prohibited from controlling more than 49% of crypto platforms, keeping the sector in the hands of locals.

Issuers are also required to be strictly qualified by the authorities. Crypto assets can be issued by only Vietnamese enterprises registered under the Law on Enterprises. These assets must be backed by real, tangible resources, while assets linked to securities or fiat currencies are not allowed. In addition, companies must prove profitable business operations for two consecutive years before applying for a license.

The Ministry of Finance will handle licensing, but applicants must also meet demanding personnel standards. For example, chief executive officers must have at least two years of experience in banking, insurance, fund management, or finance. Chief technology officers need no less than five years of experience in related sectors. Platforms must also employ at least ten qualified staff members in technology roles with relevant education.

Pilot Builds on Digital Law and Blockchain Infrastructure

The crypto pilot in Vietnam is a subset of a larger digital agenda. The Digital Technology Industry Law, which was approved by the National Assembly in June, will go into force in January of next year. The bill defines digital assets and management regulations clearly to give future innovation a legal basis.

Authorities also implemented NDAChain in July, a permissioned Layer 1 blockchain built through the National Data Association. The system is run by the Ministry of Public Security via its Data Innovation and Exploitation Center. Officials designed NDAChain to anchor Vietnam’s national digital infrastructure, further highlighting the government’s long-term technology strategy.

Vietnam’s new #Blockchain platform #NDAChain brings traceability & transparency to national infrastructure—from logistics to education. A bold step toward trusted #DigitalGovernance.

Learn how it could drive innovation and investment ⤵️https://t.co/B9QMx4UwTe pic.twitter.com/vdKogP04Jc

— Vietnam Briefing (@VietnamBriefing) September 2, 2025

The government describes the pilot as cautious and controlled, but also aligned with the country’s growing digital adoption. Chainalysis ranked the Asian country at number 5 in terms of adoption of cryptocurrencies. Almost 17 million Vietnamese citizens own crypto assets valued at over $100 billion.

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