Vietnam Embraces Cryptocurrency with Launch of Regulated Market

In a landmark move, the Vietnamese government has officially launched a pilot program for a regulated crypto asset market, signaling a major shift from a decade of legal ambiguity towards embracing the burgeoning digital economy. This five-year initiative aims to bring the country's massive, and largely informal, US$100 billion crypto trading industry under official oversight, reported Tuoi Tre News today.

The move follows the passage of the Law on Digital Technology Industry in June 2025, which for the first time legally recognized digital assets. This legislation, set to take effect on January 1, 2026, requires crypto platforms to obtain domestic licenses and offer direct transaction gateways in Vietnamese dong.

A Nation of Crypto Enthusiasts

Vietnam has consistently ranked among the top countries for cryptocurrency adoption. A staggering 17 million Vietnamese are estimated to have traded crypto assets, placing the nation fourth in the 2025 Chainalysis Global Crypto Adoption Index. This high adoption rate has been fueled by a young, tech-savvy population, high smartphone penetration, and a growing interest in alternative investments.

Yet, the country's journey with cryptocurrency has been a complex one. The State Bank of Vietnam (SBV) issued its first warning against Bitcoin in 2014, citing risks of money laundering and volatility. This was followed by a period of prohibition, with penalties for using cryptocurrencies as a means of payment.

Despite the official stance, the crypto market in Vietnam flourished underground. The country's inclusion on the Financial Action Task Force (FATF) Grey List in June 2023 for money laundering concerns related to virtual assets appears to have been a catalyst for accelerated regulatory development.

The new regulations aim to address these concerns by implementing anti-money laundering (AML) and counter-terrorist financing (CFT) compliance for all licensed platforms.

The NDAChain: A National Blockchain Platform

At the heart of this new regulatory framework is NDAChain, a national blockchain platform designed to facilitate secure financial transactions. This platform will enable the tokenization of traditional financial instruments such as bonds and carbon credits, allowing them to be traded as digital assets.

According to Tuoi Tre News, NDAChain provides an identity system and shared data storage, enabling licensed platforms to transact in dong and automate issuance, payments, and ownership transfers. Businesses can also connect to NDAChain to handle commercial payments, deposits, and invoice settlements. Once approved, regulated stablecoins will allow 24/7 low-cost transfers, bridging everyday payments and digital assets.

What's Next?

The pilot program, established by Resolution 05/NQ-CP, sets out strict requirements for crypto asset service providers, including a minimum charter capital of VND 10,000 billion (approximately US$400 million) and a 49% cap on foreign ownership. Initially, trading will be limited to foreign investors, with all transactions conducted in Vietnamese dong.

Michael Kokalari, director of macroeconomic analysis and market research at VinaCapital told Tuoi Tre News that "exchanges and brokers licensed early could capture trading volume, fees, and valuable market data now flowing to overseas platforms."

This move is expected to attract significant foreign investment and could pave the way for operators providing custody, payment, and lending services for digital assets to serve the institutional appetite

While the long-term impact remains to be seen, Vietnam's decisive step towards regulating its crypto market is a clear indication of its ambition to become a fleading player in the global digital economy.