Vietnam has approved a five-year pilot for cryptocurrency trading, opening a tightly controlled gateway into a market that has grown rapidly without formal rules. The resolution allows only Vietnamese companies to operate platforms. Additionally, it requires all issuance, trading and payments of crypto assets to be settled in the local dong, according to a government announcement Tuesday. Only Vietnamese firms can issue tokens, and they may sell them solely to foreign investors. Vietnam Sets Tough Entry Bar For Crypto Exchanges The rules set a high bar for participation. To begin with, any exchange provider must hold at least 10 trillion dong, about US$379m, in capital. In addition, institutional investors must contribute no less than 65%. Finally, foreign ownership in trading platforms is capped at 49%. Last year, Vietnam ranked fifth in a global adoption index by Chainalysis. An estimated 17m Vietnamese own digital assets, with their combined holdings valued at more than $100b. The pilot will open the door for both domestic holders and foreign investors. Vietnamese who already own crypto will be able to open accounts on licensed exchanges. Once the first license is issued, investors will have six months to move to approved platforms. After that, any trading by Vietnamese on unlicensed venues will be considered illegal. However, the government has not yet specified the penalties. Pilot Builds On Digital Law And Blockchain Rollout Officials see the move as part of a broader effort to manage the country’s fast-expanding digital economy. Earlier in June, the National Assembly passed the Law on Digital Technology Industry. For the first time, the law defines, classifies, and sets out rules for managing digital assets. By July, authorities had rolled out NDAChain, a permissioned Layer 1 blockchain designed to anchor Vietnam’s national digital infrastructure. The system is operated by the Ministry of Public Security’s Data Innovation and Exploitation Center and was developed with the National Data Association. The new pilot builds on those foundations, combining a cautious regulatory approach with the recognition that crypto is already entrenched in Vietnam’s financial landscape. Country Seen As Dynamic Market For Adoption The government, meanwhile, is aiming to balance innovation with oversight. By mandating domestic control of platforms and pegging all transactions to the dong, regulators seek to limit risks while still allowing capital to flow through legitimate channels. Over the next five years, the trial will provide time to measure market behavior and assess the effectiveness of safeguards. In turn, the results may help Vietnam decide whether to expand or tighten access once the pilot concludes. At the same time, Vietnam’s decision places it among a growing list of Asian economies testing formal frameworks for digital assets. As a result, the outcome will be closely watched by global investors, who see the country as one of the most dynamic markets for crypto adoptionVietnam has approved a five-year pilot for cryptocurrency trading, opening a tightly controlled gateway into a market that has grown rapidly without formal rules. The resolution allows only Vietnamese companies to operate platforms. Additionally, it requires all issuance, trading and payments of crypto assets to be settled in the local dong, according to a government announcement Tuesday. Only Vietnamese firms can issue tokens, and they may sell them solely to foreign investors. Vietnam Sets Tough Entry Bar For Crypto Exchanges The rules set a high bar for participation. To begin with, any exchange provider must hold at least 10 trillion dong, about US$379m, in capital. In addition, institutional investors must contribute no less than 65%. Finally, foreign ownership in trading platforms is capped at 49%. Last year, Vietnam ranked fifth in a global adoption index by Chainalysis. An estimated 17m Vietnamese own digital assets, with their combined holdings valued at more than $100b. The pilot will open the door for both domestic holders and foreign investors. Vietnamese who already own crypto will be able to open accounts on licensed exchanges. Once the first license is issued, investors will have six months to move to approved platforms. After that, any trading by Vietnamese on unlicensed venues will be considered illegal. However, the government has not yet specified the penalties. Pilot Builds On Digital Law And Blockchain Rollout Officials see the move as part of a broader effort to manage the country’s fast-expanding digital economy. Earlier in June, the National Assembly passed the Law on Digital Technology Industry. For the first time, the law defines, classifies, and sets out rules for managing digital assets. By July, authorities had rolled out NDAChain, a permissioned Layer 1 blockchain designed to anchor Vietnam’s national digital infrastructure. The system is operated by the Ministry of Public Security’s Data Innovation and Exploitation Center and was developed with the National Data Association. The new pilot builds on those foundations, combining a cautious regulatory approach with the recognition that crypto is already entrenched in Vietnam’s financial landscape. Country Seen As Dynamic Market For Adoption The government, meanwhile, is aiming to balance innovation with oversight. By mandating domestic control of platforms and pegging all transactions to the dong, regulators seek to limit risks while still allowing capital to flow through legitimate channels. Over the next five years, the trial will provide time to measure market behavior and assess the effectiveness of safeguards. In turn, the results may help Vietnam decide whether to expand or tighten access once the pilot concludes. At the same time, Vietnam’s decision places it among a growing list of Asian economies testing formal frameworks for digital assets. As a result, the outcome will be closely watched by global investors, who see the country as one of the most dynamic markets for crypto adoption