Vietnam’s government has officially approved its first comprehensive framework for cryptocurrency trading, launching a five-year pilot program effective September 9. The initiative marks a historic shift in a country where crypto activity has long existed in a regulatory gray zone.

?? JUST IN: Vietnam has approved a five-year trial for crypto trading, requiring all transactions to be settled in the Vietnamese đồng. pic.twitter.com/g7pt7Ar0tE

— Cointelegraph (@Cointelegraph) September 9, 2025

Strict Rules Under the Pilot Program

The program allows only Vietnamese-owned companies to participate and requires all crypto issuance, trading, and settlement to be conducted in Vietnamese dong (VND), banning foreign currency use. Foreign ownership in exchanges will be capped at 49%.

Crypto platforms must also meet minimum capital requirements of 10 trillion VND (approx. USD 425 million), with at least 65% funded by institutional investors such as banks or securities firms.

Unlike most markets, Vietnam’s framework mandates that tokens issued under the program must be asset-backed by real estate instead of stablecoins, reflecting the government’s risk management approach.

Market Context

Vietnam is one of the world’s fastest-growing crypto markets. According to Chainalysis, the country ranked 5th globally in crypto adoption in 2023, with an estimated 17 million users and a market size exceeding USD 100 billion despite the lack of regulation.

Officials said the trial framework will allow them to monitor the sector under clear rules before permanent laws take effect. A new law passed in June will come into force in January 2026, officially recognizing and integrating digital assets into the national financial system.

Transition for Crypto Traders

Once licenses are issued, traders will have six months to migrate to regulated platforms. Unauthorized trading will be deemed illegal thereafter. Access will initially be restricted to existing crypto holders and foreign institutional investors, with new retail entrants likely excluded.

While the pilot program aims to foster innovation and align with Vietnam’s national strategy to prioritize blockchain technology, analysts warn that the tough entry barriers could push some traders toward overseas crypto exchanges offering greater freedom.