Vietnam is taking a monumental step toward formalizing its digital asset space. The Ministry of Finance has proposed—and the government has endorsed—a 5-year pilot program to regulate crypto asset trading and issuance, marking a shift from ambiguity to structured oversight.
Under the plan, multiple licensed crypto exchanges will operate under strict criteria—such as IT infrastructure, financial integrity, and technical proficiency. The pilot will occupy a controlled, sandbox-style environment, allowing for comprehensive monitoring by regulators.
Why This Matters
- Emerging from the Gray Zone: With approximately 17 million crypto holders in Vietnam—one of the highest rates globally—the digital asset market has long operated without formal regulation, posing risks to investors. This pilot program aims to change that.
- Balanced Approach: By licensing more than one exchange but limiting the total number, authorities aim to foster competition while retaining control and oversight.
- Strategic Alignment: The program aligns with broader national initiatives like the “Blockchain Strategy 2024–2030” and the June 2025 “Law on Digital Technology Industry,” which legally recognized crypto assets and laid down a framework for regulation.
Reported Plan Timeline & Structure
| Phase | Details |
|---|---|
| Pilot Duration | 5 years from the moment the Resolution takes effect |
| Pilot Scope | Crypto issuance, trading, ownership under licensed operators |
| Eligibility Criteria | Defined standards for infrastructure, operations, finance, and expertise |
| Monitoring Mechanism | Regular reporting by Finance Ministry in coordination with other agencies |
The Road Ahead
- Regulatory Clarity: Vietnam now transitions toward comprehensive legal recognition of crypto, including defining crypto assets and virtual assets separately.
- Sandbox Launch: The pilot program will officially begin once the government approval is granted—expected imminently—led by the Finance Ministry and SBC regulators.
- Legal Codification: In parallel, the Digital Technology Industry Law, passed in June 2025 and effective January 2026, will bring crypto assets under civil law and introduce incentive frameworks, creating a stable long-term environment.
- Commercial Uptake: As the pilot evolves, businesses and institutional players may enter the regulated crypto segment—from exchanges to fintech ventures—within a trusted legal context.
