Vietnam has launched its first nationwide pilot for a regulated crypto asset market, imposing strict frameworks on issuance, trading and related services over a five-year period starting 9 September 2025.
According to the Government Electronic Newspaper of Vietnam, the scheme requires all offerings, trades, payments and settlements to be conducted in Vietnamese Dong through entities licensed by the Ministry of Finance.
The pilot applies to licensed service providers, issuers, and both Vietnamese and foreign investors.
Issuers must be Vietnamese companies structured as limited liability or joint-stock enterprises, and crypto assets must be backed by real assets, excluding securities or fiat currencies.
Foreign investors may participate through offerings and trades routed via licensed providers. Issuers must also publish a prospectus at least 15 days before any offering.
Service providers must meet stringent licensing conditions.
They must be Vietnamese companies with a minimum charter capital of VND 10,000 billion, with the majority contributed by institutional investors such as banks, securities or technology firms.
Foreign ownership is capped at 49 percent. Providers must also satisfy requirements on technology infrastructure, information security and qualified personnel.
Domestic investors may open accounts with licensed providers, but six months after the first provider is approved, unlicensed trading will be subject to administrative or criminal penalties.
Until a dedicated tax regime is established, crypto transactions will follow the tax rules currently applied to securities.
The pilot runs for five years from 9 September 2025 and will continue under the resolution until replaced or amended by new legislation.
Featured image: Edited by Fintech News Singapore, based on images by thongden_studio and olegdoroshenko via Freepik
