- Vietnam launches a five-year regulated crypto trading pilot.
- The initiative is led by Deputy PM Ho Duc Phoc.
- Local platforms mandated, with strict capital and governance rules.
Vietnam has initiated a five-year pilot for regulated crypto trading, exclusively through domestic platforms overseen by government officials, starting September 9, 2025.
This pilot aims to control the crypto market, encourage institutional involvement, and reinforce asset-backed cryptocurrencies, potentially affecting global market dynamics and investor interest.
Vietnam has initiated a five-year government-backed pilot to regulate crypto trading, exclusively through Vietnamese-owned platforms. The measure emphasizes stringent capital, governance, and asset-backing requirements, aiming at greater oversight. Led by Deputy Prime Minister Ho Duc Phoc, the plan mandates that the Ministry of Finance license and oversee all crypto service providers. Only local Vietnamese enterprises can run exchanges or issue tokens, aligning with national legislation.
“The pilot implementation of the crypto asset market is carried out on the principles of caution, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the rights and legitimate interests of organizations and individuals participating in the crypto asset market.” – Ho Duc Phoc, Deputy Prime Minister, Government of Vietnam, Vietnam Government Electronic Portal
Immediate effects include stricter licensing which may consolidate liquidity among a few large platforms. Traders and investors will experience tighter regulations, with only a limited set of exchanges gaining approval. Financial implications involve a significant capital requirement of 10 trillion VND, focusing on institutional investment and capping foreign ownership at 49%. This impacts potential foreign and local investor dynamics.
Property-backed crypto assets are prioritized, excluding fiat-backed stablecoins, limiting some market activities. BTC and ETH, however, are expected to feature prominently within regulated platforms. Potential outcomes include both regulatory compliance and technological advancement, echoing South Korea’s 2017 intervention. Initial market consolidation might occur, affecting liquidity and trading volumes in the short run.
