Vietnam has embarked on a new initiative to allow local companies to operate cryptocurrency trading platforms. This initiative will be monitored over a five-year trial period, during which cryptocurrencies can be issued under strict regulations.
The operation of these cryptocurrency trading platforms is mandated to take place using the Vietnamese dong, the country’s official currency. Domestic companies will solely be permitted to run these platforms, with foreign ownership capped at 49%, a measure aimed at maintaining local control of the market.
To further regulate the scene, the government has set a high financial threshold for participation. Companies looking to issue cryptocurrencies must possess a capital of VND 10 trillion (approximately USD 380 million), and at least 65% of this capital must be sourced from institutional investors.
Moreover, it is required that shareholders and capital contributors demonstrate a profitable track record for a minimum of two consecutive years before they can apply for a license to operate in Vietnam’s digital asset space.
The enthusiasm for cryptocurrencies in Vietnam is significant, with over 20% of the population reportedly owning digital assets, as per data from a crypto payment processing firm. This statistic positions Vietnam among the highest countries for cryptocurrency ownership globally.
In terms of global rankings, Vietnam was placed fifth in total cryptocurrency adoption in 2024, following India, Nigeria, and the United States. The Southeast Asian nation previously held the top spot for two years in a row in 2021 and 2022.
Major international cryptocurrency exchanges, such as Binance and Bybit, have recognized the potential of the Vietnamese market; however, their operations largely remain centered around facilitating crypto and fiat conversions. The future will reveal whether any indigenous trading platforms can effectively compete with these established global entities.
Furthermore, recent developments indicate that Vietnam is making strides to formalize its approach to digital assets. The government has classified digital assets into two categories: virtual assets and crypto assets. Legislation concerning the recognition of these categories has already passed and is set to come into effect on January 1, 2026, signaling Vietnam’s commitment to integrating cryptocurrencies within its financial framework.
As this five-year trial progresses, the landscape of cryptocurrency in Vietnam is expected to evolve, reflecting the growing global interest in digital currencies while ensuring adherence to local regulations. The stringent requirements for participants and the focus on domestic companies suggest a carefully managed approach aimed at fostering a secure environment for cryptocurrency activities within the country.