Vietnam Launches Crypto Pilot Program, Embracing Digital Economy
In a groundbreaking development, the government of Vietnam has officially initiated a trial program for a regulated cryptocurrency marketplace. This move marks a significant departure from a decade of legal uncertainty and signals a commitment to embracing the rapidly expanding digital economy. As reported by Tuoi Tre News, this five-year initiative is designed to bring the nation’s substantial, largely informal, cryptocurrency trading activity, estimated at US$100 billion, under official government supervision.
This decision comes after the enactment of the Digital Technology Industry Law in June 2025. This law, a milestone achievement, provides the first legal recognition of digital assets within Vietnam. The legislation, scheduled to go into effect on January 1, 2026, mandates that all crypto platforms operating within the country obtain domestic licenses and facilitate direct transactions in the Vietnamese dong.
Vietnam: A Hub for Crypto Adoption
Vietnam has consistently been recognized as one of the leading countries in cryptocurrency adoption globally. It is estimated that a remarkable 17 million Vietnamese citizens have engaged in trading crypto assets, positioning Vietnam fourth in the 2025 Chainalysis Global Crypto Adoption Index. This high rate of adoption is driven by a young, technologically adept population, widespread smartphone usage, and an increasing interest in diverse investment opportunities.
However, Vietnam’s relationship with cryptocurrency has been complex. As early as 2014, the State Bank of Vietnam (SBV) issued its initial warning against Bitcoin, highlighting potential risks related to money laundering and market volatility. This was followed by a period of prohibition, which included penalties for using cryptocurrencies for payment purposes.
Despite the official government position, the cryptocurrency market thrived in Vietnam, operating largely outside formal regulations. The country’s placement on the Financial Action Task Force (FATF) Grey List in June 2023, due to concerns about money laundering linked to virtual assets, seems to have accelerated the process of regulatory development.
The newly introduced regulations are intended to address these concerns by enforcing strict anti-money laundering (AML) and counter-terrorist financing (CFT) compliance measures for all licensed platforms operating within the Vietnamese crypto market.
NDAChain: A National Blockchain Infrastructure
Central to the new regulatory framework is the NDAChain, a nationally developed blockchain platform designed to enable secure financial transactions. This platform will facilitate the tokenization of traditional financial instruments, like bonds and carbon credits, transforming them into tradable digital assets.
According to Tuoi Tre News, the NDAChain offers a comprehensive identity system and shared data storage capabilities, enabling licensed platforms to conduct transactions in Vietnamese dong and automate processes related to issuance, payments, and transfer of ownership. Businesses can also leverage the NDAChain for handling commercial payments, deposits, and invoice settlements. Once regulatory approval is granted, regulated stablecoins will allow for 24/7 low-cost transfers, effectively bridging the gap between conventional payment methods and the digital asset sphere.
Looking Ahead
The pilot program, officially established by Resolution 05/NQ-CP, establishes stringent criteria for crypto asset service providers. These requirements include a minimum charter capital of VND 10,000 billion (approximately US$400 million) and a limit of 49% on foreign ownership. Initially, trading activities will be restricted to foreign investors, with all transactions executed in the Vietnamese dong.
Michael Kokalari, director of macroeconomic analysis and market research at VinaCapital, commented to Tuoi Tre News that “exchanges and brokerages that secure early licensing stand to capture significant trading volume, associated fees, and valuable market data currently flowing to platforms located outside of Vietnam.”
This initiative is anticipated to attract considerable foreign investment and has the potential to create opportunities for operators providing custody, payment processing, and lending services related to digital assets, catering to institutional demand.
While the long-term consequences remain to be seen, Vietnam’s decisive action toward regulating its cryptocurrency market clearly demonstrates its aspiration to emerge as a prominent participant in the global digital economy.