Vietnam has taken a decisive step in regulating its fast-growing digital asset market by approving a five-year pilot programme for crypto asset trading, reported Bloomberg.

The move seeks to formalise activities that have flourished without legal oversight and establish clear structures for trading, issuance, and payments.

Under the plan, only Vietnamese firms will be allowed to run platforms, and all transactions must be conducted in the Vietnamese dong.

By creating strict rules on capital, ownership, and investor eligibility, the government is positioning itself to balance market demand with financial security.

Strict capital and ownership requirements

One of the most notable aspects of the framework is the capital requirement set for any potential trading platform. To operate, providers must hold at least 10 trillion dong.

Of this, 65% must come from institutional investors, ensuring that large, established entities take a majority role in funding operations.

The rules also specify that at least two of these investors must be established organisations such as commercial banks, securities firms, or fund managers. Collectively, they must hold over 35% of the ownership stake in the platform.

The government has further limited foreign participation. Foreign investors can hold no more than 49% of any licensed provider, while institutional and individual investors are restricted to participating in only one exchange provider.

These measures highlight a strategy to keep the sector under domestic control while still allowing some degree of international involvement.

Focus on dong-based crypto assets

The framework requires that all crypto assets issued in Vietnam must be tied to real properties, excluding securities and fiat money.

These assets can only be issued to foreign investors, and the transactions must be denominated in the local currency, the Vietnamese dong.

By setting these rules, the government is drawing a line between regulated crypto-backed assets and other forms, such as securities or stablecoins pegged to fiat currencies.

This approach allows Vietnam to maintain control over the flow of capital and reduce risks of currency substitution, while also ensuring that crypto activities remain tied to tangible assets.

Issuers of these assets must also be Vietnamese companies, reinforcing the emphasis on domestic ownership and accountability.

Restrictions on access and trading

Investor access to these platforms has been limited under the new resolution. Only Vietnamese nationals who are already holding crypto assets, along with foreign investors, will be eligible to open accounts on licensed trading platforms.

This creates a closed environment where only existing holders and external investors can participate, narrowing the scope of who can directly engage in trading.

The measure reflects a cautious stance by regulators, who aim to allow the market to grow while closely monitoring participation and limiting exposure among the broader domestic population.

By creating barriers to entry, Vietnam is signalling its intention to regulate demand without encouraging unchecked retail speculation.

Building a domestic crypto industry

Vietnam has long been recognised as one of the most active markets for cryptocurrencies, with widespread retail adoption despite the absence of a legal framework.

The pilot programme, which will run for five years, aims to shift this activity into regulated channels and build a sustainable domestic industry around it.

By restricting the provision of platforms and issuances to Vietnamese firms, the government ensures that economic benefits and regulatory oversight remain within national borders.

The inclusion of strict capital thresholds, institutional investor participation, and ownership rules reflects a desire to prevent the emergence of underfunded or risky platforms.

At the same time, the programme provides room for foreign investors to participate under capped limits, aligning Vietnam’s crypto policy with broader goals of economic security and controlled openness.

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