Vietnam Launches Trial Crypto Market, Limits Access to Local Firms

Vietnam’s government has authorized a five-year pilot program for crypto asset trading, marking the country’s first formal step toward regulating a booming digital asset market.

Under the resolution, only Vietnamese firms will be allowed to operate trading platforms, with all issuances, transactions, and payments conducted in the local dong. Foreign ownership is capped at 49%, and exchange providers must hold at least $379 million (10 trillion dong) in capital.

Issuance of new crypto assets will also be restricted to Vietnamese companies, but these tokens may only be offered to foreign investors. Vietnamese citizens already holding crypto, along with foreign investors, will be permitted to open trading accounts.

The move comes as Vietnam positions itself as a global crypto hub. The country ranked fifth in Chainalysis’ Global Adoption Index, with an estimated 17 million users holding more than $100 billion in assets. Earlier this year, parliament passed a law to recognize digital assets starting January 2026, signaling a dramatic shift from years of official warnings.

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