Vietnam Tests a Crypto-Asset Market as Five Firms Clear Initial Exchange Review
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Vietnam's pilot crypto-asset market introduces a restrictive licensing and compliance regime, including RWA-backing requirements, high security standards, and sizable capital commitments, while penalizing unlicensed platforms from Sept 1. Initial access limits issuance to foreign investors and delays domestic participation until after the first license is granted. The framework signals gradual institutionalization but with near-term friction for offshore venues and local liquidity.
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Aug. 30 (PANews) — Vietnam is running a pilot program for a crypto-asset market under a cautious regulatory framework, seeking to expand financing channels while tightening investor protection, according to the Vietnam News Agency.
Government Resolution No. 05, issued in September 2025, stipulates that crypto assets must be backed by RWA and may not include securities or fiat currencies. In the initial phase, issuance will be limited to foreign investors.
Five companies have passed preliminary exchange evaluations. They are required to meet Level 4 security standards and commit at least 10 trillion Vietnamese dong (about $383 million).
Decree No. 284, enacted in July, will introduce penalties for unlicensed platforms starting Sept. 1. Domestic investors will be allowed to trade only through licensed service providers beginning six months after the first entity receives a license from the Ministry of Finance.
