Vietnam Kicks Off 5-Year Crypto Pilot With Tight Regulations
Program bans fiat- and securities-backed assets, mandates all trading in dong
Vietnam, one of the world’s leading nations in crypto adoption, has rolled out a five-year pilot program aimed at regulating its digital asset industry under strict new rules.
Signed into effect by Deputy Prime Minister Ho Duc Phoc, the framework requires all crypto issuance, trading, and payments to be conducted in Vietnamese dong. Only domestic enterprises – registered as limited liability or joint stock companies – are permitted to issue crypto assets under the pilot.
No fiat-backed tokens allowed
The rules prohibit the creation of crypto assets backed by fiat currencies or securities, requiring that new tokens be tied solely to real, tangible assets.
Offerings will also be restricted to foreign investors via licensed crypto asset service providers (CASPs) authorized by the Ministry of Finance.
Officials said the pilot is designed to prioritize “caution, control, transparency, efficiency, and protection of participants” while building a safe market roadmap.
Capital and staffing hurdles for CASPs
Under the program, CASPs must maintain a minimum registered capital of 10 trillion dong ($379 million). That capital must be contributed by at least two firms from sectors such as banking, insurance, securities, fund management, or technology.
Leadership requirements include two years of finance-related experience for CEOs and at least five years of sector expertise for CTOs. Applicants must also employ at least 10 qualified staff in technology roles.
The pilot follows the approval of Vietnam’s Law on Digital Technology Industry in June, which will take effect in January 2026, granting crypto assets legal status and advancing the country’s ambition to become a digital innovation hub.
