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Vietnam has long been seen as the leader in cryptocurrency use in Southeast Asia. Now, the country has taken a big step toward making its flourishing digital asset market official. On September 9, 2025, Deputy Prime Minister Ho Duc Phoc signed a resolution that started a five-year trial program with strict rules for issuing, trading, and paying using cryptocurrencies.
According to Vietnam’s Government Electronic Newspaper, this program requires all transactions to be made in Vietnamese dong (VND) and issuers to be enterprises registered in Vietnam. The goal is to strike a balance between innovation and strong monitoring. India, the United States, and Pakistan are ahead of Vietnam in the 2025 Chainalysis Global Crypto Adoption Index.
The campaign is aimed at the country’s projected 17 million crypto users and over $100 billion in market value. Vietnam wants to reduce risks and create a more open environment by banning fiat-backed stablecoins and putting more emphasis on real asset collateral. This might make the country a regional fintech hotspot, but its high obstacles might make it hard for smaller companies to compete.
Important Parts of the Pilot Program
The decision, which takes effect right away, sets up a complete framework for Crypto Asset Service Providers (CASPs) and makes it necessary for them to get licenses from the Ministry of Finance. All crypto activities, including issuing and trading tokens and making payments, must only be done in VND. This will reduce dependency on foreign currencies and give the country more control over its money. Issuers must be Vietnamese legal organizations, like limited liability or joint-stock companies, that follow the Enterprise Law. This keeps control in Vietnam and limits foreign ownership to 49%.
A basic constraint says that crypto assets can’t be backed by fiat currencies or securities; they must be backed by actual assets that have intrinsic worth, like property or commodities. The resolution says, “Crypto assets must be issued based on underlying assets that are real assets, excluding assets that are securities or fiat currencies.” Foreign investors can only take part through approved CASPs, which makes things more open and stops illegal flows.
The program stresses caution, stringent controls, and a roadmap that follows best practices, with safety, efficiency, and the protection of participants’ rights as the top priorities. People who already own cryptocurrency have six months to move to regulated platforms. After that, trading without permission will be against the law. This systematic method tries to turn Vietnam’s grassroots enthusiasm into a controlled market, which might bring in institutional funding while protecting ordinary users from price swings.
Needs for capital and people
CASPs have to deal with strict entry restrictions to keep things stable. Companies must have at least VND 10 trillion (about $379 million) in capital, which must come from at least two businesses in fields including commercial banking, securities, fund management, insurance, or technology. Before being licensed, shareholders and capital contributors must have a history of making money for two years in a row.
The standards for human resources are just as high. CEOs need to have worked in finance, securities, banking, insurance, or fund management for at least two years. CTOs need at least five years of experience in domains that are related to their work. Also, businesses require at least 10 tech workers that have the right education and experience in blockchain and cybersecurity. These limits, which are some of the highest in Asia, keep out speculative traders and favor well-known financial companies. This could make the market more stable by concentrating it around a few strong companies.
Trends in Adoption and the Bigger Picture of Regulation
This pilot comes after Vietnam’s Digital Technology Industry Law was passed in June 2025. It will go into effect in January 2026. It is the first law to officially recognize crypto assets and reinforce anti-money laundering (AML) and counter-terrorism financing (CTF) measures. This framework is based on earlier work, such as a March 2025 directive from the Prime Minister and a proposed regulatory sandbox.
Vietnam’s high adoption, which is driven by economic grounds like protecting against inflation and sending money home, has pushed it to fourth place in Chainalysis’ 2025 ranking. APAC is the fastest-growing region in the world, with a 69% increase from year to year. It is ahead of Indonesia (seventh in the world) in Southeast Asia, where 21% of the populace has it and P2P commerce is strong. The Asia-Pacific region’s $2.36 trillion in crypto volume shows how important it is to regulate this market to keep it going.
People are hopeful on X. Users like @TCR_news_ called it a “major step toward regulating Vietnam’s booming digital asset market,” while @Twendee_ pointed out the potential for tokenization and AI compliance. International interest is shown by partnerships like the one between South Korea’s Dunamu and Vietnam’s Military Bank.
What this means for the crypto market
Vietnam’s pilot could change the way digital money works in Southeast Asia. By linking crypto to VND and actual assets, it lowers the danger of depegging and connects blockchain with national goals. This could lead to more tokenized real-world assets (RWAs) and custody services. Startups may not want to invest a lot of money, but big companies like Bybit, who talked about sandbox partnerships earlier in 2025, would be interested.
The scheme gives investors a sense of legitimacy, which attracts institutional flows and keeps prices stable in Vietnam, which does $105 billion worth of crypto transactions per year. But the 49% international cap and dong-only settlements could make it harder to trade and move business overseas at first. Vietnam’s cautious approach puts sovereignty ahead of rapid growth, which might set an example for its neighbors, such as Indonesia. This is different from Thailand’s more relaxed laws.
One of the problems is enforcing the rule while a lot of people use it, and another is making sure that the pilot becomes permanent law by 2030. If successful, fintech might raise Vietnam’s GDP, which is in line with the country’s blockchain goals under Resolution 57.
In conclusion
Vietnam’s five-year crypto pilot program is a practical step forward from a lack of clear rules to controlled innovation. It uses its high adoption rates to create a safe ecosystem.
The government wants to protect customers and open up business opportunities in a market worth more than $100 billion by requiring VND settlements, real asset backing, and strict regulation. This project could help Vietnam become a leader in digital finance as APAC drives global crypto growth.
However, its success depends on finding the right balance between oversight and accessibility. For those in the sector, it’s a call to meet high standards, which will pay off in the long run in one of the most active crypto markets in the world. Investors should keep an eye on how licensing and anti-money laundering (AML) rules are being followed, as these will affect how Vietnam fits into the larger blockchain economy.
