Vietnam Launches Regulated Cryptocurrency Market to Capture Billions in Trading

Vietnam has officially launched a regulated cryptocurrency market, bringing the country’s $100 billion crypto industry under government oversight for the first time. According to Vietnamnet Global, this pilot program follows the June 2025 passage of the Law on Digital Technology Industry, which legally recognizes digital assets and requires licensed platforms to provide direct Vietnamese dong transaction gateways starting January 1, 2026.

The five-year pilot is designed to formalize trading, improve compliance, and integrate digital assets into Vietnam’s domestic financial system. It targets billions of dollars in trading currently flowing through offshore exchanges.

A Nation of Crypto Enthusiasts

Vietnam ranks among the top countries for cryptocurrency adoption. According to the 2025 Chainalysis Global Crypto Adoption Index, roughly 17 million Vietnamese have traded digital assets, placing the country fourth globally. High adoption is driven by a young, tech-savvy population, widespread smartphone use, and growing interest in alternative investments.

Despite early warnings from the State Bank of Vietnam (SBV) against Bitcoin in 2014, and subsequent prohibitions on cryptocurrency payments, the market thrived in informal channels. By 2023, the country was placed on the FATF Grey List for virtual asset-related money laundering risks, accelerating the push for regulatory development.

Building a Regulatory Framework

Resolution 05 sets out the pilot implementation of Vietnam’s crypto market. Licensed exchanges must:

• Obtain domestic licenses from the SBV.
• Offer direct Vietnamese dong (VND) on-and-off ramps.
• Maintain a minimum capital of VND 10 trillion (~$380–400 million).
• Limit foreign ownership to 49%.

Starting January 1, 2026, exchanges will be legally required to operate under these conditions. The government will also implement AML and counter-terrorism financing (CFT) standards, bringing digital assets under formal regulatory oversight.

NDAChain: Vietnam’s National Blockchain

A cornerstone of the new market is NDAChain, Vietnam’s national blockchain platform. It provides a secure infrastructure for financial transactions, online commerce, and tokenization of assets. Key features include:

1. Identity verification and shared data repositories.
2. Automated issuance, payment processing, and ownership transfer.
3. Integration with domestic banks and licensed platforms for VND-based transactions.
4. Support for tokenization of bonds, commercial invoices, fund certificates, and carbon credits.
5. 24/7 low-cost transfers via regulated stablecoins.

NDAChain allows businesses to handle commercial payments, deposits, and invoice settlements efficiently. Licensed platforms can capture trading volume, fees, and market data previously flowing to overseas exchanges.

Economic Objectives and Market Integration

Vietnam’s government has three main goals:

1. Repatriate and tax domestic trading – Move billions of dollars from offshore exchanges into the domestic system to generate tax revenue.
2. Integrate digital assets into the broader financial system – Link crypto with banks and financial instruments, enabling new capital channels.
3. Strengthen investor protection and oversight – Enforce custody, reporting, AML, and CFT standards to improve market security.

Michael Kokalari, director of macroeconomic analysis at VinaCapital, explains that early licensed exchanges will benefit from trading volume, fees, and data now captured abroad.

Pilot Exchanges and Market Structure

Vietnam plans to pilot five licensed exchanges supporting Bitcoin, Ethereum, and roughly 50 other tokens. The government is taking a cautious approach, using pilot exchanges to:

1. Establish compliance rules early.
2. Ensure integration with domestic banks.
3. Set fee structures comparable to the stock market (~0.15% on average initially).
4. Prevent market overload by initially allowing overseas investors only.

These measures are informed by regional examples. South Korea’s 2021 approach concentrated activity into fully compliant exchanges through real-name bank account linkage, AML/CFT checks, and market-abuse penalties. Singapore and Thailand have recently blocked unlicensed foreign platforms to reduce risk.

Worth noting, on Aug. 26, Vietnam approved its first sandbox trial for crypto asset conversion, with Da Nang city greenlighting a pilot program for Basal Pay, a blockchain payment platform built by AlphaTrue Solutions. Per reports, this marked the country’s first regulated effort to bring cryptocurrencies into the formal financial system while adhering to international anti-money laundering (AML) and counter-terrorism financing (CFT) rules.

Tokenization and Real-World Assets

NDAChain enables tokenization of commercial and financial assets. Examples include:

• Bonds and fund certificates – Allowing digital trading and automated settlements.
• Commercial invoices – Supporting business payments and recordkeeping.
• Carbon credits – Facilitating wider circulation of environmentally linked assets.

This infrastructure supports financial inclusion and expands the utility of digital assets beyond speculative trading. By integrating tokenized instruments with banks, exchanges can provide custody, lending, and payment services.

Challenges and Oversight

While the new framework addresses money laundering and regulatory gaps, challenges remain:

• Ensuring compliance across all licensed exchanges.
• Avoiding replication of offshore trading behavior domestically.
• Monitoring economic impact, transaction volumes, and market stability.

The SBV will maintain strict licensing oversight, controlling foreign ownership and ensuring national security while developing a robust ecosystem.

Conclusion

Vietnam’s launch of a regulated crypto market formalizes a decade-long informal trading industry. With NDAChain at its core, the system enables secure transactions, tokenization of assets, and 24/7 VND-based settlements. 

Licensed exchanges gain access to trading volumes, fees, and market insights while operating under AML and CFT regulations. The pilot program represents a structured approach to integrating digital assets into the domestic economy, laying a foundation for sustainable digital finance.

Resources:

1. Formalizing Vietnam’s digital assets markets -  report by The Investor: https://theinvestor.vn/formalizing-vietnams-digital-assets-markets-d17109.html

2. Vietnam approves first sandbox trial for crypto asset conversion project - report by Vietnam Plus: https://vietnamnet.vn/en/vietnam-s-crypto-boom-tops-100b-in-offshore-trades-2445220.html

3. Vietnam launches crypto asset market - report by Tuoitre: https://news.tuoitre.vn/vietnam-launches-crypto-asset-market-1032509230917167.htm

4. Chainalysis 2025 Crypto Global Adoption Index report: https://www.chainalysis.com/blog/2025-global-crypto-adoption-index/