Vietnam's government has officially launched a five-year pilot program for Bitcoin and cryptocurrency trading, marking a significant step toward formalizing digital asset regulation in the country. The program, approved by Deputy Prime Minister Ho Duc Phoc, allows Vietnamese crypto holders and foreign investors to trade on licensed platforms, with all transactions required to be conducted strictly in Vietnamese dong.
The pilot imposes strict controls: only Vietnamese enterprises registered as limited liability or joint stock companies can issue cryptocurrencies or offer trading services. Notably, the program prohibits the issuance of crypto assets backed by fiat currencies or securities, mandating that they must be based on real underlying assets. Investors are limited to using just one crypto exchange provider, enabling close government monitoring of trades and ownership.
This move follows Vietnam's passage of the Law on Digital Technology Industry in June 2025, which recognized digital assets but excluded representations of fiat and securities. The country, ranked fourth globally in crypto adoption by Chainalysis, aims to exit the FATF 'gray list' through stringent market oversight. The resolution emphasizes principles of caution, control, safety, transparency, and investor protection.
Vietnamese-developed projects like Axie Infinity (AXS), Pendle (PENDLE), and Kyber Network (KNC) are highlighted, with AXS and KNC seeing recent price increases and trading volume surges. The pilot reflects Vietnam's balanced approach to fostering innovation while ensuring regulatory compliance, amid growing crypto demand in Asia.
