Vietnam has announced a five-year pilot program to establish a fully regulated cryptocurrency market, set to begin on January 1, 2026. This initiative, approved by Resolution 05/NQ-CP and building on the new Law on Digital Technology Industry, formally recognizes cryptocurrencies as tangible digital assets. It aims to end years of unclear regulations and integrate digital assets into Vietnam's economy.
The State Bank of Vietnam (SBV) will oversee a strict licensing system, requiring exchanges and brokers to maintain a minimum charter capital of VND 10,000 billion (approximately $400 million) and limiting foreign ownership to 49%. The pilot will utilize NDAChain, Vietnam's national blockchain platform, as the secure infrastructure for transactions, enabling tokenization of assets like bonds and carbon credits, and facilitating low-cost payments in Vietnamese dong.
Initially, only overseas investors will be allowed to trade, with licensed operators gradually adding services like custody and lending. The program targets Vietnam's $100 billion unregulated crypto market, which has seen high adoption with an estimated 17 million traders. By enforcing anti-money laundering (AML) and counter-terrorism financing (CTF) rules, it addresses FATF concerns that placed Vietnam on its grey list in 2023.
Michael Kokalari, director of macroeconomic analysis at VinaCapital, noted that early licensees could capture volume currently going to offshore platforms like Binance and Bybit. The pilot aims to attract foreign direct investment, create fintech jobs, and connect Vietnam to the global Web3 economy, with officials monitoring key indicators over five years to refine the model.