Vietnam has approved a five-year pilot program to test a regulated cryptocurrency trading system, as reported by Bloomberg. This initiative aims to bring the country’s large, unregulated crypto market under official government oversight and study how it can function under strict rules.
Key Requirements for Crypto Exchanges
The new rules set high standards for any company wanting to operate a crypto exchange in Vietnam. Applicants must have a minimum paid-in capital of 10 trillion VND (approximately $379 million). Of this, at least 65% must come from institutional investors. The rules also cap foreign ownership at 49% and require that a minimum of 35% of the capital be contributed by Vietnamese financial institutions, such as banks and securities companies. These strict requirements are designed to keep the industry controlled by well-funded, domestic firms.
Rules for Digital Assets
Under the pilot, only tokens backed by “real assets” are allowed. The program specifically prohibits stablecoins and tokenized securities, as officials want to reduce systemic risks while they study the market.
Who Can Participate
While foreign investors can participate, they must do so through licensed Vietnamese providers and are subject to ownership limits. This policy is intended to protect Vietnam’s economic security while leveraging foreign capital and technology to build its own crypto infrastructure. The high barriers to entry, however, may make it difficult for small or foreign startups to compete.
Expert Opinions
Experts believe that if successful, the pilot could position Vietnam as a trusted hub for digital assets in Southeast Asia. Conversely, others worry that the high cost of entry could limit competition and concentrate the market among a few large companies. The government will monitor the program’s performance over five years before deciding its long-term future.
September 2025, Cryptoniteuae
