Vietnam’s government has approved a five-year pilot program for a regulated crypto trading market, a move experts say reflects the country’s cautious embrace of fintech and its ambition to shape international governance standards in the sector.
Adopted under Resolution No. 05/2025/NQ-CP, the initiative establishes strict oversight aimed at protecting the rights and interests of both domestic and foreign participants while mitigating risks tied to digital assets.
Colonel Dr. Hoang Van Thuc, director of the Academy of Cryptography Techniques and senior advisor to the Vietnam Blockchain and Digital Asset Association, described the pilot as a demonstration of “smart risk governance.” He said the policy reflects a shift in state leadership from strict management to guided development, laying the legal foundation for recognizing and regulating a new asset class while ensuring national digital sovereignty.
According to Thuc, the five-year timeframe allows sufficient room for testing and adjusting policies without compromising financial stability. He emphasized that success requires more than a trading platform, highlighting the need to build trust, ensure transparency, and cultivate expertise in blockchain, cybersecurity, and digital financial risk management.
Financial analysts see the resolution as a blueprint for Vietnam’s future crypto trading market. Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Asset Association, said the government’s move demonstrates determination to create an enabling environment for investors and refine policies in line with global standards.
Under the new rules, service providers must maintain a minimum chartered capital of VND10 trillion ($379 million), with at least 65% contributed by institutional investors. While this diverges from international practices that prioritize compliance, insurance, and anti-money laundering safeguards, policymakers argue that the capital requirement ensures only financially resilient players can participate in the pilot phase.
The regulation has raised concerns among startups, some of which have scaled back domestic transactions while reassessing compliance obligations. Trung acknowledged these challenges, stressing the need for complementary legal frameworks that strike a balance between fostering innovation and enforcing effective oversight. He added that the association will continue working with relevant ministries to develop a comprehensive legal structure for Vietnam’s crypto market as quickly as possible.
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