The government in Vietnam just greenlit a five-year pilot for cryptocurrency trading, a controlled cut into a market that’s been booming wild and untamed, like a street hustler testing new turf. But not anymore.
17 million locals owning crypto
The main thing is that only Vietnamese companies can run these crypto exchanges.
That’s strict, like making sure only family members handle the big deals. Foreign ownership? Limited to 49%, so no outside bosses calling all the shots.
And exchanges? They gotta bring at least 10 trillion dong, nearly $379 million, to the table, secured mostly by institutional investors who hold 65% or more. This ain’t a game for weekend punters.
According to Bloomberg, Vietnam has approved a five-year pilot program for crypto asset trading, allowing only domestic companies to operate platforms and requiring all issuance, trading, and payments to be conducted in Vietnamese dong. Foreign investors may participate, but…
— Wu Blockchain (@WuBlockchain) September 9, 2025
Vietnam’s crypto scene is no joke. Last year, it ranked fifth worldwide on the adoption scale, with around 17 million locals owning crypto worth a combined $100 billion.
That’s like a giant underground vault getting ready to go legit.
NDAChain, the homegrown blockchain infrastructure
Investors inside Vietnam will soon have to move their crypto action onto these official platforms, once the first licenses roll out, and they’ve got six months to comply.
Stick with unlicensed spaces after that, and you’re literally playing with fire, though the exact penalties are still a mystery. It’s the digital version of being told to show respect to the family or face consequences.
This pilot is part of a trend. It builds on Vietnam’s new digital law, passed by the National Assembly, which for the first time clearly spells out what crypto assets are and how they’re managed.
Layer onto that the creation of NDAChain, a homegrown blockchain infrastructure managed by the Ministry of Public Security, reinforcing that the government’s got its eyes wide open.
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Innovation with control
The plan? Balance. Innovation with control. By pegging all crypto trades to the dong and requiring Vietnamese control, regulators aim to keep risks low while letting the digital dollars flow, no shady back alleys, just legit business. Over the next five years, Vietnam will watch this experiment like a hawk.
Market behavior, security, investor protection, every move scrutinized before deciding whether to roll this pilot out bigger or clamp down harder.
For global investors, Vietnam’s move is a sign that this Southeast Asian player is no longer just in the crypto shadows.
It’s stepping into the spotlight with big plans, big ambitions, showing the world it’s serious about crypto assets, but on its own terms.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
