Vietnam prepares pilot crypto asset exchange with strict regulations

Vietnam is preparing for a five-year pilot phase for a crypto asset exchange, scheduled to begin on September 9, 2025, under Resolution No. 05/2025/NQ-CP. While five enterprises have received principle approval to prepare for exchange operations, a definitive launch date remains undetermined as companies must meet strict regulatory requirements.

To obtain a license from the Ministry of Finance, enterprises must satisfy rigorous standards, including a minimum contributed charter capital of 10,000 billion VND. At least 65% of this capital must come from institutional shareholders, with over 35% provided by at least two institutions from the banking, securities, fund management, insurance, or technology sectors. Foreign ownership is capped at 49%. Additionally, systems must meet level 4 safety standards.

During the Conviction 2026 technology event, To Tran Hoa of the State Securities Commission (SSC) outlined that the initial phase will focus on five types of tokenized assets: NFTs, tokenized commodities (such as cashew nuts or pepper), tokenized cash flows (like real estate rental income), tokenized real estate, and green products (such as solar energy projects).

In the primary market, only Vietnamese enterprises will issue asset-backed crypto assets for foreign investors, and only foreign investors will be permitted to trade them. Trading pairs will not involve direct transactions between crypto assets and Vietnamese Dong (VND), following models used in South Korea and Thailand. The initial stage will prioritize off-ramp services.