Vietnam Launches Five-Year Crypto Market Pilot with Tight Local Control—Here’s What It Means

Vietnam kicks off a five-year crypto pilot—with regulators holding the keys.

Local Oversight Takes Center Stage

Vietnamese authorities aren’t just opening the door to digital assets—they’re standing in the doorway. The pilot program, set to run for five years, puts strict local control at the forefront. No wild west here; every transaction, platform, and participant falls under the watchful eye of homegrown regulators.

A Cautious Green Light

This isn’t a full-scale embrace—it’s a test drive. The government’s move signals interest in crypto’s potential but paired with deep-seated caution. Expect rigorous reporting, compliance checks, and centralized oversight—because what’s innovation without a little bureaucracy?

Finance’s Ironic Twist

Meanwhile, traditional banks are probably sweating—nothing says 'disruption' like a state-sanctioned crypto pilot that might just make them look… slow. But hey, at least they still have those hefty fees.

Pilot Opens With Strict Capital And Ownership Rules

As per the new rules, local settlement must occur in dong, and issuers may sell only to foreign investors. The resolution was a controlled opening of a fast-growing market and outlined the Core thresholds in detail.

Issuers must disclose prospectuses before any sale. Vietnamese investors who already hold crypto will gain a migration path to licensed platforms.

Once the first license is issued, residents will have six months to MOVE to approved venues; after that window, authorities plan to sanction trading on unlicensed platforms under existing law as the pilot proceeds.

The pilot is part of a broader legal pivot. In June, lawmakers passed the Law on Digital Technology Industry, which recognizes digital assets, distinguishes “crypto assets” from other VIRTUAL instruments, and strengthens AML and CTF controls ahead of an effective date of January 2026.

The move signals intent to channel activity into supervised rails and to define business conditions for operators, as BeInCrypto reported at the time.

Vietnam’s NAPAS 24*7 real-time network, broad QR acceptance, tokenized NFC initiatives, and high-KYC touchpoints support this push.

Moreover, Vietnam ranks fourth globally in the 2025 Global Crypto Adoption Index, cementing its strong grassroots usage and rising institutional flows across both centralized services and DeFi.

Meanwhile, the country’s engagement with global crypto players has also grown. Bybit’s leadership met with Vietnam’s Finance Ministry in April to discuss collaboration on legal frameworks and a national digital asset exchange. This signals rising alignment between local regulators and international market makers.