Vietnam Tightens Crypto Regulations: Pilot Program Limited to 5 Licensed Exchanges (2025 Update)
- Why Is Vietnam Restricting Crypto Trading to Licensed Exchanges?
- What Are the Requirements for Crypto Exchanges in Vietnam?
- How Is Vietnam's Government Preparing for Crypto Regulation?
- What Does This Mean for Vietnam's Crypto Economy?
- Frequently Asked Questions
Vietnam is taking bold steps to regulate its booming cryptocurrency market by restricting its crypto pilot program to just five licensed exchanges. Despite high expectations for participation, the Ministry of Finance has yet to receive any applications from businesses. The move aims to bring crypto trading back onshore, as research shows Vietnamese traders generate over $100 billion annually—mostly on global platforms like Binance and BTCC. With strict licensing requirements, including a $379 million capital threshold, Vietnam is positioning itself as a regional leader in crypto adoption while balancing innovation with oversight.
Why Is Vietnam Restricting Crypto Trading to Licensed Exchanges?
Vietnamese authorities are cracking down on offshore crypto trading to protect investors and boost tax revenue. Deputy Minister of Finance Nguyen Duc Chi revealed that while 17 million Vietnamese trade cryptocurrencies, most activity happens on international exchanges. "We're building a coordination process with the State Bank and Ministry of Public Security to finalize licensing procedures," Chi stated. The pilot, launching by 2026, will require exchanges to support VND trading pairs and comply with rigorous AML rules.
What Are the Requirements for Crypto Exchanges in Vietnam?
The bar is set sky-high for exchanges wanting to operate in Vietnam. According to a September 2025 report, Crypto Asset Service Providers (CASPs) must meet these criteria:
- Minimum capital of 10 trillion VND (~$379 million)
- At least two institutional shareholders from banking, securities, or tech sectors
- Two consecutive years of profitability for all capital providers
"This isn't for garage startups," quipped one industry analyst. "Vietnam wants only established players who can weather crypto's volatility."
How Is Vietnam's Government Preparing for Crypto Regulation?
The Finance Ministry isn't working in isolation. They're collaborating across three key fronts:
- Policy Development: Creating tax frameworks and accounting standards for crypto businesses
- Technology Infrastructure: Launching NDAChain, a government blockchain for tokenizing assets
- Interagency Coordination: Working with the State Bank and Public Security Ministry on licensing
This trifecta approach shows Vietnam's serious about integrating crypto—but on its own terms.
What Does This Mean for Vietnam's Crypto Economy?
Vietnam's digital asset ambitions go beyond trading. The pilot program could enable:
- Institutional crypto adoption by insurers and pension funds
- Tokenization of bonds and carbon credits on NDAChain
- Reduced reliance on international exchanges
With its young, tech-savvy population (ranked #4 in Chainalysis' 2025 Adoption Index), Vietnam could become Southeast Asia's crypto hub—if the pilot succeeds.
Frequently Asked Questions
When will Vietnam's crypto pilot program start?
The government aims to launch licensed exchanges before 2026, though timing depends on how quickly applicants meet requirements.
Can foreign investors participate in Vietnam's crypto market?
Yes, but only through CASPs approved by the Ministry of Finance—no direct access to international exchanges.
Why hasn't Vietnam received any exchange applications yet?
The stringent capital and profitability requirements may be deterring potential applicants. Some businesses might be waiting to see how regulations develop.
