Vietnam Approves Five-Year Trial Program for Crypto Trading Platforms

Vietnam has launched a five-year pilot program to test regulated cryptocurrency trading platforms, marking its first significant move toward overseeing digital assets. The initiative, announced on September 9, 2025, targets foreign investors and mandates transactions in Vietnamese dong, backed by real assets. Only licensed Vietnamese firms can participate, with stringent capital requirements and ownership caps.

The program imposes a $379 million capital threshold for licensed platforms, 65% of which must come from institutional investors. Foreign ownership is restricted to 49%, ensuring local control. crypto trading, issuance, and payments are tightly regulated, with all activities confined to legal boundaries. The Ministry of Finance will evaluate the program's performance by 2030.