Vietnamese Government Approves Cryptocurrency Trading in Landmark Regulatory Move
Vietnam has shifted from tacit tolerance to formal recognition of cryptocurrency trading, authorizing a five-year pilot program for licensed domestic exchanges. The decision unlocks access to an estimated $100 billion crypto market previously operating informally. Local firms must meet a 10 trillion dong (~$400 million) capital threshold, with foreign ownership restricted to 49%.
All transactions will be denominated in Vietnamese dong, creating potential liquidity channels between traditional finance and digital assets. The regulatory framework emerges after a decade of underground crypto activity following Bitcoin's inception. State media emphasizes this as a controlled experiment rather than full liberalization, with no immediate provisions for international exchanges.
